Argentex Announces Positive Trenching Results from the Completed 2012 Phase VIII Exploration Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/24/12 -- Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE: ATX)(OTCQB: AGXMF) is pleased to announce trenching results from the Company's Phase VIII exploration program, which was completed on June 1, 2012 at its 100%-owned silver-gold and polymetallic Pinguino property in Santa Cruz province, Argentina.
Highlights of Surface Trenching Program:
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Intersection Ag Au
Vein Trench Number m g/t g/t
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Karina SAV-31-11 (IV) 1.0 2,524.0 0.86
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CSV CSV-07-11 (I) 2.0 1,029.0 1.80
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CSV CSV-07-11 (II) 2.0 446.6 0.55
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Kalia KAL-24-11_C 1.0 175.0 3.06
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Savary SAV-17-11 2.5 51.5 6.55
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"The Phase VIII exploration program was very successful in expanding the number of veins at Pinguino by 37% to 70 veins and we are encouraged by the positive results from the new discoveries," commented Peter A. Ball, Argentex's Executive Vice President of Corporate Development.
The exploration program focused on further evaluating the complete Pinguino vein system that spans an area of 12 kilometers by 4 kilometers, with emphasis on locating additional high grade veins. The program was also designed to support initiation of metallurgical studies and the evaluation of potential future mining scenarios, as well as to continue to unfold the complexity of one of the largest undeveloped silver-gold systems in the Santa Cruz province of Argentina.
The exploration program, which commenced in July 2011, consisted of soil sampling, geophysics, and 22,900 meters of trenching. Phase VIII also successfully completed a 10,520 meter drill program from Feb 23 to June 1, 2012. The drilling comprised 8,410 meters in 93 reverse circulation ("RC") holes to explore new high priority vein targets, and a further 20 holes, or 2,110 meters of infill or definition diamond drilling ("DDH"), on known vein systems to provide material for metallurgical studies.
Initially, the Company completed a soil geochemistry grid over the 12 kilometer by 4 kilometer vein field and followed up with an in-house ground magnetic survey across the known extent of the system. Newly identified soil-magnetometer anomalies were mapped and then confirmed with a 131 line-kilometer gradient IP survey, and in certain cases validated further with more detailed IP. As a result of these combined exploration tools, the number of identified vein systems increased by 37%, from 51 to 70 (112.5 linear km of veins). (See website for related graphics highlighting results).
Entirely new veins and extensions to known veins were targeted by the 193 trenches of the Phase VIII program. The Kalia, CSV, Karina, Maria and Kimberly veins represent five newly discovered mineralized systems which returned high-grade Ag-Au in rock samples. Three of these veins, Kalia, Karina and Kimberly, are hosted by the ENE-oriented, "K" structural system. Maria is nearby and parallel to Marta Este-Marta Oeste vein trends, while CSV has an atypical east-west to WNW strike.
Analytical results received are summarized below. As the veins at Pinguino are steeply dipping, true widths amount to about 95% of sampled lengths.
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Len- Ag
From To gth Ag Au In Cu Pb Zn eq(i)
Vein Trench m m m g/t g/t g/t % % % g/t
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Kalia KAL-24-11
_C 4.40 16.90 12.50 23.4 0.44 6.0 0.03 0.32 0.11 45.20
including 12.90 13.90 1.00 175.0 3.06 61.9 0.14 0.96 0.36 328.05
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KAL-32-11
(I) 205.00 210.00 5.00 99.8 0.09 1.6 0.04 1.18 0.35 104.15
including 207.50 209.00 1.50 285.3 0.25 5.4 0.08 2.68 0.48 298.05
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KAL-34-11 46.00 52.90 6.90 42.2 0.66 5.5 0.02 0.44 0.16 75.02
including 48.00 49.90 1.90 97.9 1.86 18.0 0.04 1.17 0.19 190.89
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CSV CSV-07-11
(I) 72.00 74.00 2.00 1029.0 1.80 13.3 0.04 0.21 0.11 1119.01
CSV-07-11
(II) 26.50 28.50 2.00 446.6 0.55 2.2 0.02 0.22 0.09 474.06
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CSV-01-11 58.00 59.00 1.00 80.0 1.22 0.7 0.02 0.22 0.10 141.00
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Karina SAV-31-11
(IV) 347.00 355.00 8.00 336.2 0.18 1.8 0.04 0.81 0.04 345.40
including 352.00 353.00 1.00 2524.0 0.86 3.1 0.11 2.33 0.09 2567.15
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Karina KAR-03-11
(I) 35.00 36.00 1.00 206.0 1.09 6.6 0.03 5.53 0.05 260.50
KAR-03-11
(II) 56.50 57.50 1.00 211.0 0.46 5.9 0.02 0.54 0.02 233.75
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KAR-06-11
(I) 11.50 13.50 2.00 133.0 0.01 0.0 0.02 0.19 0.01 133.60
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CSV-
KAR SAV-37-11 120.50 126.50 6.00 65.9 1.73 7.3 0.04 0.12 0.10 152.66
