DGAP-News: Argentex Mining Corporation: Argentex samples 59 g/t gold at Condor; drill tests multiple targets at Pinguino, Santa Cruz, Argentina
(firmenpresse) - Argentex Mining Corporation / Miscellaneous
24.03.2010 15:15
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Argentex samples 59 g/t gold at Condor; drill tests multiple targets at
Pinguino, Santa Cruz, Argentina
Vancouver, B.C., March 24, 2010 -- Argentex Mining Corporation (WKN:
A0B9RY, ISIN: US04012E1073) is pleased to provide an update on its ongoing
exploration activities in the silver-gold district of Santa Cruz,
Argentina.
Pinguino Drilling
The focus of 2009-2010 drilling at the company's flagship Pinguino property
has expanded beyond the core zone of indium-rich silver-zinc-lead
mineralization to test the adjacent silver-gold veins. Initial drilling
results included a number of high-grade silver intersections, including
3.06 meters (10 feet) of 836.6 g/t silver for the first drilled target.
Drilling is ongoing.
A total of 50 drill holes covering 2,736 meters (8,976 feet) have been
completed to date at the Pinguino property. This includes 14 drill holes
covering 989 meters (3,244 feet) at Marta Norte, 16 holes covering 1,052
meters (3,451 feet) on the Tranquilo fault, 9 holes on the Luna veins for
505 meters (1,656 feet) and 5 other holes on various targets. Samples have
been collected from these holes and submitted for analysis. Results will be
published as they are received.
Simultaneous with the drilling of new veins at Pinguino, Argentex continues
to conduct detailed prospecting and geological mapping, resulting in the
discovery of additional new epithermal veins. These new discoveries occur
parallel to the Marta Norte vein, the most silver-rich area discovered at
Pinguino to date. This continues to reinforce management's belief that the
Pinguino vein system is the largest undeveloped vein system in Santa Cruz
province. All of the drilled veins at Pinguino remain open along strike
and at depth.
'Silver and gold mineralization is the primary focus of our current
exploration program in this very prospective district in Santa Cruz. With
an extensive land portfolio, we have no shortage of good targets to test,'
said Ken Hicks, President of Argentex. 'Our early acquisition of
high-quality properties in Santa Cruz is a solid foundation from which to
grow the company organically without expensive joint venture or purchase
agreements.'
Grab samples return up to 59 g/t gold at Condor
Concurrent with ongoing work at Pinguino, Argentex has been carrying out
target-definition exploration on the drill-ready gold Condor property.
Detailed ground magnetometry and 3D IP surveys have been completed in
addition to mapping and rock chip sampling.
Recently completed detailed exploration at Condor's ElÁguila vein area
included 16 grab samples ranging in value from 0.25 g/t gold to 59 g/t gold
(0.008 oz/t to 1.897 oz/t gold) within an area of approximately 2,000
meters (6,560 feet) by 250 meters (820 feet). Multiple parallel and
conjugate veins were encountered in this vein swarm. The extent ofthese
mineralized samples represents a potential 400% increase from the
previously determined estimate of 400 meters (1,312 feet) of strike length.
The highest values come from an outcrop displaying visible gold in ginguro
bands (fine black disseminated sulphides).
Detailed mapping at Condor has also discovered multiple occurrences of
silicified travertine and other 'shallow' epithermal features, suggesting a
paleo hot spring environment. More work is needed to fully evaluate these
targets at depth, but considering the classic epithermal model, the company
believes that this sinter represents the highest level of the system and
therefore has potential to preserve precious metal mineralization below the
surface.
About Pinguino
Pinguino is located in Argentina's Patagonia region, within the Deseado
Massif of Santa Cruz province. With more than 74 line kilometers (46 line
miles) of veins discovered to date, the Pinguino property is host to the
largest known undeveloped vein system in Santa Cruz province after the
developed AngloGold Ashanti Cerro Vanguardia mine. Both vein systems fall
within the Tranquilo trend, a major northwest structural corridor in
central Santa Cruz.
Mineralization at Pinguino is unique in the region, containing
silver-indium-zinc-lead-gold in multiple zones that remain open-ended along
strike and to depth. Although more than 47 veins have been mapped on the
property to date (with vein widths ranging from under one meter to more
than 10 meters), only 15 of these veins have been tested by drilling. To
date, Argentex has drilled 319 holes at Pinguino for a total of 32,736
meters (107,401 feet).
Pinguino is easily accessible, situated approximately 400 meters (1,312
feet) above sea level in low-relief topography. An existing system of
all-weather roads provides year-round access to the property.
The majority of mineralized zones at Pinguino lie along the strike of the
northwest-trending Tranquilo trend, which is a dominant northwest trending
regional fault structure cutting across the approximately 24,710-acre
(10,000-hectare) property.
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 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.
ABOUT ARGENTEX:
Argentex Mining Corporation is a Delaware corporation. It is a junior
mining company in the exploration stage with significant holdings in the
Patagonia region of Argentina. In total, the company owns 100% mineral
rights to more than 35 properties with approximately 307,981 acres (124,636
hectares) of prospective land located in the Santa Cruz and Rio Negro
provinces of Argentina, including the Pinguino property. Shares of
Argentex common stock trade under the symbol AGXM on the OTCBB and on the
TSX Venture Exchange under the symbol ATX. Argentex also trades in Germany
under WKN A0B9RY and ISIN US04012E1073.
Exploration on the Pinguino property is being conducted under the
supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a
Qualified Person as defined by Canada's National Instrument 43-101. Mr.
Hicks has read and approved the contents of this release. Mr. Hicks is not
considered independent of the issuer.
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.
FURTHER INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
+49 (0) 40 41 33 09 50
info(at)argentexmining.com
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 about the company's belief that its current
exploration efforts can enhance and define zones of near surface
mineralization and that preliminary field work in the vicinity of Marte
Norte suggests potential for additional silver-gold discoveries. Also that
the extent of these mineralized samples represent a potential 400%
increase from the previously determined estimate of 400 meters (1,312 feet)
of strike length . 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 risk that the Company may not find any
minerals in commercially feasible quantity or raise funds sufficient to
prosecute its exploration plans. These and other risks are described in
the Company's Annual Report on Form 10-K and other filings with the
Securities and Exchange Commission.
24.03.2010 15:15 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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