Drilling hits 12.30 meters of 11% lead-zinc and 188 g/t indium
Toronto, ON, April 23, 2007 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to report results for the final 19 of 30 HQ diamond drill holes from the recently completed 3,000-meter (9,842-foot) drill program at its polymetallic Pinguino property in Santa Cruz province, Argentina. Results include some of the highest zinc-lead-indium values recorded from drilling at Pinguino to date. In addition, findings continue to reveal high-grade intervals of zinc, lead, indium, silver, copper and gold values surrounded by large intervals of disseminated mineralization in near-surface drill intersections. The drill program tested selected areas of the Marta Centro and Yvonne zones.
“The latest holes at Marta Centro show an increase in base metal grade and thickness as we test deeper levels of the mineralized zone, while the latest holes at Yvonne returned higher gold and copper values than earlier drilling,” said Ken Hicks, President of Argentex. “At the Marta Centro zone, we have now tested a total of approximately 500 meters of strike length to a depth of 100 meters and at Yvonne we have tested approximately 120 meters of strike length to a depth of 80 meters. We believe the success of this latest drill campaign is a significant step in advancing the Pinguino property.”
Highlights of the results from the 19 holes include hole 82 at Marta Centro, which intersected 12.30 meters of 188 grams per tonne (g/t) indium, 11% lead-zinc and 101 g/t silver, and hole 86, which hit 14.70 meters of 117 g/t indium and 9% lead-zinc. Gold-silver vein mineralization was intersected at the northern limit of drill-testing at Marta Centro, including hole 90 with 1.81 meters of 14.90 g/t gold and 100 g/t silver and hole 79 with 2.09 meters of 239 g/t silver and 0.77 g/t gold. At the Yvonne zone, hole 96 returned 6.65 meters of 2.38 g/t gold, 54 g/t silver and 0.64% copper. Mineralization at Pinguino remains open along strike and at depth.
“Marta Centro and Yvonne were originally targeted for drilling based upon their anomalous geophysical signatures and corresponding soil anomalies. Our extensive geophysical and geochemical coverage on the Pinguino property has discovered other areas with similar continuous geophysical characteristics covering more than 5,000 meters (16,404 feet). To date, drill testing has proven successful in turning Marta Centro and Yvonne anomalies into drill-defined mineralization. We look forward to expanding our drill testing to new areas in the near future,” added Mr. Hicks.
Details of the analytical results for these 19 holes (12 from Marta Centro and seven from Yvonne), in sequence from north to south for the interval from 50 meters (164 feet) to 100 meters (328 feet) deep, are highlighted in the following table:
Table 1
Details of the seven holes drilled at the Yvonne zone are highlighted in the following table:
Table 2
* Estimated true widths are approximately 90% of the drilled interval.
Abbreviations and conversion equivalents:
1 ppm = 1 g/t (gram per metric tonne)
1 troy ounce per short ton = 34.2857 grams per metric tonne = 34.2857 ppm
1 % = 22 lbs per metric tonne; ie 1% Zinc = 22 lbs Zn metal per metric tonne
1 m (meter) = 3.2808 ft (feet)
The latest drill program included a total of 1,153 core samples, representing 1,622 meters (5,321.5 feet) of sampled meterage, which were submitted to Acme Analytical Labs for analysis.
Indium is a metal used primarily in high-technology applications to coat glass and liquid crystal displays (LCDs) such as computer monitors, televisions, PDAs (e.g. BlackBerry™, Palm Pilot™), cell phones, digital watches and calculators. Indium is also used in light-emitting diodes (LEDs), in combination with other metals to form alloys and solders, in semiconductors, in solar panels and in coatings on high-speed bearings. It is most often recovered as a byproduct in the zinc smelting process.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. Both silver-gold and base metal discoveries have been made through the completion of almost 8,000 meters (26,247 feet) of diamond drilling to date. Mineralization remains open-ended along strike and at depth, and numerous targets remain to be tested by drilling. Current exploration is focused on zinc-indium-lead-silver-gold-copper discoveries in the Marta Centro and Yvonne areas of the property.
Pinguino is easily accessible, situated approximately 500 meters (1,640 feet) above sea level in low relief topography. An existing system of all-weather roads provides year round-access to the property.
Quality Assurance
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 National Instrument 43-101.
HQ core (61 mm diameter) is sawn in half on site. One half is collected for sample analysis and the other half is kept as reference material. 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 overlimit zinc, lead, silver 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, Canada. 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. Drilling was conducted by Connors Drilling, a Canadian company with an office in Mendoza, Argentina.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. The company holds an option to acquire 100% mineral rights to the Pinguino property and owns 100% mineral rights to more than 30 properties with over 377,490 acres (152,766 hectares) of prospective land, located in the Santa Cruz and Rio Negro provinces of Argentina. Argentex trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-866-594-7687
[email protected]
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 are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. 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. 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.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.