Argentex reports anomalous gold results from regional sampling in Santa Cruz, Argentina
Argentex Mining Corporation (OTCBB: AGXM Mining message board, news, dd, quote) is pleased to announce analytical results from reconnaissance prospecting and sampling carried out on its Cerro Contreras and Nuevo Oro 2 properties in the Argentine province of Santa Cruz. Highlights include the discovery of anomalous gold values within the favorable Jurassic Chon Aike volcanic stratigraphy.
'Our experience with epithermal silver-gold occurrences in Patagonia is a benefit in evaluating these early stage properties. We are encouraged by the results received to date and will likely focus additional resources on further exploration in these areas,' said Ken Hicks, President of Argentex. 'We look forward to advancing these discoveries and conducting additional field work on our other Santa Cruz properties as part of our aggressive exploration program in this emerging silver-gold district.'
A total of 84 reconnaissance samples were collected in prospecting excursions on a number of Argentex's Santa Cruz properties through February 2006. This work involved the first known exploration to be conducted at the 24,092-acre (9,750-hectare) Cerro Contreras property and the 7,290-acre (2,950-hectare) Nuevo Oro 2 property. Highlights include results from samples collected over a distance of 730 meters at Cerro Contreras and from two samples located 600 meters apart at Nuevo Oro:
Chip and grab sample results:
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Sample No Sample Type Au Ag Cu Pb Zn As Sb
ppb ppb ppm ppm ppm ppm ppm
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Cerro Contreras
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404973 3m chip 153 2800 9 3 2 138 5
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404974 10m chip 114 400 15 3 2 39 3
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404975 Grab 262 7200 17 3 3 201 10
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404976 10m chip 279 4300 11 3 4 120 6
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404977 Grab 237 600 46 3 2 15 3
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404978 1.3m chip 383 1100 32 5 14 117 5
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404979 0.45m chip 446 4400 40 5 9 346 7
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404980 1.9m chip 230 2800 33 10 10 436 10
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404981 0.3m chip 141 1400 31 5 5 785 9
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404984 2.2m chip 2,359 1600 11 5 4 89 3
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404985 2.8m chip 252 500 10 6 3 57 3
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404986 1.0m chip 551 700 11 4 2 64 3
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Nuevo Oro
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404222 Grab 131 less 9 3 6 19 3
than
det
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404233 Grab 123 less 9 4 5 22 3
than
det
-------------------------------------------------------------------------
'These results provide further confidence in the silver-gold potential of our Santa Cruz land portfolio, which also includes our flagship Pinguino holdings and the drill-ready Condor property,' said Hicks. 'Clearly, from the results of this first preliminary prospecting trip, further work is warranted at both Cerro Contreras and Nuevo Oro and we look forward to continuing to expand known silver-gold mineralization in these prospective areas.'
Argentex expands silver-gold zone by 40% at Pinguino, Argentina
TORONTO, April 11 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that ongoing Phase Two exploration at its Pinguino property has returned anomalous silver assays and detailed mapping has expanded the combined length of known epithermal veins on the property by 40% to more than 21 miles (35 kilometers).
'Management's confidence in the strength of the mineralized system continues to grow with the discovery of new epithermal veins at Pinguino,' said Ken Hicks, President of Argentex. 'As we continue to explore and interpret these new discoveries, we gain a greater understanding of the size and extent of the overall system. We look forward to drill testing these targets as part of our ongoing exploration program at Pinguino.'
Detailed geological mapping was conducted in the core mineralized region of the flagship Pinguino property at a scale of 1:5000 as part of exploration work carried out between November 2005 and February 2006. This examination has resulted in a detailed geological basemap useful for the interpretation of small-scale structural features. New epithermal veins were also discovered, bringing the combined length of known epithermal veins at Pinguino to more than 21 miles (35 kilometers).
The Savary vein, measuring 0.8 miles (1.3 kilometers), was revealed approximately 800 meters east of and subparallel to the main Marta vein. It has been determined that the Savary vein is the southern extension of the Marta Norte vein, confirming a combined total strike length of approximately 4.0 miles (6.5 kilometers) for the Savary-Marta Norte structure. Three grab samples were collected over a distance of 117 meters and submitted for standard ICP silver and gold analysis and reanalysis by fire assay for silver. All of the results were anomalous in silver and gold as outlined in the table below.
