Argentex Intersects 4.0 Meters Grading 965 g/t Ag and 3.23 g/t
Au at its 100%-Owned Pinguino Silver/Gold Project in
Santa Cruz, Argentina.
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) has announced the first drilling results of its 2011
exploration program at its 100%-owned Pinguino
Project, located in the mining friendly Santa Cruz Province of Argentina. The
primary purpose of the 2011 exploration program, which includes a 17,000-meter
drill program and a 12,000-meter trenching program, is to test known existing
structures at a shallow depth to expand the current silver and gold resource at
Pinguino. The Marta Noroeste
vein is the first target to be tested within a 420-meter zone along a
mineralized zone totaling approximately 1,500 meters in strike length. Drilling
continues to return excellent grades and the highest to date within the
structure, including 4.0 meters grading 965 g/t Ag and 3.23 g/t Au.
A copy of
the full press release is attached for your reference.
For further
information please contact us at 1-866-594-7687, or via e-mail at info@argentexmining.com.
Sincerely,
Adam Bello
Investor
Relations
Primoris Group Inc.
Tel.: (416)
489-0092 * 1 (866) 594-7687 x 226
Fax: (416)
352-5239
E-mail: abello@primorisgroup.com
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Argentex
Intersects 4.0 Meters Grading 965 g/t Ag and 3.23 g/t Au at its
100%-Owned Pinguino Silver/Gold
Project in Santa Cruz, Argentina
Vancouver, B.C., March 28, 2011 - Argentex Mining Corporation (�Argentex� or �the Company�) (TSXV: ATX) (OTCBB: AGXM) is pleased to
announce the first drilling results of its 2011 exploration program at its
100%-owned Pinguino Project, located in the mining
friendly Santa Cruz Province of Argentina. The primary purpose of the 2011
exploration program, which includes a 17,000-meter drill program and a
12,000-meter trenching program, is to test known existing structures at a
shallow depth to expand the current silver and gold resource at Pinguino. The Marta Noroeste vein
is the first target to be tested within a 420-meter zone along a mineralized
zone totaling approximately 1,500 meters in strike length. Drilling continues
to return excellent grades and the highest to date within the structure,
including 4.0 meters grading 965 g/t Ag and 3.23 g/t Au.
The following table displays selected analytical results
from a total of 7 percussion (RC) holes from Marta Noroeste.
All of the holes in the table intersected oxidized gold and silver
mineralization at shallow levels below surface. A map of drill hole collars is available at http://www.argentexmining.com/images/MNW.jpg.
Drill
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)*1
|
Gold
(g/t)
|
Silver
g/t
|
PR14-11
Including
|
0.00
5.00
|
32.00
6.00
|
32.00
1.00
|
0.07
1.02
|
41.7
659.0
|
PR16-11
|
23.00
|
24.00
|
1.00
|
0.02
|
8.6
|
PR18-11
Including
|
23.00
26.00
|
42.00
27.00
|
19.0
1.00
|
0.17
2.18
|
39.3
692.0
|
PR20-11
Including
|
24.00
26.00
|
32.00
29.00
|
8.00
3.00
|
0.32
0.36
|
105.9
214.3
|
PR21-11
Including
|
118.00
124.00
|
125.00
125.00
|
7.00
1.00
|
0.28
1.40
|
51.0
274.0
|
PR23-11
Including
|
19.00
23.00
|
28.00
27.00
|
9.00
4.00
|
1.97
3.23
|
473.0
965.0
|
PR28-11
|
18.00
41.00
|
20.00
44.00
|
2.00
3.00
|
0.33
0.28
|
67.5
46.4
|
*1True
widths are estimated to be 85-90% of the stated core length
�These intersections on Marta Noroeste
continue to highlight the presence of a significant mineralized silver and gold
system, and represent another successful milestone in showcasing the potential
of the exploration camp. Our experienced technical team, led by technical
advisor Diego Guido, PhD, continues to identify a precious metals vein swarm
consisting of 51+ veins over an approximate strike length of 75+
line-kilometers to date, making this one of the largest discoveries to date on
the Tranquilo Trend, second only to the world-class
Cerro Vanguardia mine (Anglo Ashanti) located to the
south east. With the recent announcement of a positive Preliminary Economic
Assessment (�PEA�), based on only a small portion of the Pinguino
project, we believe that we are making significant progress in advancing the
deposit to development stage,� commented Ken Hicks, President of
Argentex. �Marta Noroeste is the first of more than 13 separate structures
targeted in this program and we continue to be encouraged by these results, and
look forward to reviewing additional data over the ensuing months from the
17,000-meter drill program�.
