DGAP-News: Argentex discovers new silver-gold zone at Pinguino, Tranquilo Trend returns 6.40 meters of 486.6 g/t silver and 1.91 g/t gold
(firmenpresse) - Argentex Mining Corporation / Miscellaneous
15.06.2010 15:30
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Argentex discovers new silver-gold zone at Pinguino, Tranquilo Trend
returns 6.40 meters of 486.6 g/t silver and 1.91 g/t gold
Vancouver, B.C., June 15, 2010 -- Argentex Mining Corporation (WKN: A0B9RY,
ISIN: US04012E1073) is pleased to provide an update on ongoing diamond
drilling and exploration activities at its wholly owned 10,000-hectare
Pinguino property in the silver-gold district of Santa Cruz, Patagonia,
Argentina.
As part of the ongoing drill program at Pinguino, Argentex drill tested
structures that lay along the Tranquilo Trend, a major northwest regional
feature crosscutting the Pinguino property. Within it, Argentex has
discovered a completely new mineralized structure (Luna vein) containing
wide intervals of high-grade silver mineralization with associated gold
values. The new mineralized structure returned results including 6.40
meters of 486.6 grams per tonne (g/t) silver and 1.91 grams per tonne (g/t)
gold.
The Luna vein is known to extend for 920 meters along strike and is
currently the subject of follow-up drilling with the goal of defining and
expanding the high-grade mineralization. Drilling also tested structures
along the Marta Trend, which contains the high-grade silver Marta Norte
vein.
'We are excited to have discovered mineralization in the very first holes
drilled into the Tranquilo Trend, which crosscuts 11 kilometers of the
Pinguino property. Not only is the structure mineralized along a
considerable length, it also contains wide intervals of high-grade
silver-gold mineralization such as we have intersected in the Luna vein,'
said Ken Hicks, President of Argentex. 'The Luna discovery is a great
incentive to increase our exploration efforts in interpreting the local
geology and targeting high-grade silver-gold mineralization along the
Tranquilo Trend. We expect that this new discovery within a major
property-scale structure could provide a significant boost to Pinguino's
overall precious metal potential.'
With more than 74 line kilometers 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 regional fault, a major northwest
structural corridor in central Santa Cruz. To date, Argentex has drilled
333 holes at Pinguino for a total of 33,559 meters.
Results
The following table displays selected analytical results for 19 new holes
from the company's 2009-2010 drill program. The holes are located along
two of the Pinguino property's major trends, the Tranquilo Trend (14 holes)
and the Marta Trend (5 holes). Tranquilo has so far tested in only selected
areas along its 11 kilometer length. Each of the veins listed in the table
below are annotated as to their general spatial location within each trend
as to northern, central or southern. A map showing drilling zones is
available on the company's web site:
http://www.argentexmining.com/fileupload/pdf/2010-06-15_Figure_1.pdf.
Drill Hole From- To(m) Interval- Gold Silver*True widths are estimated to be 85-90% of the stated core length
(m) (m)* (g/t) (g/t)
TRANQUILO TREND (TT)
Area: LUNA VEIN (NORTHERN
TT)
P301-10 17.20 18.20 1.00 0.05 128.0
and
P301-10 23.50 25.00 1.50 0.13 97.3
P303-10 27.30 30.00 2.70 0.10 202.3
including
P303-10 29.30 30.00 0.70 0.28 429.0
and
P303-10 31.00 35.80 4.80 0.73 82.9
P304-10 24.30 26.80 2.50 0.52 89.0
including
P304-10 25.96 26.80 0.84 0.80 139.0
P307-10 27.00 29.80 2.80 0.28 91.8
P308-10 23.90 30.30 6.40 1.91 486.6
including
P308-10 24.30 28.00 3.70 3.17 725.3
P309-10 59.05 60.60 1.55 0.24 92.9
P311-10 8.80 10.10 1.30 2.43 212.3
and
P311-10 23.00 23.60 0.60 0.03 217.0
Area: TRANQUILO NORTE (NORTHERN TT)
P312-10 55.60 60.10 4.50 1.39 4.3
including
P312-10 55.60 57.50 1.90 2.48 3.3
and including
P312-10 55.60 56.60 1.00 3.56 1.0
Area: TRANQUILO (CENTRAL TT)
P313-10 34.40 35.10 0.70 0.06 127.0
P314-10 18.20 19.70 1.50 0.92 103.5
P328-10 29.80 44.30 14.50 0.02 116.9
including
P328-10 30.80 39.97 9.17 0.03 169.5
including
P328-10 35.60 38.60 3.00 0.06 331.7
Area: TRANQUILO SUR (SOUTHERN TT)
P317-10 22.20 30.20 8.00 0.00 64.4
including
P317-10 24.20 26.20 2.00 0.00 97.5
P317-10 73.38 75.38 2.00 0.00 84.1
P323-10 25.80 29.50 3.70 0.03 124.1
P324-10 31.15 32.10 0.95 0.00 186.6
MARTA TREND (MT)
Area: ISLA (NORTHERN MT)
P285-10 34.77 35.80 1.03 1.28 205.0
Area: MARTA NOROESTE (CENTRAL MT)
P290-10 32.60 35.40 2.80 0.68 138.3
including
P290-10 34.60 35.40 0.80 2.22 412.0
Area: FANTASMA (NORTHERN MT)
P305-10 28.30 30.15 1.85 0.23 85.5
including
P305-10 29.30 29.60 0.30 0.65 368.0
P318-10 35.20 35.60 0.40 1.24 128.0
Area: MARTA NORTE (NORTHERN MT)
P321-10 34.50 35.80 1.30 0.61 96.8
P321-10 45.30 46.00 0.70 0.53 196.0
In addition to the silver and gold values presented in the results chart
above, hole P314 returned 4.26% copper over a 1.5-meter width.
Significantly, this is the highest copper grade discovered to date at
Pinguino and will be interpreted within the local and regional geology for
future high-grade copper potential.
A total of 64 drill holes covering 3,933 meters have now been completed at
Pinguino as part of the 2009-2010 program. Samples have been collected
from these holes and submitted for analysis. Additional results will be
published as they are received.
About Pinguino
Pinguino is located in Argentina's Patagonia region, within the Deseado
Massif of Santa Cruz province. With more than 74 line kilometers 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 isunique in the region, containing
silver-indium-zinc-lead-gold in multiple zones that remain open-ended along
strike and to depth. To date, Argentex has drilled 333 holes at Pinguino
for a total of 33,559 meters.
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.
Quality Assurance
Exploration 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 ALS Chemex in Mendoza, Argentina and La Serena,
Chile. Argentex, Acme and ALS Chemex 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 141,020 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 expectation that the
new discovery could provide a significant boost to Pinguino's overall
precious metal potential. 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.
15.06.2010 15:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:
Datum: 15.06.2010 - 15:30 Uhr
Sprache: Deutsch
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