Another previously untested area along the northern extension of the regional Tranquillo fault, a major mineralized structure within the Pinguino property boundaries, was included in the area of detailed mapping. A single grab sample was collected, with results referenced in the table below.
Grab sample results:
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Ag (fire
Grab assay)
Sample Sample Au (ICP) Ag (ICP) Ag (fire oz/short
No Location ppb ppb assay) g/t ton
-------------------------------------------------------------------------
134767 Savary-Marta greater than
Norte 495.8 100000 131 4.2
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134768 Savary-Marta greater than
Norte 1166.3 100000 698 22.4
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134769 Savary-Marta greater than
Norte Grab 357.3 100000 483 15.5
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greater than
404106 Tranquillo fault 772.0 100000 597 19.2
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Geological mapping was carried out under the supervision of Diego Guido, Ph.D., Argentex's senior technical advisor in Argentina. Dr. Guido has approximately 12 years of experience in the examination of precious metal occurrences in Patagonia's Deseado Massif, the geological region in which Pinguino is located. Onsite investigation was aided by a combination of Landsat Thematic Mapping and 1-meter resolution IKONOS imagery.
These results are part of the ongoing Phase Two exploration program at Pinguino. Results of reconnaissance prospecting and sampling from other Argentex properties in Santa Cruz, including Cerro Contrera and Nuevo Oro 2, are expected in the coming weeks.
Argentex advances Pinguino silver-gold property, updates corporate activities
TORONTO, April 4 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to provide an update and overview on recent corporate activities.
Phase Two Exploration Advances in Santa Cruz Province
Surface exploration at Pinguino, which continued through February 2006, included the first comprehensive geological mapping program carried out on the property. This detailed examination was conducted within the core of the Pinguino mineralized system and discovered several new epithermal veins, vein stockworks and vein breccias.
Reconnaissance prospecting and sampling was also carried out on several other Argentex properties in Santa Cruz. Argentex expects to be in a position to announce results from its 24,092-acre (9,750-hectare) Cerro Contrera property and its 7,290-acre (2,950-hectare) Nuevo Oro 2 property in the coming weeks. Both properties are underlain by prospective Jurassic Chon Aike volcanic stratigraphy.
Completes $1-million Financing
Argentex has completed a financing for gross proceeds of $1 million. The funds raised will be used for continued exploration on the company's Argentine projects and initiating the 2006 drill program scheduled for Pinguino, Santa Cruz, working capital requirements and repayment of outstanding debt. Using the Pinguino property as a base of operations, Argentex will conduct follow-up exploration on surrounding company land and other properties in Santa Cruz as part of its continuing commitment toward new discoveries in this prospective terrain.
Expands Management Team
Argentex continued to strengthen its management team with the appointment of accomplished mining professionals Jenna Hardy, M.Sc., MBA, P.Geo., and Rick Thibault, B.A.Sc. (Honors), P.Eng., to its Board of Directors and Hamish Malkin as Chief Financial Officer. These additions served to augment the existing Board, including Colin Godwin, PhD, P.Eng., P.Geo., and Kenneth Hicks, B.Sc. (Honors), P.Geo., who also serves as President of Argentex.
Ms. Hardy spent 10 years with Pan American Silver Corp. (NASDAQ: PAAS message board, TSX: PAA) responsible for corporate oversight of health, safety and environment issues at operating subsidiaries in Peru, Mexico and Bolivia, as well as development projects in Argentina, Canada and the United States. She is a member of the Association of Professional Engineers & Geoscientists of British Columbia (APEGBC), where she has been Chair of the Geoscience Committee since 1998.
Mr. Thibault is a registered mining engineer with 28 years of operations, management and consulting experience in North and South America, including nine years in Argentina. Over the past six years, he has been providing mining engineering services to international clients active in Argentina, Chile and throughout Latin America. Before becoming a consultant, Mr. Thibault was the Managing Director of an operating industrial minerals mine in northwestern Argentina.
Mr. Malkin is a Chartered Accountant with over 15 years experience in senior and executive financial positions, including nine years in the mining industry. He also currently serves as the Chief Financial Officer for Entree Gold (TSX-V: ETG; AMEX: EGI). Mr. Malkin is a member of the Canadian Institute of Chartered Accountants and the Institute for Chartered Accountants of British Columbia.
