Argentex Trenches 2.5 Meters Grading 4,709.6 g/t Ag and 0.30 g/t Au at Pinguino Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/07/12 -- Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE: ATX)(OTCQB: AGXMF) is pleased to release final 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.
The Phase VIII exploration program included a number of trenches that succeeded in expanding the number of veins (see July 24, 2012 news release) and further defined the surface extent of anomalous intersections previously drilled. Those trenches specifically targeted the Tranquilo, Ivonne (Ivonne Sur, main and Norte) and Sonia veins.
"The results from the Tranquilo vein are among the highest silver grades recorded to date at Pinguino. With less than 30% of the known Pinguino vein system explored, we are encouraged by the potential for high grade mineralized zones within known and untested vein systems. In addition, these new trench results suggest that significant gold mineralization encountered in previous drilling of the Ivonne system and Sonia vein may extend to surface. This is particularly encouraging for the potential of oxide resources at Pinguino," commented Michael Brown, Argentex's President and CEO.
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From To Length Ag Au
Vein Trench (m) (m) (m)(1) (g/t) (g/t)
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Tranquilo TR-145-12 25.50 39.00 13.50 1,086.8 0.11
including 30.50 37.00 6.50 2,215.9 0.18
and including 33.50 36.00 2.50 4,709.6 0.30
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Ivonne Sur IVS-14-11 163.90 167.30 3.40 83.5 3.55
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Ivonne IVO-01-11 10.10 25.20 15.10 6.8 0.64
including 16.10 21.10 5.00 12.2 1.64
IVO-05-11 23.90 39.40 15.50 15.7 0.47
including 24.90 28.40 3.50 50.6 0.88
IVO-06-11 19.10 33.30 14.20 41.3 0.90
including 22.10 24.30 2.20 211.3 2.47
IVO-07-11 13.40 21.80 8.40 45.3 0.48
including 20.50 21.80 1.30 78.4 1.13
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Ivonne Norte IVN-01-11 15.20 33.00 17.80 8.2 0.55
including 19.20 21.70 2.50 20.7 2.07
IVN-03-11 29.10 37.70 8.60 5.7 1.10
including 32.10 33.70 1.60 20.1 3.91
IVN-07-11 50.90 66.20 15.30 18.0 0.48
including 53.90 55.20 1.30 45.0 1.66
and including 63.40 65.20 1.80 80.0 1.45
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Sonia SON-07-11 34.10 40.10 6.00 75.9 0.41
SON-25-11 149.00 150.20 1.20 329.0 1.98
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In Cu Pb Zn Ag eq(2)
Vein Trench (g/t) (%) (%) (%) (g/t)
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Tranquilo TR-145-12 0.1 0.18 0.37 0.07 1,092.28
including 0.2 0.31 0.70 0.13 2,225.01
and including 0.3 0.33 0.84 0.13 4,724.81
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Ivonne Sur IVS-14-11 20.7 0.06 0.14 0.42 261.19
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Ivonne IVO-01-11 6.8 0.01 0.05 0.02 39.05
including 5.8 0.02 0.06 0.02 94.02
IVO-05-11 15.4 0.03 0.20 0.09 39.47
including 37.7 0.04 0.62 0.12 94.51
IVO-06-11 10.4 0.06 0.45 0.05 86.18
including 30.5 0.12 1.69 0.09 334.85
IVO-07-11 9.2 0.02 0.72 0.10 69.55
including 8.0 0.04 0.64 0.11 134.75
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Ivonne Norte IVN-01-11 14.4 0.02 0.09 0.13 35.46
including 21.4 0.04 0.08 0.40 124.11
less than
IVN-03-11 6.4 0.01 0.29 0.03 60.48
including 15.2 0.02 0.91 0.06 215.81
IVN-07-11 32.0 0.02 0.12 0.13 42.14
including 75.1 0.03 0.25 0.36 127.82
and including 22.1 0.02 0.12 0.14 152.39
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Sonia SON-07-11 66.7 0.08 0.33 0.10 96.47
SON-25-11 6.0 0.02 0.20 0.07 428.08
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(1) True widths are estimated at 95% of sampled lengths.
(2) Silver Eq is Silver Equivalent of gold plus silver and based upon a
price ratio of 50:1 gold to silver.
The high silver grades from trench TR-145-12 in the Tranquilo vein suggest that it may be a surface extension of similarly high grade silver within the same structure encountered under the trench in previous shallow drilling-particularly in hole P349-10 (see September 13, 2010 news release) and also in hole PR01-11 (see June 2, 2011 news release).
About Pinguino
Argentex's 10,000-hectare advanced silver and gold Pinguino exploration 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.
The Phase VIII 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.
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 multi-element 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:
Michael Brown, President & CEO
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: encouraged by the potential for high grade mineralized zones within known and untested vein systems; these new trench results suggest that significant gold mineralization encountered in previous drilling of the Ivonne system and Sonia vein may extend to surface, which is particularly encouraging for the potential of oxide resources at Pinguino; 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. 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)
peter@argentexmining.com
www.argentexmining.com