Argentex: High-Grade Silver Continues to Expand Pinguino's Potential; Drilling Discovers 8.0 Meters Grading 470.0 g/t Ag and 1.64 g/t Au within Marta Centro
VANCOUVER, May 5 /CNW/ --
VANCOUVER, May 5 /CNW/ - Argentex Mining Corporation's (TSXV: ATX)
(OTCBB: AGXM) is pleased to release additional drill results from the
ongoing 2011 exploration program at its 100%-owned Pinguino project in
Santa Cruz, Argentina. The latest results include 8.0 meters of 470.0
g/t silver and 1.64 g/t gold, and 7.0 meters of 121.9 g/t silver and
2.77 g/t gold at Marta Centro.
Argentex's current exploration program at Pinguino is scheduled to
include approximately 17,000 meters of drilling and 12,000 meters of
trenching. To date, the Company has completed 4,851 meters of diamond
drilling in 26 holes and 11,195 meters of RC drilling in 162 holes.
Results below are from the most recent nine holes from the Marta Centro
and Marta Norte veins.
'The large intervals of silver mineralization, with the higher than
expected gold values from this recent drilling, is very encouraging for
the project', commented Ken Hicks, President of Argentex. 'The
consistency of the silver and gold values in the mineralized holes
continues to highlight Pinguino's growing potential. Our technical team
is currently reviewing an aggressive drill program to expand these
zones further along strike and to depth.'
____________________________________________________________________________________________
| Drill Hole | From | To | Interval | Gold | Silver |
| | (m) | (m) | (m)* | (g/t) | g/t |
|_________________________|____________|___________|_______________|____________|____________|
|Marta Centro Vein |
|____________________________________________________________________________________________|
|PR89-11 | 12.00| 31.00| 19.00| 0.63| 118.1|
|_________________________|____________|___________|_______________|____________|____________|
| including| 14.00| 17.00| 3.00| 3.21| 678.0|
|_________________________|____________|___________|_______________|____________|____________|
|PR90-11 | 14.00| 34.00| 20.00| 0.89| 205.5|
|_________________________|____________|___________|_______________|____________|____________|
| including| 15.00| 23.00| 8.00| 1.64| 470.0|
|_________________________|____________|___________|_______________|____________|____________|
| and includes| 20.00| 23.00| 3.00| 3.25| 714.3|
|_________________________|____________|___________|_______________|____________|____________|
|PR88-11 (A) | 9.00| 11.00| 2.00| 0.15| 14.7|
|_________________________|____________|___________|_______________|____________|____________|
|PR88-11 (B) | 30.00| 32.00| 2.00| 0.15| 11.9|
|_________________________|____________|___________|_______________|____________|____________|
|PR94-11 | 12.00| 28.00| 16.00| 0.48| 30.0|
|_________________________|____________|___________|_______________|____________|____________|
| Including| 19.00| 26.00| 7.00| 0.94| 41.6|
|_________________________|____________|___________|_______________|____________|____________|
| and includes| 25.00| 26.00| 1.00| 3.33| 56.4|
|_________________________|____________|___________|_______________|____________|____________|
|PR95-11 | 8.00| 24.00| 16.00| 1.50| 20.4|
|_________________________|____________|___________|_______________|____________|____________|
| Including| 17.00| 22.00| 5.00| 4.39| 25.0|
|_________________________|____________|___________|_______________|____________|____________|
| and includes| 19.00| 20.00| 1.00| 18.70| 40.1|
|_________________________|____________|___________|_______________|____________|____________|
|PR96-11 | 8.00| 29.00| 21.00| 1.18| 86.2|
|_________________________|____________|___________|_______________|____________|____________|
| Including| 11.00| 25.00| 14.00| 1.70| 118.9|
|_________________________|____________|___________|_______________|____________|____________|
| and includes| 17.00| 24.00| 7.00| 2.77| 121.9|
|_________________________|____________|___________|_______________|____________|____________|
| and include| 19.00| 20.00| 1.00| 11.30| 41.0|
|_________________________|____________|___________|_______________|____________|____________|
|PR97-11 | 7.00| 21.00| 14.00| 0.22| 20.6|
|_________________________|____________|___________|_______________|____________|____________|
| Including| 7.00| 8.00| 1.00| 0.10| 154.0|
|_________________________|____________|___________|_______________|____________|____________|
|Marta Norte Vein |
|____________________________________________________________________________________________|
|PR85-11 (A) | 12.00| 17.00| 5.00| 0.17| 26.7|
|_________________________|____________|___________|_______________|____________|____________|
| including| 14.00| 16.00| 2.00| 0.35| 49.0|
|_________________________|____________|___________|_______________|____________|____________|
|PR85-11 (B) | 35.00| 36.00| 1.00| 0.04| 46.0|
|_________________________|____________|___________|_______________|____________|____________|
|PR87-11 | 31.00| 39.00| 8.00| 0.05| 55.8|
|_________________________|____________|___________|_______________|____________|____________|
| including| 38.00| 39.00| 1.00| 0.19| 133.0|
|_________________________|____________|___________|_______________|____________|____________|
*True widths are estimated to be 85-90% of the stated core length
(A) (B) represent multiple mineralized intercepts within a single drill
hole
Results
The table above displays selected analytical results from a total of 162
reverse circulation holes. The drill program was designed to expand
silver targets from the reconnaissance 2010 program as well as test new
targets. A map of drill hole collars is available on our web site at www.argentexmining.com.
