Vancouver, B.C., September 25, 2008 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce results for 12 holes from the recently completed drill program at its polymetallic Pinguino property in Santa Cruz, Argentina. Results include unprecedented intervals of high-grade gold as well as the longest high-grade base-metal intersection recorded to date at Pinguino.
Highlights of analytical results include the following:
- 12.49 meters (41 feet) of 119.7 grams per tonne (g/t) silver, 13.44% combined lead-zinc and 31 g/t indium in hole P200-08. This hole contains a 71-meter (233-foot) mineralized interval from 38.63 to 109.98 meters (126.7 to 360.8 feet) downhole. Overlimit analyses of zinc, lead and silver remain to be received for the interval of 38.63 to 52.90 meters (126.7 to 173.6 feet). Even without these over-limit assay results, hole P200-08 contains the longest interval of high-grade base-metal mineralization ever drilled on the Pinguino property.
- 9.98 meters (32.7 feet) of 90.8 g/t silver, 8.96% lead-zinc and 54 g/t indium in hole P173-08.
- 1.50 meters (4.92 feet) of 554.8 g/t silver and 4.48% lead-zinc from hole P183-08.
- 0.42 meters (1.38 feet) of 251.26 g/t gold (8.08 troy ounces per short ton), silver >100 g/t in hole P196-08. A metallic screen re-assay is being conducted on this interval to determine metallic gold content.
“We are excited by these latest results from our 2007-2008 program because they advance Pinguino along multiple commodity pathways,” said Ken Hicks, President of Argentex. “The new intersection in hole P200-08 at Yvonne Sur has returned the longest interval of high-grade base-metal mineralization ever found on the property. Our intersection of extremely high-grade gold values at Marta Noroeste, albeit over narrow widths, is the highest grade of gold mineralization ever returned from Pinguino and expands the potential for development of a significant gold resource. Results at Marta Norte show a continuation of high-grade silver values, demonstrating silver results characteristic of that zone. We are also encouraged by the discovery of multiple mineralized intervals within individual holes such as P200-08 and P210-08, which demonstrate the strength and extent of mineralization that continues to impress us throughout the property.”
Argentex has mapped more than 60 kilometers (37 miles) of existing veins at Pinguino to date. More than 30,000 meters (98,000 feet) of diamond drilling has been completed in a total of 269 holes. Results returned to date indicate that Pinguino’s robust mineralized system remains open along strike and at depth.
Results
The following table displays selected analytical results for 12 new holes, including five drilled in Marta Centro, two at Marta Norte, one at Marta Noroeste, two at Yvonne Sur-Marcela (a new blind vein discovered by chargeability anomalies) and two at Marta Este.
*True widths are estimated to be 85-90% of the stated core length
During the 2007-2008 exploration program, Argentex completed approximately 20,782.9 meters (68,185 feet) of HQ diamond drilling at Pinguino using two independent drill contractors. A total of 15 base-metal and precious-metal veins were tested in 151 new HQ diamond drill holes. Approximately 7,000 core samples have been collected and submitted to Acme Analytical Laboratories for analysis. Of this total, results from approximately 1,000 samples remain to be received by Argentex. Overlimit analyses of zinc, lead and silver are also pending. Additional results will be reported upon receipt and compilation.
Surface plan maps and modeled longitudinal sections of the Marta Este and Marta Centro zones, showing diamond drill hole pierce points from previous drilling and the 2007-2008 program, are available for viewing on the main Pinguino page of the Argentex web site: http://www.argentexmining.com/santacruz-pinguino.php?child=2&id=36&dec=minus. In addition, a 3-D movie showing Pinguino’s mineralized zones at Marta Centro, Marta Este and Marta Norte is available for viewing by visiting the Argentex home page at www.argentexmining.com. A video showcasing highlights of a property tour conducted in January 2008 has also been posted and is accessible from the home page.
The distribution of drilling from the 2007-2008 drill program can be broken down as follows:
|
Zone
|
% of total meters drilled
|
|
Marta Este
|
38 %
|
|
Marta Centro
|
36 %
|
|
Marta Norte and Marta Noroeste
|
13 %
|
|
Sonia, Savary, Silvia and Silvina
|
6 %
|
|
Yvonne Norte, Link, Yvonne Sur, Marcela and Marta Sur,
|
5 %
|
|
Kasia
|
2 %
|
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The zinc-indium-lead-silver-gold-copper discovery at Pinguino in 2006 marked a major exploration milestone for the company. This was the first discovery of its kind in the region, unique in that it contains both silver-gold and indium-enriched base-metal mineralization. This mineralization is contained in multiple zones that remain open-ended along strike and to depth. Since 2006, exploration of base-metal-rich targets has expanded beyond discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 35 veins mapped on the property to date.
Indium, a significant component of Argentex’s polymetallic discovery at Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and in leading-edge thin-film solar cell technology.
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
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. Drilling is being conducted by Boart Longyear Connors Argentina S.A. and Major Perforaciones SA.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It recently fulfilled the terms of its option agreement on the property and now holds an undivided 100% interest in the mineral rights to the Pinguino property. The company also 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. 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.
FURTHER INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
1-866-594-7687
[email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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 css/casts_of_future_results__estimates_of_amounts_not_yet_determined_and_assumptions_of_management._nbsp_xopcmcx0u5uso4o2ngky44.css; Forward-looking statements in this news release include statements about the company’s belief that Pinguino’s robust mineralized system remains open along strike and at depth, expectation that drilling at Marta Centro continues to expand the area of indium-enriched base-metal mineralization and that results will be reported after assay results are received and compiled. 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. 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.
