Argentex Mining Corporation
TSX VENTURE : ATX
OTCQB : AGXMF

Argentex Mining Corporation

September 06, 2012 09:15 ET

Argentex Continues to Identify Silver and Gold Mineralisation at Pinguino including 2 m @ 281.5 g/t Ag and 5.62 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2012) - 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 Pingüino 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 >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 Mónica ("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):

Vein Drill Hole From
[m]
To
[m]
Length
[m]
Ag
[g/t]
Au
[g/t]
Cu
[%]
Pb
[%]
Zn
[%]
In
[g/t]
Ag eq.
[g/t]
Marta Este PR174-12 7.00 30.00 23.00 21.5 0.24 <0.01 0.13 0.03 1.6 33.61
including 13.00 14.00 1.00 130.0 0.26 <0.01 0.08 0.03 1.1 142.82
PR175-12 13.00 46.00 33.00 51.9 0.46 <0.01 0.14 0.03 0.4 74.97
including 40.00 44.00 4.00 290.3 2.80 0.02 0.36 0.06 1.3 430.09
PR172-12 20.00 31.00 11.00 21.6 0.43 <0.01 0.14 0.06 0.2 42.90
PR173-12 36.00 42.00 6.00 117.6 2.27 <0.01 0.09 0.07 0.3 231.13
including 38.00 40.00 2.00 281.5 5.62 0.02 0.12 0.12 0.3 562.33
PR176-12 78.00 198.00 120.00 40.2 0.12 <0.01 0.28 0.23 0.5 46.04
including 84.00 95.00 11.00 73.2 0.11 <0.01 0.23 0.13 0.6 78.91
including 144.00 149.00 5.00 148.1 0.27 0.02 1.34 0.86 2.0 161.40
including 165.00 167.00 2.00 167.0 0.37 0.01 0.86 0.59 0.6 185.64
Marta Oeste PR170-12 (I) 37.00 40.00 3.00 41.6 0.90 0.01 1.56 0.85 6.8 86.55
PR170-12 (II) 80.00 95.00 15.00 28.3 0.21 <0.01 0.53 1.82 12.0 38.62
including 90.00 93.00 3.00 54.8 0.23 0.02 1.15 3.36 16.7 66.12
PR167-12 65.00 67.00 2.00 45.5 0.45 <0.01 0.21 0.19 8.3 67.75
PR169-12 33.00 113.00 80.00 55.0 0.18 <0.01 1.27 0.83 7.9 64.16
including 48.00 64.00 16.00 168.6 0.49 0.02 4.08 1.41 24.4 193.26
and including 49.00 52.00 3.00 495.0 0.88 0.02 10.63 0.11 33.5 539.15
including 92.00 95.00 3.00 198.6 0.64 0.03 3.45 6.94 37.7 230.40
PR168-12 74.00 88.00 14.00 30.5 0.23 <0.01 0.49 1.48 33.8 42.06
including 78.00 79.00 1.00 90.1 0.40 0.02 1.85 2.70 68.5 109.85
PR171-12 (I) 61.00 64.00 3.00 24.1 0.37 <0.01 0.84 1.41 14.0 42.40
PR171-12 (II) 148.00 151.00 3.00 13.8 0.80 0.03 0.11 1.29 55.2 53.87
Marta Noroeste PR163-12 22.00 23.00 1.00 2.3 0.41 <0.01 0.00 0.20 0.1 22.55
PR250-12 36.00 52.00 16.00 43.2 0.17 <0.01 0.13 0.02 0.1 51.64
including 47.00 51.00 4.00 99.6 0.31 <0.01 0.22 0.03 0.3 115.28
PR164-12 23.00 27.00 4.00 1.0 0.80 <0.01 0.01 0.02 0.0 40.94
including 26.00 27.00 1.00 0.6 1.55 <0.01 0.01 0.03 0.0 78.30
PR254-12 55.00 85.00 30.00 32.5 0.36 <0.01 0.03 0.01 0.0 50.51
including I 57.00 64.00 7.00 105.9 1.30 0.01 0.13 0.02 0.0 170.80
and including 58.00 60.00 2.00 299.0 3.40 0.02 0.24 0.03 0.0 469.00
including II 81.00 82.00 1.00 76.9 0.64 0.01 0.02 0.02 0.1 108.95
PR253-12 75.00 82.00 7.00 29.0 0.10 <0.01 0.00 0.01 0.0 34.20
Tranquilo PR227-12 36.00 41.00 5.00 36.4 0.01 <0.01 0.02 0.07 0.0 36.77
including 37.00 38.00 1.00 60.0 0.01 0.01 0.02 0.14 0.0 60.73
PR232-12 (I) 11.00 13.00 2.00 33.3 0.01 0.41 5.79 0.26 0.1 33.89
PR232-12 (II) 26.00 34.00 8.00 31.5 0.01 0.03 0.18 0.14 0.0 31.80
including 28.00 29.00 1.00 129.0 0.00 0.02 0.07 0.09 0.0 129.06
PR244-12 33.00 34.00 1.00 0.3 0.03 <0.01 0.00 0.01 0.0 1.66
PR233-12 8.00 9.00 1.00 0.2 0.03 <0.01 0.00 0.01 0.0 1.76
PR165-12 25.00 27.00 2.00 21.0 0.23 0.03 0.41 0.39 0.0 32.33
PR251-12 47.00 48.00 1.00 1.0 0.06 <0.01 0.02 0.03 0.0 3.87
Tranquilo South PR229-12 50.00 51.00 1.00 20.3 0.00 0.03 0.06 0.08 0.0 20.41
PR228-12 10.00 43.00 33.00 57.7 0.00 0.07 0.07 0.11 0.0 57.76
including 24.00 38.00 14.00 88.6 0.00 0.09 0.03 0.15 0.0 88.70
and including 27.00 31.00 4.00 121.8 0.00 0.12 0.04 0.20 0.0 121.78
Tranquilo North PR166-12 67.00 68.00 1.00 9.8 0.04 <0.01 0.00 0.01 0.0 11.67
Kae PR195-12 (I) 50.00 52.00 2.00 26.3 0.01 0.02 0.23 3.31 88.4 26.65
PR195-12 (II) 72.00 73.00 1.00 35.8 0.00 <0.01 1.42 2.06 2.1 35.84
PR196-12 62.00 65.00 3.00 26.7 0.08 0.02 1.40 4.39 14.4 30.70
Monica PR198-12 70.00 71.00 1.00 14.1 0.03 0.01 0.86 2.08 2.5 15.38
PR199-12 34.00 35.00 1.00 34.2 0.05 0.02 1.21 0.02 16.9 36.67

* Silver Eq is Silver Equivalent of gold plus silver and based upon a price ratio of 50:1 gold to silver.

About Pingüino

Argentex's 10,000-hectare advanced silver and gold Pingüino 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 Pingüino system, which in total have a combined strike length approaching 113 line-kilometres. The Pingüino 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.

Pingüino 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 >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 >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.

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.

Contact Information