Adds Technical Advisory Board
Argentex also announced the appointment of two prominent Argentine geological scientists to its technical advisory board. Diego Guido, Ph.D., and Sebastian Jovic are specialists in Patagonia's Deseado Massif and its ore deposits. They have in-depth knowledge of Argentex's Pinguino property, based in part on the extensive fieldwork and research they have conducted, as well as tremendous local expertise. Argentex looks forward to their continuing contributions to the company.
Reduces Shares Outstanding
In late 2005, Argentex announced that it had successfully renegotiated the property agreements covering its properties in Rio Negro and Santa Cruz. This resulted in the net reduction and cancellation of approximately 4.75 million escrowed shares. The number of common shares of the corporation now issued and outstanding is 18,398,890 as at March 21, 2006.
Argentex appoints respected geologist to board of directors
TORONTO, Feb. 9 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that Jenna Hardy, P.Geo., M.Sc., MBA, has joined its Board of Directors effective February 7, 2006. Ms. Hardy is an accomplished mining professional with extensive experience in project management, corporate due diligence and governance, property exploration and evaluation as well as environmental compliance.
'Argentex is both pleased and privileged to welcome Ms. Hardy to our Board,' said Ken Hicks, President of Argentex. 'Ms. Hardy's combination of geological, environmental and business credentials adds considerable depth to the Argentex Board as we plan for continued growth in the future.'
Ms. Hardy spent 10 years with Pan American Silver Corp. (NASDAQ: PAAS, TSX: PAA) responsible for corporate oversight of health, safety and environment issues at operating subsidiaries in Peru, Mexico and Bolivia, as well as development projects in Argentina, Canada and the USA.
She holds an Executive MBA from Simon Fraser University, and an M.Sc. (Economic Geology) and a B.Sc. (Geology) both from the University of Toronto. Ms. Hardy is a member of the Association of Professional Engineers & Geoscientists of British Columbia (APEGBC), where she has been Chair of the Geoscience Committee since 1998.
Argentex Mining commences Phase Two exploration at silver-gold Pinguino property, Argentina
TORONTO, Jan. 18 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce a number of significant advances in the development of the company's flagship silver-gold Pinguino property, located in Santa Cruz Province, Argentina. Of note, Argentex has commenced Phase Two exploration activities at Pinguino, including detailed mapping and sampling of new structures. In addition, the company has upgraded its claim tenure at Pinguino, and is conducting additional sampling of existing diamond drill core obtained during its recently completed 3,000-meter drill program.
Surface geological mapping is in progress at Pinguino and is expected to continue through the month of January. Results will be used to aid in the structural interpretation of mineralization at Pinguino and will assist Argentex in defining and refining areas that are favorable for silver-gold deposition. At the same time, diamond saw channel sampling is being conducted along strike of the highly silicified Tranquilo regional fault, which displays patchy malachite copper staining on surface. The Tranquilo fault is interpreted to have been a significant conduit for the Pinguino area silver-gold mineralizing fluids.
'The purpose of conducting detailed surface mapping of the host lithologies and vein structures will be to aid in the interpretation and definition of drill targets in the future,' said Ken Hicks, President of Argentex. 'The trenching of the Tranquilo fault will be testing a new mineralized structure on the property. Together with the geochemical, geophysical and trenching information, we believe that we can generate a number of high priority areas for testing.'
Argentex is also conducting additional sampling of its first phase diamond drill core from Pinguino. Compilation of initial assay results revealed significant values in areas of the buffer zone above and below obvious zones of mineralization and, as such, additional sampling is required to determine the full extent of the mineralized zone. As a result, 31 additional samples have now been collected from these significant sections of drill core. The samples have been shipped to Acme Analytical Laboratories in Santiago, Chile for standard gold and silver fire assay analysis. Results are expected in the first quarter of fiscal year 2006.
These additional assays come from the company's first phase 3,000-meter drill program, which was completed in 2005. Sections of core displaying visible mineralization, as well as core from a buffer zone above and below these obvious zones of mineralization, were sampled. All of these samples were shipped to Acme Labs for silver and gold assay analysis. Results of this sampling were reported in September 2005. Both Argentex and Acme Labs maintain comprehensive and independent Quality Control/Quality Assurance programs.