Initial drilling in 2011, together with a trenching survey,
identified three shoots developing along the Marta Noroeste
vein. The Central shoot, which was identified by previous drilling in 2010, has
increased in the 2011 drilling to date, and remains open in all directions. The
North shoot, discovered by the current 2011 drill program (hole PR14-11 that
reports 1 m @ 1.02 g/t Au and 659 g/t Ag), remains open to the north. The South
shoot, discovered by trenches (MNW-08-10 that reports 13.6 m @ 0.53 g/t Au and
32 g/t Ag), remains open in all directions and will be drill tested in the 2011
program. Of interest, the Marta Noroeste shoot
develops down to 80 meters below surface, which is deeper than the average 50
meters deep oxidation limit on other shoots on the property.
Of the 17,000 meters planned for the first half of 2011, a
total of 106 reverse circulation (�RC�) drill holes,
covering 7,300 meters, have been completed with the first drill rig at the Pinguino property. The second rig recently added at Pinguino has completed 12 diamond drill holes for a total
of 1,720 meters to date.
About Pinguino
Argentex�s Pinguino property is located in
Argentina�s Patagonia region, within the Deseado
Massif of Santa Cruz province. Argentex believes that
recent high-grade silver discoveries within newly tested structures of the
district scale vein system at Pinguino show potential
for the development of a significant silver resource.
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.
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.
Exploration on the Pinguino
property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a
"Qualified Person" (QP) as defined by Canada's National Instrument
43-101.
About Argentex:
Argentex Mining Corporation is an exploration company focused on the
discovery of silver, gold and polymetallic deposits
on its advanced late-stage exploration projects in the Patagonia region of
southern Argentina.
In 2011, through an extensive targeted exploration program,
Argentex is currently advancing its highly
prospective projects, focusing primarily on its 100%-controlled Pinguino project, located in Santa Cruz province. An early
2011 drill program of approximately 17,000 meters is underway at Pinguino, where Argentex plans to
drill test the extents of previously identified high-grade silver targets
discovered in 2010. More than 9,000 meters of the proposed 17,000-meter program
have been completed to date. The new discoveries being drill tested include the
Tranquilo and Luna veins at Pinguino,
which returned high-grade results in previous drill programs, including 6.0
meters of over 2,428 g/t silver and 0.22 g/t gold and 6.4 meters of 486.6 g/t
silver and 1.91 g/t gold. More than 51 individual veins have so far been
discovered at Pinguino, with a combined strike length
in excess of 75 line-kilometers. Only a small percentage of veins and potential
targets have been drill tested in the 42,300 meters of drilling completed at Pinguino to date.
Argentex's 10,000-hectare Pinguino property is located
in Argentina's Patagonia region, within the Deseado
Massif of Santa Cruz province. 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.
In total, Argentex owns 100% of
the mineral rights to more than 35 projects located within approximately
307,981 acres (124,636 hectares) of highly prospective land located in the
Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex
common stock trade under the symbol ATX on the TSX Venture Exchange and on the
OTCBB under the symbol AGXM.
On behalf of Argentex Mining
Corporation:
�Ken E. Hicks�
President
For further investor information, please contact the company at:
E-mail: info@argentexmining.com
Phone: 604-568-2496 or 1-866-505-2895
Website: www.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 anticipation that the proposed
program test known existing structures at a shallow depth to expand the current
silver and gold resource at Pinguino and test the
limits of recent high-grade silver targets discovered in 2010, its belief that
it is making significant progress in advancing the deposit to development stage
and its belief that recent high-grade silver discoveries within newly tested
structures of the district scale vein system at Pinguino
show potential for the development of a significant silver resource. 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.