Argentex Discovers New Veins at Pinguino Project and Intersects 2 m @ 486.5 g/t Ag and 0.46 g/t Au
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/20/12 -- Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE: ATX)(OTCQB: AGXMF) is pleased to announce results from 18 holes (1,739 m) of the Phase VIII reverse-circulation ("RC") drill program conducted at its 100%-owned silver-gold and polymetallic Pinguino Project, located in Santa Cruz province, Argentina. These 18 RC holes intersected four new veins on the property: the CSV Vein Group and the Kalia, Pamela and Aurora veins (Figure 1). To date, 63 holes (5,946 m) of the 93-hole (8,410 m) RC drill program, completed in June 2012, have been announced.
"The latest assays indicating the discovery of additional precious metal veins at the Pinguino system continue to reinforce our belief that the Project has significantly more potential as we continue to discover high grade precious metal vein systems near surface. Not only are the grades at the CSV veins significant (with 5 of the ten holes reporting greater than 200 g/t Ag eq.) but their east-west orientation is new, opening up the potential for other veins of similar strike," commented Michael Brown, President of Argentex. "The CSV vein group and Kalia join Karina (previously reported in press release dated September 17, 2012) as three potentially significant discoveries made this year in terms of grade of precious metals, strike length and the potential for extensions with further drilling."
RC Drill Program Review (please visit Argentex's website for graphics discussed below):
CSV Vein Group
Ten RC holes were drilled into the CSV veins after a group of parallel structures was discovered with a combination of soil surveys and gradient IP, and subsequently tested with trenches (please refer to the July 24th, 2012 news release where 2 m @ 1,029 g/t Ag and 1.80 g/t Au was reported). The CSV vein structures do not outcrop, as they are obscured mainly by recent sediments.
The CSV group of veins (Figure 2) consists of three main structures (discovered to date):
1. CSV Norte: strike length of greater than 550 metres and divided into two
main sectors: west area dipping to the south (parallel to Karina vein)
and merging with Savary vein, and the east area dipping to the north.
Best intercept: PR182-12, 2 m @ 564.2 g/t Ag eq. from 19m depth
2. CSV: group of quartz and oxide veinlets with a minimum strike length of
100 metres and two branches dipping north. Best intercept: PR216-12, 1 m
@ 1069.45 g/t Ag eq. from 1m depth
3. CSV Sur: strike length of about 350 metres and also two branches dipping
north. PR246-12, 2 m @ 509.53 g/t Ag eq. from 31m depth
All of the vein structures have an east-west strike and contain anomalous precious metals, particularly in silver, accompanied by elevated values in base metals and indium. Results for each vein are highlighted in Figure 2. These unexposed east-west striking high-grade structures are the first of their type to be found at Pinguino. It is thought that greater potential exists for more discoveries of this new vein type at Pinguino.
Kalia ("KAL") Vein
Four RC holes were drilled into the KAL vein (Figure 3), in follow up to encouraging results from trenching of soil anomalies (please refer to press release dated July 24th, 2012 wherein 1 m @ 175 g/t Ag and 3.06 g/t Au was reported).
KAL is a silver-bearing polymetallic vein, analogous to the Marta Centro (Ag-Au-Zn-Pb-In) vein type. Precious metal mineralisation was intercepted in all holes, ranging from 1 m @ 52.92 g/t Ag eq. to 2 m @ 249 g/t Ag, 0.74 g/t Au, 16.48% Pb, 5.11% Zn and 17.7 g/t indium. KAL is open along strike and at depth, and may hold good potential for precious and base metals.
Pamela ("PAM") and Aurora ("AUR")
The recently discovered PAM and AUR are located at the southern part of the Pinguino project (Figure 1). Both veins are characterised by their considerable strike length (greater than 2 km), their high relief due to the high silica content, and their distribution in multiple parallel branches. The first set of exploratory RC holes on each vein targeted chargeability anomalies outlined by the Phase VIII IP program.
Three RC holes drilled at PAM identified two parallel veins. Holes PR234-12 and PR235-12 encountered anomalous silver and base metals in the west dipping western vein. Two RC holes were drilled at the two different branches of the AUR vein and identified base metal and silver grades in the eastern branch. Hole PR231-12 assayed 49.2 g/t Ag and close to 5% combined Pb+Zn over a 2 metre intersection. The AUR vein is an east dipping structure that can be compared to the nearby polymetallic Tranquilo vein. The PAM and AUR veins warrant further exploration to ascertain their potential for precious and base metals in higher-grade zones along their extensive strike length.