In another significant development, Argentex has upgraded its claim tenure at Pinguino, completing the conversion of its exclusive exploration permits ('Cateos') covering the property into a 'Mina' registered with the provincial mining authority in Santa Cruz. A Mina is a mining lease consisting of a group of Pertenencias, or patented land, and is the highest level of mineral property tenure within Argentina.
Argentex Mining provides update on silver-gold exploration activities in Argentina
TORONTO, Jan. 4 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to report that the year 2005 has seen steady and positive progress, both in the growth of its management and local scientific team and in the exploration of its silver-gold properties in Argentina's Patagonia region.
The year was highlighted by the completion of Argentex's comprehensive Phase One exploration and drilling program on its extensive land holdings in the provinces of Santa Cruz and Rio Negro, Argentina. The program culminated with a successful 3,000 meter drill program on the company's flagship Pinguino epithermal silver-gold property, which returned some of the highest silver-gold intervals encountered at Pinguino to date.
Drilling at Pinguino focused on high-priority target areas within the main Marta vein system, testing upper levels of vein mineralization in select pockets along a total distance of 3.1 miles (5.0 kilometers). Target areas were selected based on earlier surface trenching and sampling results, which had returned silver-gold assay values in excess of 1,500 grams per tonne (g/t) silver and 11.5 grams per tonne (g/t) gold.
'We believe that the results from our first-ever drill program were extremely promising, returning high values of silver and gold over significant widths,' said Ken Hicks, President of Argentex. 'We are encouraged by these results because they demonstrate the near-surface continuity of the higher-grade mineralization exposed during earlier trenching. In addition, our 3D IP geophysical survey shows large chargeability anomalies at depths that remain to be tested by drilling. Management is extremely encouraged by our results to date.'
Other 2005 exploration highlights include:
- Diamond drilling at Pinguino returned significant results, including
8.8 meters of 1,095 g/t silver at a vertical depth of 23 meters below
surface. This discovery was made in the same area of a previously
reported, anomalous trench that returned 9.0 meters of 1,690 g/t
silver on surface.
- Closely spaced drilling in parallel sections discovered a possible
northwest plunge of high-grade silver mineralization shoots opening up
numerous areas of potential mineralization for drill testing.
- Geological modeling suggested the potential for higher grade
mineralization at depth in Marta South. A small number of drill holes
at the end of first phase drilling were designated to test underneath
a narrow surface trench with geologically favorable textures. It
returned a best intersection of 5.9 meters of 4.8 g/t gold at a
vertical depth of 46 meters below surface. The zone remains open in
three directions.
Approximately 15 miles (25 kilometers) of epithermal veins have been documented to date on the Pinguino property and occur within rhyolitic tuffs of the Lower Jurassic Roca Blanca Formation. The largest of the vein systems extends more than 6.0 kilometers in strike length. Numerous other veins have yet to be tested on Argentex's low relief, year-round road accessible property.
2005 CORPORATE MILESTONES
On the corporate front, Ken Hicks became president, Argentex added a distinguished geologist to its Board of Directors and the company attracted two prominent Argentine geological scientists to its technical advisory board.
Ken Hicks, B.Sc. (Hons), P.Geo. was appointed President effective June 1, 2005. Mr. Hicks was formerly the Vice President of Exploration for Argentex and has successfully directed the company's exploration programs in Argentina since March 2004.
Also on June 1st, distinguished geologist Colin Godwin (PhD, P.Eng., P.Geo.) joined the Argentex Board of Directors. Dr. Godwin is an accomplished mining executive, Professor Emeritus at the University of British Columbia and published author.
Argentex was also fortunate to attract two prominent Argentine geological scientists as technical advisors in 2005. Dr. Diego Guido has extensive scientific research, academic and consulting mining experience in Argentina's Patagonia region. Mr. Sebastian Jovic is working at the Mineral Resources Institute (INREMI) at La Plata University in Buenos Aires and is a PhD candidate studying the economic geology of the Pinguino area.
'Argentex is exploring a large mineralized epithermal system at Pinguino, which has had little previous exploration since its discovery in 1996,' added Argentex's Ken Hicks. 'We look forward to reporting on our Phase Two exploration program, during which we plan to carry out detailed surface mapping. This will be combined with our database of geological, geochemical and geophysical information to define and refine additional targets. The latter portion of our Phase Two program is expected to include additional drilling.'