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Savary SAV-11-11 33.30 38.30 5.00 18.1 1.63 11.7 0.02 0.20 0.26 99.54
including 33.30 35.30 2.00 13.5 3.96 9.0 0.03 0.29 0.51 211.25
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SAV-17-11 33.50 43.50 10.00 14.7 1.79 29.4 0.03 0.54 0.19 104.20
including 37.50 40.00 2.50 51.5 6.55 82.4 0.05 1.75 0.23 378.93
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SAV-25-11 48.00 53.00 5.00 46.7 0.92 22.7 0.02 1.81 0.09 92.57
including 52.00 53.00 1.00 172.0 2.66 60.0 0.06 6.18 0.13 305.20
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SAV-48-11 58.00 67.50 9.50 47.1 0.13 1.0 0.02 0.37 0.03 53.58
including 64.00 65.50 1.50 196.0 0.45 2.2 0.03 1.06 0.07 218.70
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Savary SAV-31-11
-CSV (I) 103.00 115.00 12.00 36.4 0.89 12.2 0.10 0.70 0.13 81.17
including 109.00 111.00 2.00 98.9 1.96 30.5 0.30 1.28 0.36 197.02
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SAV-33-11 152.50 155.50 3.00 96.3 2.38 18.4 0.02 0.73 0.10 215.03
SAV-35-11
(I) 127.00 144.00 17.00 53.2 0.74 3.7 0.02 0.47 0.10 90.40
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Maria MIA-12-11 less
than
37.80 47.50 9.70 45.5 0.22 3.6 0.01 0.12 0.02 56.57
including 40.80 41.80 1.00 191.0 1.08 4.0 0.01 0.25 0.02 245.00
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Kimbe- KIM-73-11 8.50 38.00 29.50 15.6 0.16 1.9 0.02 0.39 0.09 23.58
rly including 10.50 12.50 2.00 89.0 0.80 2.0 0.03 0.07 0.08 128.95
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(i) Silver Eq is Silver Equivalent of gold plus silver and based upon a
price ratio of 50:1 gold to silver.
Certain features of the newly discovered vein systems are noteworthy:
-- Kalia vein extends over a strike length of about 4 kilometers and
contains a wider central zone with several parallel branches. This newly
discovered vein contains high-grade Ag-Au intersections as well as
indium and base metal grades in the northern branches of the central
zone.
-- CSV vein also reports very high Ag-Au grades in the trenches, which
confirmed the recent large silver-in-soils and gradient IP "sigmoid
shaped" anomalies. The vein is comprised of three main parallel branches
of about 800 m in strike and falls within an extensional structural link
between the Sonia and Savary veins.
-- Karina vein, with a strike length of approximately 2 kilometers, also
returned high-grade Ag results from the trenches. Karina is
characterized by different segments interrupted by crosscutting veins
and a late NW-oriented fault.
-- Maria vein is a new NNW-striking vein that reported narrow high grade
Ag-Au over its approx. 400 m long structure.
-- Kimberly vein extends in excess of 1.5 kilometers and returned anomalous
Ag-Au from the trenches.
-- Savary vein, which is approximately 3.6 kilometers in length, represents
the southern extension of the Marta Norte vein. Savary carries anomalous
Ag-Au values, and has concentrations of indium and base metals at the
intersections of Karina, CSV and Kimberly veins.
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.
The Pinguino system has grown to 70+ individual veins, with a combined strike length approaching 113 line-kilometers. The Pinguino project is unique within the Deseado Massif region of Santa Cruz province in that it contains two different and geographically distinct types of mineralization, one precious metal and the other sulphide-rich polymetallic. The Company also continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the probable source for the polymetallic veins exposed on surface.
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.
This press release has been reviewed and approved by Mr. J. David Williams, P. Eng., a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.
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 its laboratory in Vancouver, Canada for multielement ICP-MS analysis (1DX procedure). Samples overlimit in silver, lead, zinc, and/or copper are reanalyzed by a high detection limit ICP-ES analysis (7AR procedure). Samples overlimit in silver from that procedure and gold results greater than 300 ppb are rerun by fire assay (G6 procedure). Acme Analytical Laboratories is an ISO 9000:2001 accredited, full-service commercial laboratory with its head office located in Vancouver.
About Argentex
Argentex Mining Corporation is an exploration company focused on advancing its Pinguino silver-gold project in Santa Cruz, 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 OTCQB.
On behalf of Argentex Mining Corporation:
Peter A. Ball, Executive Vice President Corporate Development
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: The program was also designed to support initiation of metallurgical studies and the evaluation of potential future mining scenarios, as well as to continue to unfold the complexity of one of the largest undeveloped silver-gold systems in the Santa Cruz province of Argentina. 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, the availability of the Company's consultants 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)
604-568-1540 (FAX)
peter@argentexmining.com
www.argentexmining.com