Summary of Assay Results
Analytical results received are summarized below (true widths are estimated to be 85 to 90% of the drilled intersection length):
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From To Length Ag Au
Vein Drill Hole (m) (m) (m) (g/t) (g/t)
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CSV PR216-12 (I) 0.00 12.00 12.00 106.2 0.45
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Including 1.00 2.00 1.00 1022.0 0.95
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PR216-12 (II) 65.00 121.00 56.00 36.4 0.15
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Including 65.00 69.00 4.00 96.0 0.39
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Including 102.00 105.00 3.00 149.6 0.62
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PR217-12 67.00 69.00 2.00 33.1 0.05
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PR246-12 31.00 39.00 8.00 136.8 0.16
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Including 31.00 33.00 2.00 486.5 0.46
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PR249-12 13.00 23.00 10.00 37.2 0.11
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Including 16.00 17.00 1.00 179.0 0.45
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PR184-12 92.00 93.00 1.00 0.7 0.00
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PR182-12 10.00 101.00 91.00 37.2 0.17
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including I 19.00 35.00 16.00 91.0 0.52
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and including 19.00 21.00 2.00 434.5 2.59
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including II 75.00 86.00 11.00 106.8 0.27
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and including 76.00 78.00 2.00 394.5 0.70
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PR211-12 65.00 72.00 7.00 31.2 0.10
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including 66.00 67.00 1.00 99.0 0.27
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PR191-12 29.00 47.00 18.00 43.7 0.10
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including 37.00 39.00 2.00 185.5 0.40
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PR185-12 53.00 54.00 1.00 11.8 1.19
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KAL PR239-12 39.00 46.00 7.00 32.6 0.11
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including 43.00 44.00 1.00 158.0 0.44
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PR236-12 52.00 65.00 13.00 50.2 0.13
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including 58.00 60.00 2.00 249.0 0.74
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PR238-12 66.00 67.00 1.00 40.3 0.70
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PR237-12 112.00 113.00 1.00 47.0 0.12
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PAM PR234-12 28.00 29.00 1.00 45.2 0.02
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PR178-12 3.00 4.00 1.00 2.4 0.00
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PR235-12 50.00 54.00 4.00 31.6 0.00
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AUR PR230-12 19.00 20.00 1.00 1.5 0.01
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PR231-12 49.00 51.00 2.00 49.2 0.00
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Cu Pb Zn In Ag eq.
Vein Drill Hole (%) (%) (%) (g/t) (g/t)
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CSV PR216-12 (I) 0.01 0.27 0.07 1.1 128.48
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Including 0.03 1.04 0.15 4.8 1069.45
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less than
PR216-12 (II) 0.01 0.21 0.58 1.5 43.64
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Including 0.01 0.93 2.35 2.6 115.39
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Including 0.06 0.41 1.60 4.9 180.67
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less than
PR217-12 0.01 0.18 0.32 0.2 35.39
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PR246-12 0.01 0.58 0.64 7.0 144.97
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Including 0.03 1.76 1.89 3.7 509.53
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less than
PR249-12 0.01 0.29 0.03 1.3 42.53
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less than
Including 0.01 0.63 0.08 2.7 201.70
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less than
PR184-12 0.01 0.00 0.01 0.1 0.78
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less than
PR182-12 0.01 0.68 0.18 3.2 45.84
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including I 0.01 2.52 0.03 9.2 116.92
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and including 0.04 13.87 0.04 38.5 564.20
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less than
including II 0.01 0.23 0.26 2.9 120.08
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and including 0.02 0.27 0.23 1.5 429.45
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less than
PR211-12 0.01 0.34 1.38 1.6 36.09
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including 0.01 0.47 3.21 4.8 112.25
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less than
PR191-12 0.01 0.16 0.18 1.5 48.74
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including 0.02 0.30 0.26 1.0 205.56
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less than
PR185-12 0.01 0.13 2.04 0.8 71.15
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KAL PR239-12 0.02 0.47 2.31 11.8 38.22
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including 0.13 1.92 10.72 61.0 180.16
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PR236-12 0.04 3.16 1.17 3.3 56.56
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including 0.20 16.48 5.11 17.7 286.10
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PR238-12 0.01 1.00 1.40 1.2 75.15
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PR237-12 0.02 1.70 2.72 1.2 52.92
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PAM PR234-12 0.10 0.49 0.05 0.0 46.01
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less than
PR178-12 0.01 0.01 0.02 0.1 2.53
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PR235-12 0.14 0.21 0.13 0.0 31.70
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AUR PR230-12 0.01 0.00 0.00 0.0 1.75
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PR231-12 0.11 2.53 2.28 0.0 49.18
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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.
Annual General Meeting
The Argentex Mining Corporation Annual General Meeting was held on September 18, 2012. At the meeting, shareholders approved the following resolutions:
1. Set the number of Directors at five;
2. Elected incumbent directors;
3. Appointed incumbent auditors and authorised the Directors to fix the
auditor's remuneration;
4. Approved the 2012 Stock Option Plan.
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 Company has drill tested 36 of the known 70+ veins at the Pinguino system, which in total have a combined strike length approaching 113 line-kilometres. 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 mineralisation, 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 metres 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 reanalysed 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: The latest assays indicating the discovery of additional precious metal veins at the Pinguino system continue to reinforce our belief that the Project has significantly more potential as we continue to discover high grade precious metal vein systems near surface; Not only are the grades at the CSV veins significant but their east-west orientation is new, opening up the potential for other veins of similar strike; The CSV vein group and Kalia join Karina (previously reported in press release dated September 17, 2012) as three potentially significant discoveries made this year in terms of grade of precious metals, strike length and the potential for extensions with further drilling; It is thought that greater potential exists for more discoveries of this new vein type at Pinguino; KAL is open along strike and at depth, and may hold good potential for precious and base metals; The PAM and AUR veins warrant further exploration to ascertain their potential for precious and base metals in higher-grade zones along their extensive strike length. 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