Argentex Continues to Identify Silver and Gold Mineralisation at Pinguino including 2 m @ 281.5 g/t Ag and 5.62 g/t Au
September 06 2012 - 9:15AM
Marketwired Canada
Argentex Mining Corporation ("Argentex" or the "Company") (TSX
VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce the first results from the
Phase VIII reverse-circulation ("RC") drill program conducted at its 100%-owned
silver-gold and polymetallic Pinguino Project, located in Santa Cruz, Argentina.
These results are from the first 30 holes (3,004 m) of the 93-hole (8,410 m) RC
drill program completed in June 2012.
"The Phase VIII program was designed to expand areas of mineralisation
previously identified as significant for precious metals in known veins and to
further test new veins. It was very successful on both counts. The extension of
shallow oxide material to the south at the Marta Este vein is a positive step
towards expanding the mineralised zone at the Project," commented Michael Brown,
President of Argentex.
RC Drill Program Review (please visit Argentex's website for graphics discussed
below):
Marta Este ("ME") Vein
Five RC holes were drilled in the southern part of the ME vein (Figure 2). Four
of the holes were focused on extending the oxide zone at the southern end of the
vein, and a possible high-grade precious metal extension at depth was tested in
the fifth hole. Both targeted areas confirmed the presence of high-grade
mineralisation. The oxide zone of the ME vein was extended approximately 80
metres further south, based on assay results from three of the four RC holes
drilled. The best results were from hole PR175-12, with 33 m @ 74.97 Ag eq.,
including 4 m @ 290.3 g/t Ag and 2.80 g/t Au, or 430.09 g/t Ag eq. PR176-12 was
drilled to intersect the vein approximately 150 metres below surface and
encountered high grade mineralisation down dip from high grade oxide
intersections of earlier drilling (Figure 3).
Marta Oeste ("MW") Vein
Five RC holes were drilled in the southern part of the MW vein (Figure 2) to
test the potential for a depth-extension of significant mineralisation
encountered in shallow holes completed in 2011 (Figure 4). Only one of these
holes, PR169-12, is interpreted to have intersected the MW vein, with 3 m @
539.15 g/t Ag eq. A re-evaluation of the vein structure suggests that the
easterly dip seen in its central section may have changed to a westerly dip.
This "rolling over" is also interpreted in the northern section of the MW vein
(Figure 4). Based on that revised assessment, the southeast section of the vein
remains open in both strike and dip.
Marta Noroeste ("MNW") Vein
Five RC holes drilled in the MNW vein focused on extending the vein to the north
and south, for a potential total strike length of 1,600 metres (Figure 1).
Results from two RC holes confirmed high-grade precious metal mineralisation in
each of the southern and northern areas of MNW. These two new areas suggest
there may be at least three high-grade zones with greater than 500 g/t Ag eq.
per metre grades (Figure 5):
-- The central zone, with an approximate strike length of 350 metres, was
drilled in previous exploration phases, and remains open at depth and
along strike.
-- The new southern zone was discovered in PR250-12 and identified 4 m @
115.3 g/t Ag eq.
-- The northern zone was discovered with PR254-12 (7 m @ 170.8 g/t Ag eq.,
including 2 m @ 469.0 g/t Ag eq.), and based on an interpreted 450 meter
strike length, may have potential at depth.
Tranquilo Vein-Fault
Nine RC holes were drilled in the Tranquilo Norte ("TRN"), Tranquilo ("TR") and
Tranquilo Sur ("TRS") vein systems. The holes targeted different geochemical and
geophysical anomalies along the Tranquilo fault, with two holes (Figure 1)
identifying silver grades in excess of 60 g/t. Of the six holes collared in the
southern part of the TR vein, PR232-12 identified 1 m @ 129.0 g/t Ag, associated
within a 2 metre wide polymetallic vein. From the two RC holes at TRS, PR228-12
returned 14 m @ 88.6 g/t Ag, including 4 m @ 121.8 g/t Ag. This hole at TRS is
the first important silver discovery in this southern part of the Tranquilo
trend.
Kae and Monica ("MON") Veins
Two RC holes drilled in each of these base metal-rich veins, tested for
anomalous silver content (Figure 1). The holes confirmed the polymetallic nature
of these veins (with high Pb, Zn and indium values, analogous to Marta Centro
vein) but only low-grade silver mineralisation was encountered. These veins
remain relatively underexplored.