Argentex appoints Chief Financial Officer, cancels 4.7 million shares
TORONTO, Dec. 19 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the appointment of Mr. Hamish Malkin as Chief Financial Officer (CFO) of the company.
Mr. Malkin is a Chartered Accountant with over 15 years experience in senior and executive financial positions, including nine years in the mining industry. He currently serves as the Chief Financial Officer for Entree Gold (TSX-V: ETG; AMEX: EGI). Mr. Malkin is a member of the Canadian Institute of Chartered Accountants and the Institute for Chartered Accountants of British Columbia.
'We are fortunate to have attracted someone of Hamish's caliber and experience to help take Argentex to the next level,' said Ken Hicks, President of Argentex. 'Hamish has a firm grasp of the mining industry in addition to his financial management expertise. This makes him a valuable addition to our executive management team as we position Argentex for continued growth and leverage our extensive land position in Argentina's emerging Patagonia mining region.'
Argentex also wishes to announce that it has successfully renegotiated the land agreements covering its properties in Santa Cruz and Rio Negro, Argentina, to allow for the immediate release of 250,000 shares. The remaining 4,749,998 common shares under escrow have been returned to the treasury and cancelled. The number of common shares of the corporation now issued and outstanding is 18,398,890 as at December 19, 2005.
Argentex hits 8.80 meters of 1,148.9 g/t silver equivalent at Pinguino
Final results from Phase One drilling include property's highest silver-gold intervals encountered to date
TORONTO, Sept. 6 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce assay results for the final 16 of 45 HQ diamond drill holes from the 3,010-meter (9,875-foot) Phase One drill program on its Pinguino silver-gold property in Argentina's Patagonia region. The drill program tested the main Marta vein system in selected pockets along a total distance of 3.1 miles (5.0 kilometers). Silver-gold mineralization was encountered in each area tested and the structure remains open to the northwest and southeast. Approximately 15 miles (25 kilometers) of epithermal veins have been documented to date on the Pinguino property.
'We continue to encounter significant silver-gold values near surface over multi-meter widths,' said Ken Hicks, President of Argentex. 'These final results of the Phase One program extend drill-intersected mineralization in the Marta vein to a total distance of more than 5,000 meters. We believe this is a positive sign that points to a strong underlying structure that has distributed silver-gold mineralization over large distances.'
The newest results contain intersections that are both wider and higher in silver and gold content than any previous drilling results on the property. The best results to date were returned from hole P05-32, which contains 1,094.9 grams per tonne (g/t) silver and 0.90 g/t gold (silver equivalent 1,148.9 g/t) over 8.80 meters. Hole P05-44 was targeted solely because of prospective-looking vein material, which had been trenched but contained negligible silver and/or gold values on surface. Targeted approximately 35-40 meters below the surface of the trench, hole P05-44 intersected 23.6 g/t silver and 4.79 g/t gold (silver equivalent 311.0 g/t) over 5.86 meters with a contained interval of 37.2 g/t silver and 8.69 g/t gold (silver equivalent 558.6 g/t) over 2.65 meters. This new discovery has very favorable implications for the Pinguino property because it confirms that not all mineralization is exposed on surface. It also suggests that other areas at Pinguino with exposed vein material on surface warrant drill testing.
Significant results from the final 16 holes are highlighted in Table 1:
Table 1
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Hole-ID From (m) To (m) Width Au (g/t) Ag (g/t) Au equi- Ag equi-
------- -------- ------ ----- -------- -------- -------- --------
(m) valent valent
--- ------ ------
Au:Ag 60:1 Ag:Au 60:1
---------- ----------
(g/t Au) (g/t Ag)
-------- --------
-------------------------------------------------------------------------
P05-31 43.60 46.50 2.90 0.56 509.3 9.05 542.9
-------------------------------------------------------------------------
P05-32 28.30 37.10 8.80 0.90 1094.9 19.15 1148.9
-------------------------------------------------------------------------
P05-40 37.20 41.71 4.51 0.50 168.2 3.30 198.2
-----------------------------------------------------------------
including
-----------------------------------------------------------------
40.20 41.71 1.51 1.16 375.0 7.41 444.6
-------------------------------------------------------------------------
P05-41 47.25 58.95 11.7 0.55 134.6 2.79 167.6
-----------------------------------------------------------------
including
-----------------------------------------------------------------
57.50 58.95 1.45 1.15 175.0 4.07 244.0
-------------------------------------------------------------------------
P05-44 47.00 51.65 4.65 2.62 37.6 3.25 194.8
-----------------------------------------------------------------
56.64 62.50 5.86 4.79 23.6 5.18 311.0
-----------------------------------------------------------------
including
-----------------------------------------------------------------
57.25 59.90 2.65 8.69 37.2 9.31 558.6
-------------------------------------------------------------------------
Argentex commenced exploration activities at Pinguino in April 2004. Traditional scientific methods to explore for epithermal precious metal deposits worldwide were used, including tightly spaced soil sampling, prospecting, trenching and IP geophysics. The results from these tests were combined to define a series of drill targets, which became the focus of the company's recently completed Phase One drilling program. Argentex will continue to focus its activities based on these proven exploration techniques.
