Argentex Identifies New High Priority Drill Targets for 2012 at Pinguino
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/05/11 -- Argentex Mining Corporation ('Argentex' or the 'Company') (TSX VENTURE: ATX)(OTCBB: AGXMF) reports that initial results from its ongoing geophysical and geochemical surveys identified well-defined geophysical and geochemical signatures that extend existing veins at its Pinguino project, located in Santa Cruz province, Argentina.
Pinguino Overview
Pinguino's 12 kilometer long by 5 kilometer wide epithermal silver-gold vein field contains more than 50 individual veins, with more than 75 line-kilometers of strike length, and with less than one third tested to date. Within the central part of the vein field, previous exploration identified and drill tested a number of mineralized veins, which form the core of the current resource estimate completed in 2009.
New Target Definition
All of the resource veins remain open along strike, but with limited outcrop exposure in these areas, the Company initiated a comprehensive program of geophysical and geochemical surveys in an effort to identify vein extensions to expand the resource base.
The geochemical 'footprint' of the largest new silver anomalies is more than twice that of the nearby silver-rich Marta Este vein, which has had more than 104 holes drilled to date. With limited outcropping vein material on surface, but with coincident geophysical and geochemical anomalies, it identifies excellent potential for the discovery of a new silver-rich vein. In addition, IP surveys have also identified a 500-meter extension to the silver-gold Marta Noroeste vein, and numerous other extensions within the Tranquilo fault, Marta Sur and other parallel structures. Maps of these newly generated preliminary geochemical and geophysical targets are posted on the Company's website (www.argentexmining.com) with the press release.
Mineral Resource Estimate Update
Independent engineering consultants from Moose Mountain Technical Services are currently working with the Company's on-site geologists to combine the 56,000-meter (564 holes) Pinguino drillhole database with geological interpretations. The 43-101 mineral resource estimate update is on schedule for completion by approximately year-end.
'The updated mineral resource estimate will highlight veins with the best economic potential. We will focus our efforts on expanding the resource by targeting the newly discovered extensions of the key high-grade veins along strike of the known resource and also on the new targets within the core silver-gold region,' commented Ken Hicks, President of Argentex. 'With a strong treasury of approximately $10 million, we anticipate a targeted drill program in 2012, which we believe will continue to enhance the resource potential of Pinguino.'
About Pinguino
Argentex's 10,000-hectare advanced silver and gold exploration Pinguino project is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. 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.
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. Argentex believes that recent high-grade precious metal discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver-gold resource.
To date, the Company has completed over 56,000 meters of drilling in over 500 holes on 19 veins. More than 50 individual vein segments have been identified to date, comprising more than 75 line-kilometers of strike length.
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 located 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. Mr. Hicks is not considered 'independent' of the issuer as he is part of Company management.
About Argentex
Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced exploration project portfolio in the Patagonia region of southern Argentina. 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.
Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and under the symbol AGXMF on the OTCBB.
On behalf of Argentex Mining Corporation:
Ken E. Hicks, President
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; the 43-101 mineral resource estimate update is on schedule for completion by approximately year-end; the updated mineral resource estimate will highlight veins with the best economic potential; with limited outcropping vein material on surface, but with coincident geophysical and geochemical anomalies, it identifies excellent potential for the discovery of a new silver-rich vein; with a strong treasury of approximately $10 million, we anticipate a targeted drill program in 2012, which we believe will continue to enhance the resource potential of Pinguino; and that recent high-grade precious metal discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver-gold 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 risks that the Company may not find any minerals in commercially feasible quantity or raise enough money to fund its exploration plans. These and other risks are described in the Company's Annual Information Form and other public disclosure documents filed on the SEDAR website maintained by the Canadian Securities Administrators and the EDGAR website maintained by the Securities and Exchange Commission.
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.
Contacts:
Argentex Mining Corporation
Peter A. Ball
Executive Vice President Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
peter@argentexmining.com
www.argentexmining.com