Summary of Assay Results
Analytical results received are summarized below (true widths are estimated to
be 85 to 90% of the drilled intersection length):
----------------------------------------------------------------------------
From To Length Ag Au
Vein Drill Hole (m) (m) (m) (g/t) (g/t)
----------------------------------------------------------------------------
Marta Este PR174-12 7.00 30.00 23.00 21.5 0.24
----------------------------------------------------------
including 13.00 14.00 1.00 130.0 0.26
----------------------------------------------------------
PR175-12 13.00 46.00 33.00 51.9 0.46
----------------------------------------------------------
including 40.00 44.00 4.00 290.3 2.80
----------------------------------------------------------
PR172-12 20.00 31.00 11.00 21.6 0.43
----------------------------------------------------------
PR173-12 36.00 42.00 6.00 117.6 2.27
----------------------------------------------------------
including 38.00 40.00 2.00 281.5 5.62
----------------------------------------------------------
PR176-12 78.00 198.00 120.00 40.2 0.12
----------------------------------------------------------
including 84.00 95.00 11.00 73.2 0.11
----------------------------------------------------------
including 144.00 149.00 5.00 148.1 0.27
----------------------------------------------------------
including 165.00 167.00 2.00 167.0 0.37
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Marta Oeste PR170-12 (I) 37.00 40.00 3.00 41.6 0.90
----------------------------------------------------------
PR170-12 (II) 80.00 95.00 15.00 28.3 0.21
----------------------------------------------------------
including 90.00 93.00 3.00 54.8 0.23
----------------------------------------------------------
PR167-12 65.00 67.00 2.00 45.5 0.45
----------------------------------------------------------
PR169-12 33.00 113.00 80.00 55.0 0.18
----------------------------------------------------------
including 48.00 64.00 16.00 168.6 0.49
----------------------------------------------------------
and including 49.00 52.00 3.00 495.0 0.88
----------------------------------------------------------
including 92.00 95.00 3.00 198.6 0.64
----------------------------------------------------------
PR168-12 74.00 88.00 14.00 30.5 0.23
----------------------------------------------------------
including 78.00 79.00 1.00 90.1 0.40
----------------------------------------------------------
PR171-12 (I) 61.00 64.00 3.00 24.1 0.37
----------------------------------------------------------
PR171-12 (II) 148.00 151.00 3.00 13.8 0.80
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Marta Noroeste PR163-12 22.00 23.00 1.00 2.3 0.41
----------------------------------------------------------
PR250-12 36.00 52.00 16.00 43.2 0.17
----------------------------------------------------------
including 47.00 51.00 4.00 99.6 0.31
----------------------------------------------------------
PR164-12 23.00 27.00 4.00 1.0 0.80
----------------------------------------------------------
including 26.00 27.00 1.00 0.6 1.55
----------------------------------------------------------
PR254-12 55.00 85.00 30.00 32.5 0.36
----------------------------------------------------------
including I 57.00 64.00 7.00 105.9 1.30
----------------------------------------------------------
and including 58.00 60.00 2.00 299.0 3.40
----------------------------------------------------------
including II 81.00 82.00 1.00 76.9 0.64
----------------------------------------------------------
PR253-12 75.00 82.00 7.00 29.0 0.10
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tranquilo PR227-12 36.00 41.00 5.00 36.4 0.01
----------------------------------------------------------
including 37.00 38.00 1.00 60.0 0.01
----------------------------------------------------------
PR232-12 (I) 11.00 13.00 2.00 33.3 0.01
----------------------------------------------------------
PR232-12 (II) 26.00 34.00 8.00 31.5 0.01
----------------------------------------------------------
including 28.00 29.00 1.00 129.0 0.00
----------------------------------------------------------
PR244-12 33.00 34.00 1.00 0.3 0.03
----------------------------------------------------------
PR233-12 8.00 9.00 1.00 0.2 0.03
----------------------------------------------------------
PR165-12 25.00 27.00 2.00 21.0 0.23
----------------------------------------------------------
PR251-12 47.00 48.00 1.00 1.0 0.06
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tranquilo South PR229-12 50.00 51.00 1.00 20.3 0.00
----------------------------------------------------------
PR228-12 10.00 43.00 33.00 57.7 0.00
----------------------------------------------------------
including 24.00 38.00 14.00 88.6 0.00
----------------------------------------------------------
and including 27.00 31.00 4.00 121.8 0.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tranquilo North PR166-12 67.00 68.00 1.00 9.8 0.04
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kae PR195-12 (I) 50.00 52.00 2.00 26.3 0.01
----------------------------------------------------------
PR195-12 (II) 72.00 73.00 1.00 35.8 0.00
----------------------------------------------------------
PR196-12 62.00 65.00 3.00 26.7 0.08
----------------------------------------------------------------------------
Monica PR198-12 70.00 71.00 1.00 14.1 0.03
----------------------------------------------------------
PR199-12 34.00 35.00 1.00 34.2 0.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cu Pb Zn In Ag eq.