Table 2 shows highlights of previously released Phase One drill results, which were originally announced by Argentex on July 26, 2005 and August 8, 2005:
Table 2
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Hole-ID From (m) To (m) Width Au (g/t) Ag (g/t) Au equi- Ag equi-
------- -------- ------ ----- -------- -------- -------- --------
(m) valent valent
--- ------ ------
Au:Ag 60:1 Ag:Au 60:1
---------- ----------
(g/t Au) (g/t Ag)
-------- --------
-------------------------------------------------------------------------
P05-01 33.80 37.65 3.85 3.92 91.6 5.45 326.8
-----------------------------------------------------------------
including
-----------------------------------------------------------------
33.80 35.20 1.40 7.35 140.0 9.68 581.0
-------------------------------------------------------------------------
P05-05 11.85 14.50 2.65 1.22 128.0 3.35 201.2
-------------------------------------------------------------------------
P05-06 27.30 28.87 1.57 0.49 208.0 3.96 237.4
-------------------------------------------------------------------------
P05-11 43.90 52.04 8.14 2.44 158.7 5.09 305.1
-----------------------------------------------------------------
including
-----------------------------------------------------------------
49.87 52.04 2.17 5.89 362.0 11.92 715.2
-------------------------------------------------------------------------
P05-16 73.19 76.00 2.81 3.83 272.3 8.37 502.1
-------------------------------------------------------------------------
P05-24 32.00 33.90 1.90 8.19 916.7 23.47 1408.1
-------------------------------------------------------------------------
P05-26 29.15 32.00 2.85 0.70 201.3 4.06 243.3
-------------------------------------------------------------------------
P05-27 49.20 52.00 2.80 1.09 411.8 7.95 477.2
-------------------------------------------------------------------------
P05-28 14.15 17.00 2.85 0.41 324.8 5.82 349.4
-------------------------------------------------------------------------
P05-29 37.14 39.05 1.91 0.36 523.4 9.08 545.0
-------------------------------------------------------------------------
Pinguino was first discovered in the mid-1990s by a major mining company that was conducting regional exploration around its advanced project in the southern Patagonia region. That advanced project was the primary focus of its exploration and development efforts and subsequently, in 1998, commenced production as Patagonia's largest ever gold-silver mine. Reconnaissance-level exploration was carried out at Pinguino in 1996 and 1997, but the major company made a decision to divest the property in 1998. At that time, the price of gold averaged $290 per ounce and silver averaged $5.75 per ounce. Since then, the prices of gold and silver have risen to current rates of approximately $440 and $7 per ounce, respectively. Argentex is the first exploration company to conduct any exploration on Pinguino since 1998.
'We are pleased with the results of our first phase drilling campaign and look forward to additional exploration.' added Argentex's Ken Hicks. 'The Marta structure remains open to the northwest and southeast. Additional veins on the property, parallel to the main Marta vein, remain untested by drilling. Furthermore, numerous other targets have yet to be drill tested. We are planning an advanced drilling program at Pinguino in the near future.'
Samples were sent to Acme Analytical Laboratories in Santiago, Chile for silver and gold assays. Both Argentex and Acme Labs maintain comprehensive and independent Quality Control/Quality Assurance programs.
Argentex releases more positive silver-gold results from Pinguino
TORONTO, Aug. 8 /PRNewswire/ - Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the results for an additional 18 HQ diamond drill holes from its Pinguino silver-gold property located in Argentina's Patagonia region. The second tranche of results represent holes 12 through 29 of the 45 holes drilled during the company's 3,010-meter (9,875-foot) Phase One program.
