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 (TSX-V: ATX, OTCBB: AGXM) 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
(m)
|
To
(m)
|
Interval
(m)*
|
Gold
(g/t)
|
Silver
(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
|
*True
widths are estimated to be 85-90% of the stated core length
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 is unique 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.
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
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 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.