Vein Drill Hole (%) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
Marta Este PR174-12 less 0.13 0.03 1.6 33.61
than
0.01
----------------------------------------------------------
including less 0.08 0.03 1.1 142.82
than
0.01
----------------------------------------------------------
PR175-12 less 0.14 0.03 0.4 74.97
than
0.01
----------------------------------------------------------
including 0.02 0.36 0.06 1.3 430.09
----------------------------------------------------------
PR172-12 less 0.14 0.06 0.2 42.90
than
0.01
----------------------------------------------------------
PR173-12 less 0.09 0.07 0.3 231.13
than
0.01
----------------------------------------------------------
including 0.02 0.12 0.12 0.3 562.33
----------------------------------------------------------
PR176-12 less 0.28 0.23 0.5 46.04
than
0.01
----------------------------------------------------------
including less 0.23 0.13 0.6 78.91
than
0.01
----------------------------------------------------------
including 0.02 1.34 0.86 2.0 161.40
----------------------------------------------------------
including 0.01 0.86 0.59 0.6 185.64
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Marta Oeste PR170-12 (I) 0.01 1.56 0.85 6.8 86.55
----------------------------------------------------------
PR170-12 (II) less 0.53 1.82 12.0 38.62
than
0.01
----------------------------------------------------------
including 0.02 1.15 3.36 16.7 66.12
----------------------------------------------------------
PR167-12 less 0.21 0.19 8.3 67.75
than
0.01
----------------------------------------------------------
PR169-12 less 1.27 0.83 7.9 64.16
than
0.01
----------------------------------------------------------
including 0.02 4.08 1.41 24.4 193.26
----------------------------------------------------------
and including 0.02 10.63 0.11 33.5 539.15
----------------------------------------------------------
including 0.03 3.45 6.94 37.7 230.40
----------------------------------------------------------
PR168-12 less 0.49 1.48 33.8 42.06
than
0.01
----------------------------------------------------------
including 0.02 1.85 2.70 68.5 109.85
----------------------------------------------------------
PR171-12 (I) less 0.84 1.41 14.0 42.40
than
0.01
----------------------------------------------------------
PR171-12 (II) 0.03 0.11 1.29 55.2 53.87
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Marta Noroeste PR163-12 less 0.00 0.20 0.1 22.55
than
0.01
----------------------------------------------------------
PR250-12 less 0.13 0.02 0.1 51.64
than
0.01
----------------------------------------------------------
including less 0.22 0.03 0.3 115.28
than
0.01
----------------------------------------------------------
PR164-12 less 0.01 0.02 0.0 40.94
than
0.01
----------------------------------------------------------
including less 0.01 0.03 0.0 78.30
than
0.01
----------------------------------------------------------
PR254-12 less 0.03 0.01 0.0 50.51
than
0.01
----------------------------------------------------------
including I 0.01 0.13 0.02 0.0 170.80
----------------------------------------------------------
and including 0.02 0.24 0.03 0.0 469.00
----------------------------------------------------------
including II 0.01 0.02 0.02 0.1 108.95
----------------------------------------------------------
PR253-12 less 0.00 0.01 0.0 34.20
than
0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tranquilo PR227-12 less 0.02 0.07 0.0 36.77
than
0.01
----------------------------------------------------------
including 0.01 0.02 0.14 0.0 60.73
----------------------------------------------------------
PR232-12 (I) 0.41 5.79 0.26 0.1 33.89
----------------------------------------------------------
PR232-12 (II) 0.03 0.18 0.14 0.0 31.80
----------------------------------------------------------
including 0.02 0.07 0.09 0.0 129.06
----------------------------------------------------------
PR244-12 less 0.00 0.01 0.0 1.66
than
0.01
----------------------------------------------------------
PR233-12 less 0.00 0.01 0.0 1.76
than
0.01
----------------------------------------------------------
PR165-12 0.03 0.41 0.39 0.0 32.33
----------------------------------------------------------
PR251-12 less 0.02 0.03 0.0 3.87
than
0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tranquilo South PR229-12 0.03 0.06 0.08 0.0 20.41
----------------------------------------------------------
PR228-12 0.07 0.07 0.11 0.0 57.76
----------------------------------------------------------
including 0.09 0.03 0.15 0.0 88.70
----------------------------------------------------------
and including 0.12 0.04 0.20 0.0 121.78
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tranquilo North PR166-12 less 0.00 0.01 0.0 11.67
than
0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Kae PR195-12 (I) 0.02 0.23 3.31 88.4 26.65
----------------------------------------------------------
PR195-12 (II) less 1.42 2.06 2.1 35.84
than
0.01
----------------------------------------------------------
PR196-12 0.02 1.40 4.39 14.4 30.70
----------------------------------------------------------------------------
Monica PR198-12 0.01 0.86 2.08 2.5 15.38
----------------------------------------------------------
PR199-12 0.02 1.21 0.02 16.9 36.67
----------------------------------------------------------------------------
(i) Silver Eq is Silver Equivalent of gold plus silver and based upon a price
ratio of 50:1 gold to silver.
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 mineralised 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 Phase
VIII program was designed to expand areas of significant mineralisation in known
veins and further test new veins. It was very successful on both counts. The
extension of shallow oxide material to the south at the Marta Este vein is a
positive step towards expanding the mineralised zone at the Project; Four of the
holes were focused on extending the oxide zone at the southern end of the vein,
and a possible high-grade extension at depth was tested in the fifth hole; Five
RC holes were drilled in the southern part of the MW vein to test the potential
for a depth-extension of significant mineralisation encountered in shallow holes
completed in 2011; A re-evaluation of the vein structure suggests that the
easterly dip seen in its central section may have changed to a westerly dip;
These two new areas suggest there may be at least three high-grade zones with
greater than 500 g/t Ag eq. per metre grades; The northern zone was discovered
with PR254-12 (7 m @ 170.8 g/t Ag eq., including 2 m @ 469.0 g/t Ag eq.), and
based on an interpreted 450 meter strike length, may have potential at depth.
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.
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