TORONTO--(BUSINESS WIRE)--March 22, 2004--Argentex Mining Corporation (OTCBB:AGXM - News) today unveiled its recently acquired properties in the emerging gold fields of Argentina. These holdings are believed to host major discovery potential.
The company owns mining rights to over 110,000 hectares of highly prospective land in the provinces of Santa Cruz and Rio Negro, both strategically positioned in the Patagonia region of southern Argentina - the 'Klondike' of South America.
Santa Cruz Province
Argentex holds mineral rights to eleven properties totaling 49,285 hectares in Santa Cruz province. Located in the physiographic province known as the Deseado Massif, the area is located some 1,700 kilometers southwest of the Argentinean capital Buenos Aires.
These properties are host to rock formations and lithologies suitable for epithermal gold occurrences similar to those found in other more advanced gold exploration projects in Patagonia. Of the prospects held, Argentex's Pinguino property is especially promising and is believed to host major discovery potential. The property is host to a large, easily accessible and under-explored low sulphidation epithermal gold system at the center of the Deseado Massif. The system is composed of multiple vein occurrences as well as untested strong gold and pathfinder geochemical anomalies in other areas.
Key findings at Pinguino:
|
Mineralization discovered to date on the Pinguino property fits the model for a low sulphidation quartz-adularia-sericite-gold-silver epithermal occurrence. |
|
Physical evidence of colloform and crustiform textures on surface indicate a high level in the mineralized system. |
|
The main Pinguino vein system is a highly silicified system that is resistant weathering and is exposed over a strike length of at least 3.6 km and up to ten meters in width. |
A resampling of trenches on the Pinguino property excavated by previous operators returned enriched gold and silver values. Previous operators discovered numerous gold geochemical anomalies but they remain untested to date. Several other companies are operating in the area and have reported significant measured and indicated resources.
Other Argentex properties in Santa Cruz province are also considered highly prospective because of their proximity to the known epithermal gold-silver mineralization in the Deseado Massif and their position within the regional structural framework.
Rio Negro Province
Argentex holds mining rights to 15 properties totaling 61,439 hectares in Rio Negro province, 1,000 kilometers southwest of Buenos Aires. Located in the Los Menucos Gold District in the physiographic province known as the Somuncura Massif, this area is still in the early exploration stages. This emerging gold field has a regional geological setting similar to the Deseado Massif in Santa Cruz province and is believed to hold significant potential.
Key findings of Argentex properties in Rio Negro:
Prospective geology identifies rock formations noted for hosting epithermal gold targets. The area also has potential to host porphyry copper-gold mineralization.
The Los Menucos Gold District has significant concentrations of hydrothermal alternation that is commonly associated with epithermal gold-silver occurrences.
The Argentex properties are considered highly prospective due to their proximity to known epithermal gold-silver mineralization in Somuncura Massif and their position within the regional structural framework.
Argentex is commencing exploration of its Argentinean prospects in April 2004.
Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Argentex's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Argentex's operations. 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.
Argentex Mining Corporation
Chris Dyakowski, 604-601-8366
[email protected]