The Pinguino project, located in the central part of the Deseado Massif,
is host to two separate and distinct mineralizing events. The ultimate
mineralizing episode is represented by an extensive series of veins,
which exploration results to date show contain high-grade silver-gold
epithermal mineralization. This is the main exploration priority of the
company at this time,
About Pinguino
Argentex's Pinguino property is located in Argentina's Patagonia region,
within the Deseado Massif of Santa Cruz province. Argentex believes
that recent high-grade silver discoveries within newly tested
structures of the district scale vein system at Pinguino show potential
for the development of a significant silver resource.
The Deseado Massif is an active region of mining with four precious
metal mines currently in production, and includes multiple active
advanced and early-stage exploration projects.
Quality Assurance
Samples selected for analysis are sent to Acme Analytical Laboratories'
sample preparation lab in Mendoza, Argentina. From there, sample pulps
are sent to Santiago, Chile for fire assay gold analysis and to
Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples
with over-limit zinc, lead, silver and/or copper are reanalyzed using
an ore-grade high detection limit 7AR analysis, also conducted in
Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001
full-service commercial laboratory with its head office in Vancouver.
Referee analyses will be carried out by Alex Stewart (assayers)
Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart
all maintain comprehensive and independent Quality Control/Quality
Assurance programs.
Exploration on the Pinguino property is being conducted under the
supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a
'Qualified Person' (QP) as defined by Canada's National Instrument
43-101.
About Argentex:
Argentex Mining Corporation is an exploration company focused on the
discovery of silver, gold and polymetallic deposits on its advanced
late-stage exploration projects in the Patagonia region of southern
Argentina.
In 2011, through an extensive targeted exploration program, Argentex is
currently advancing its highly prospective projects, focusing primarily
on its 100%-controlled Pinguino project, located in Santa Cruz
province.
The new discoveries being drill tested include the Tranquilo and Luna
veins at Pinguino, which returned high-grade results in previous drill
programs, including 6.0 meters of over 2,428 g/t silver and 0.22 g/t
gold and 6.4 meters of 486.6 g/t silver and 1.91 g/t gold. Argentex's
10,000-hectare Pinguino property is located in Argentina's Patagonia
region, within the Deseado Massif of Santa Cruz province. Pinguino is
easily accessible, situated approximately 400 meters above sea level in
low-relief topography. An existing system of all-weather roads
provides year-round access to the property.
In total, Argentex owns 100% of the mineral rights to more than 35
properties located within approximately 307,981 acres (124,636
hectares) of highly prospective land located in the Santa Cruz and Rio
Negro provinces of Argentina. Shares of Argentex common stock trade
under the symbol ATX on the TSX Venture Exchange and on the OTCBB under
the symbol AGXM.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release that are not historical facts are
forward-looking statements that are subject to risks and
uncertainties. Words such as 'expects', 'intends', 'plans', 'may',
'could', 'should', 'anticipates', 'likely', 'believes' and words of
similar import also identify forward-looking statements.
Forward-looking statements in this news release include statements
about the company's anticipation that it believes that recent
high-grade silver discoveries within newly tested structures of the
district scale vein system at Pinguino show potential for the
development of a significant silver resource. Actual results may
differ materially from those currently anticipated due to a number of
factors beyond the Company's control. These risks and uncertainties
include, among other things, competition for qualified personnel and
risks that are inherent in Argentex's operations including the risk
that the Company may not find any minerals in commercially feasible
quantity or raise funds sufficient to prosecute its exploration plans.
These and other risks are described in the Company's Annual Report on
Form 10-K and other filings with the Securities and Exchange
Commission.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/05/c9570.html
Ken Hicks, President
Argentex Mining Corporation
Peter A. Ball
Executive Vice President Corporate Development
604-568-2496 or 1-888-227-5285
peter@argentexmining.com