Argentex has assembled an impressive land portfolio in Argentina's Santa Cruz and Rio Negro provinces. In total, the company holds 100% mineral rights to more than 35 properties with over 307,981 acres (124,636 hectares) of land. Argentex’s properties are located within two prominent geographical features, the Deseado and Somuncura Massifs, both of which have proven to host significant epithermal precious metal deposits. At Pinguino, Argentex’s discovery of indium-enriched base metals and precious metal mineralization represents a significant milestone for the company and a new mineral deposit type for the province of Santa Cruz.
SANTA CRUZ
Pinguino
Argentex has advanced its Pinguino property from the grassroots stage, making the initial new discoveries of indium-rich base metal and silver-gold mineralization within two years of stepping on the property. Since that time Argentex has continued to define a significant mineral deposit that remains open in all directions.
Pinguino is Argentex’s most advanced property in terms of exploration and drilling with over 30,000 meters (98,000 feet) of drilling completed to date. Detailed drilling has defined a significant mineral deposit in the discovery area of Marta Centro and Marta Este while reconnaissance drilling has discovered other sulphides veins in the vicinity. Drill results from the 2007-2008 program include unprecedented intervals of high-grade gold as well as the longest high-grade base-metal intersection recorded to date at Pinguino. In addition, the company intersected high-grade silver-zinc-lead at approximately 400 meters below the top of the Marta Centro mineralized zone. Argentex believes that this may be the deepest and thickest mineralized intercept within the entire Deseado Massif of Santa Cruz province. Argentex has so far documented over 74 kilometers (45 miles) of veins.
The indium-enriched base metal mineralization at Pinguino represents a new deposit type for Patagonia, and management believes the property contains one of Santa Cruz province’s largest base metal and epithermal silver-gold systems.
Plata Leon
Preliminary fieldwork at Plata Leon has identified multiple gossanous outcrops. These appear to be similar to epithermal vein gossan at Pinguino. The Pinguino veins, when drilled to depth, were found to be deep-penetrating sulphide-rich polymetallic veins. Plata Leon adjoins Pinguino to the northwest along the Tranquilo fault extension in an area known as the Tranquilo Trend.
Cerro Contreras
This is a drill-ready property known to contain epithermal gold-silver mineralization. It shows characteristics of low-sulphidation mineralization typical of many deposits within the Deseado Massif of Santa Cruz province. Reconnaissance work conducted on the property in 2006 revealed anomalous gold values within the favorable Jurassic Chon Aike volcanic stratigraphy.
Condor
Argentex’s Condor epithermal gold-silver property has been scheduled for drill testing during the 2008-2009 exploration season. Limited historical grab sample results from this property returned high-grade gold with fire assay values up to 131.93 grams per tonne (g/t) gold. Like Pinguino, Condor is located within the approximately 60,000-square-kilometer Deseado Massif of Santa Cruz province, which is home to three operating silver-gold mines.
Grassroots Properties
Outside of its Pinguino, Plata Leon, Cerro Contreras and Condor projects, Argentex has an extensive land package within the highly prospective Deseado Massif region of Santa Cruz province. Preliminary prospecting, sampling and mapping have shown good results and additional follow-up is planned during the 2008-2009 field season.
RIO NEGRO
Grassroots Properties
Argentex’s Rio Negro properties are in the Los Menucos epithermal silver-gold region of the Somuncura Massif located approximately 620 miles (1,000 kilometers) southwest of Buenos Aires. Although at an earlier stage of exploration, the regional geological setting of the emerging gold area of Somuncura Massif, where the Argentex claims are located, is geologically similar to the Deseado Massif in Santa Cruz.
Argentex holds a total of 12 properties in Rio Negro covering approximately 113,737 acres (46,028 hectares). Preliminary work has identified a significant number of epithermal veins and two separate gold discoveries in highly oxidized outcrops. This area has not yet been subject to any modern exploration such as trenching or drilling.
