ARGENTEX: SECOND DRILL RIG COMMENCES TARGETED PROGRAM AT
PINGUINO SILVER PROPERTY
- Argentex
Mining Corporation (TSXV: ATX, OTCBB: AGXM) is pleased to announce that a
second drill rig has been deployed to its 100% owned Pinguino
property in Santa Cruz province, Argentina. The company is ramping up its
proposed 17,000-meter drilling program to accommodate the large number of
generated targets, with this second rig specifically dedicated to core
drilling. To date, approximately 850 meters of HQ core has been completed
between the Marta Este and Marta Centro zones as part of the 2010-2011 program.
At the same time, ongoing reverse circulation (RC) drilling at Pinguino project is progressing well, with approximately
5,500 meters completed to date. The 2011 exploration budget for Pinguino is approximately $4 million.
The RC drilling completed has tested the upper part of the oxide horizon within
13 silver-dominant zones including Tranquilo, Marta
Este and Marta Norte. An additional target is the contact of oxide-primary
mineralization, located approximately 50 meters below surface. Geological
modeling suggests a possible zone of secondary silver enrichment at that
interface. Excellent potential exists within these targets for expansion and
definition of additional silver mineralization.
Complementing the drilling program is an extensive program of trenching to test
strategic surface targets. To date, eight silver-gold veins including
silver-rich Marta Norte have been trenched for a total of 6,980 meters. The
focus of our exploration activities at Pinguino is
the expansion of near-surface silver discoveries with our overall goal of
defining the extensive mineralized footprint.
Rock samples from RC and diamond drilling together with diamond saw channel
samples from trenching have been submitted to Acme Analytical Laboratories for
analysis and results are pending.
The exciting new discoveries in 2010 of high-grade silver within the Tranquilo and Luna structures adds to the overall potential
of the previously known precious metal mineralization at Pinguino.
More than 50 individual veins have been discovered to date at Pinguino, with a combined strike length in excess of 75
line kilometers. Only a small percentage of Pinguino�s
entire system of veins and known targets has been drill tested to date.
Pinguino Drilling
Argentex is scheduling to drill a total of 17,000
meters using a combination of reverse-circulation drilling (13,500 meters) and
diamond drilling (3,500 meters) to expand near-surface oxidized silver-gold
mineralization. We have also budgeted for 12,000 meters of trenching in our
2010-2011 exploration program.
About Pinguino
Argentex�s Pinguino
property is located in Argentina�s Patagonia region, within the Deseado Massif of Santa Cruz province. 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. Advanced exploration
as well as early-stage projects are also well established in this area.
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. It holds an
undivided 100% interest in the mineral rights to the Pinguino
property. 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. Shares of Argentex common stock trade under the symbol ATX on the TSX
Venture Exchange and on the OTCBB under the symbol AGXM.
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 and as
part of company management, he 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
1-866-594-7687
info@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 will included 17,000 meters of
drilling and 12,000 meters of trenching and its statements that �geological
modeling suggests a possible zone of secondary silver enrichment at that
interface. Excellent potential exists within these targets for expansion and
definition of additional silver mineralization.�, �The exciting new discoveries
in 2010 of high-grade silver within the Tranquilo and
Luna structures adds to the overall potential of the previous known precious
metal mineralization at Pinguino� and �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.