'We continue to define and expand the near surface silver-gold mineralization with this drilling,' said Ken Hicks, President of Argentex. 'Based on the assay results we have seen to date, metal ratios can vary from 1:1 to over 1000:1 silver to gold. These results appear to be both significant and positive, and they confirm our confidence in the strength and potential of the mineralizing system at Pinguino.'
Additional Positive Results
Representative intercepts from holes 12 to 29 include:
-------------------------------------------------------------------------
Hole-ID From To Width Au Ag Au Ag
(m) (m) (m) (g/t) (g/t) equi- equi-
valent valent
Au:Ag Ag:Au
60:1 60:1
(g/t Ag)(g/t Au)
-------------------------------------------------------------------------
P05-12 58.27 60.34 2.07 2.84 84.9 4.26 255.3
-------------------------------------------------------------------------
P05-12 72.09 73.50 1.41 0.87 193.0 4.09 245.2
-------------------------------------------------------------------------
P05-13 14.60 17.74 3.14 1.22 126.5 3.33 199.7
-------------------------------------------------------------------------
P05-14 28.09 30.70 2.61 2.50 106.8 4.28 256.8
-------------------------------------------------------------------------
P05-14 35.10 37.80 2.70 4.87 98.8 6.52 391.0
-------------------------------------------------------------------------
P05-15 53.90 56.18 2.28 1.51 67.5 2.64 158.1
-------------------------------------------------------------------------
P05-16 73.19 76.00 2.81 3.83 272.3 8.37 502.1
-------------------------------------------------------------------------
P05-17 16.54 18.60 2.06 0.44 98.2 2.08 124.6
-------------------------------------------------------------------------
P05-21 76.75 77.15 0.40 12.43 24.0 12.83 769.8
-------------------------------------------------------------------------
P05-23 43.78 44.23 0.45 3.89 131.9 6.09 365.3
-------------------------------------------------------------------------
P05-23 51.08 53.15 2.07 0.79 164.9 3.54 212.3
-------------------------------------------------------------------------
P05-24 32.00 33.90 1.90 8.19 916.7 23.47 1408.1
-------------------------------------------------------------------------
P05-25 14.00 17.38 3.38 1.14 525.9 9.91 594.3
-------------------------------------------------------------------------
P05-26 23.00 25.40 2.40 2.26 620.3 12.60 755.9
-------------------------------------------------------------------------
P05-26 29.15 32.00 2.85 0.70 201.3 4.06 243.3
-------------------------------------------------------------------------
P05-27 49.20 52.00 2.80 1.09 411.8 7.95 477.2
-------------------------------------------------------------------------
P05-28 14.15 17.00 2.85 0.41 324.8 5.82 349.4
-------------------------------------------------------------------------
P05-29 33.50 35.07 1.57 0.14 393.7 6.70 402.1
-------------------------------------------------------------------------
P05-29 37.14 39.05 1.91 0.36 523.4 9.08 545.0
-------------------------------------------------------------------------
Holes P05-01 to P05-21 are located near the center of the Pinguino property. In relation to that point, holes P05-22 to P05-27 are approximately 500 meters to the southwest and holes P05-28 to P05-29 are located approximately 1,700 meters to the west.
In light of the results, Argentex is in the process of updating the 3D IP geophysical model to include this new drilling information.
Argentex plans to report on the results from the remaining 16 HQ drill holes upon receipt and compilation of assays from Acme Analytical Labs. Meanwhile, an expanded exploration work program on the Pinguino property is being planned for the upcoming spring field exploration season in Patagonia.
Samples were sent to Acme Analytical Laboratories in Santiago, Chile for silver and gold assays. Both Argentex and Acme Labs maintain comprehensive and independent Quality Control/Quality Assurance programs.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with mineral rights to 30 properties with over 345,000 acres (139,616 hectares) located in the Patagonia region of southern Argentina. Argentex common stock currently trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-888-601-8366
info@argentexmining.com
Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Argentex's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, comments regarding the company's belief that its recent test results are both significant and positive, the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc., volatility of commodity prices, product demand, market competition, and other risks inherent in Argentex's industry and operations. Please refer to Argentex' Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for a comprehensive discussion of these and other risk factors.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE Argentex Mining Corporation
