Argentex Announces Additional Drill Results from its Pinguino Silver-Gold Project Including 3 Metres Averaging 712.7 g/t Ag a...
19 Décembre 2013 - 2:15PM
Marketwired Canada
Argentex Mining Corporation (TSX VENTURE:ATX)(OTCQB:AGXMF) ("Argentex" or the
"Company") is pleased to announce drilling results from an additional 36 holes
of its 58-hole, 3,003-metre 2013 Phase IX resource development drill program at
its 100%-owned Pinguino silver and gold project, located in Santa Cruz Province,
Argentina. To date, the Company has received results from 44 reverse circulation
("RC") holes, with results from the final 14 RC holes still pending.
"We are excited to see high grade gold intersects in the Ivonne Norte Vein,
continuing on from those discovered in the Savary Vein last year (please refer
to the news release dated October 11, 2012). The high grade intersections in the
oxide zone at Ivonne Norte may represent the upper portions of high grade
shoots, which would open up the potential for additional high grade resources to
be identified in deeper drilling. Overall, I view these results revealing more
of the true potential of the Pinguino system as we advance the development of
the project," commented Michael Brown, President and CEO of Argentex. "We expect
to receive final results from the remaining holes shortly, which will allow us
to focus on updating the resource model in 2014."
Highlights of the 36 holes reported are tabulated below:
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Length Ag Au Ag Eq. Pb Zn In
Vein Drill Hole From To (m) (g/t) (g/t) (g/t) (%) (%)(g/t)
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---------------------------------------------------------------------------
Ivonne PR288-13 17.00 19.00 2.00 15.5 0.97 63.8 0.12 0.09 8.1
Norte ---------------------------------------------------
36.00 40.00 4.00 20.8 0.51 46.2 0.06 0.58 17.1
-----------------------------------------------------------------
PR289-13 19.00 21.00 2.00 7.8 0.25 20.1 0.13 0.03 19.8
-----------------------------------------------------------------
PR290-13 14.00 42.00 28.00 92.6 1.62 173.4 0.91 0.05 16.5
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including 25.00 34.00 9.00 258.0 3.79 447.3 2.46 0.04 17.3
-----------------------------------------------------------------
and including 28.00 31.00 3.00 712.7 8.24 1124.5 6.90 0.03 24.7
-----------------------------------------------------------------
PR291-13 25.00 34.00 9.00 9.8 0.81 50.3 0.08 0.06 24.3
-----------------------------------------------------------------
PR292-13 20.00 31.00 11.00 22.6 4.50 247.6 0.57 0.07 17.6
-----------------------------------------------------------------
including 25.00 28.00 3.00 64.6 14.07 768.2 1.52 0.14 34.1
-----------------------------------------------------------------
PR293-13 27.00 29.00 2.00 5.0 0.64 37.1 0.03 0.01 12.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Marta PR278-13 7.00 16.00 9.00 48.3 0.09 53.0 0.06 0.01 0.0
Noroeste -----------------------------------------------------------------
including 9.00 11.00 2.00 129.0 0.35 146.7 0.10 0.01 0.0
-----------------------------------------------------------------
PR279-13 60.00 61.00 1.00 0.9 0.09 5.5 0.01 0.01 0.0
-----------------------------------------------------------------
PR281-13 15.00 18.00 3.00 67.8 0.01 68.2 0.29 0.05 0.0
-----------------------------------------------------------------
including 15.00 16.00 1.00 129.0 0.01 129.4 0.37 0.06 0.0
-----------------------------------------------------------------
PR282-13 89.00 91.00 2.00 45.9 0.10 50.9 0.37 0.06 0.2
-----------------------------------------------------------------
PR283-13 44.00 47.00 3.00 486.0 1.30 550.8 0.16 0.03 0.1
-----------------------------------------------------------------
PR284-13 47.00 48.00 1.00 21.6 0.11 27.3 0.04 0.04 0.0
-----------------------------------------------------------------
PR280-13 13.00 14.00 1.00 0.9 1.23 62.3 0.01 0.01 0.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CSN PR264-13 29.00 31.00 2.00 106.2 0.16 114.2 0.11 0.10 0.1
-----------------------------------------------------------------
PR265-13 15.00 17.00 2.00 121.4 0.19 130.7 0.19 0.05 0.1
---------------------------------------------------
32.00 34.00 2.00 83.8 0.23 95.5 0.24 0.24 1.1
-----------------------------------------------------------------
PR266-13 10.00 11.00 1.00 78.5 0.25 90.8 0.46 0.12 0.8
-----------------------------------------------------------------
PR269-13 0.00 2.00 2.00 39.0 0.33 55.6 0.10 0.06 0.9
---------------------------------------------------
6.00 8.00 2.00 54.2 0.17 62.8 0.26 0.05 0.1
-----------------------------------------------------------------
PR270-13 1.00 2.00 1.00 44.6 0.12 50.8 0.02 0.02 0.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Karly PR267-13 2.00 5.00 3.00 254.6 0.15 262.1 0.28 0.10 0.6
-----------------------------------------------------------------
PR268-13 14.00 16.00 2.00 63.6 0.19 73.0 0.61 0.06 1.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CSS PR271-13 55.00 57.00 2.00 21.3 0.33 37.9 0.17 2.01 1.6
-----------------------------------------------------------------
PR272-13 8.00 25.00 17.00 39.4 0.25 52.0 0.03 0.03 0.1
-----------------------------------------------------------------
including 8.00 11.00 3.00 193.8 0.25 206.4 0.06 0.04 0.5
-----------------------------------------------------------------
PR274-13 4.00 18.00 14.00 44.3 0.79 83.6 0.26 0.05 1.6
-----------------------------------------------------------------
including 4.00 6.00 2.00 142.3 1.06 195.6 0.14 0.03 0.1
-----------------------------------------------------------------
including 12.00 16.00 4.00 11.2 1.98 110.1 0.28 0.06 2.3
-----------------------------------------------------------------
PR273-13 18.00 19.00 1.00 3.9 0.11 9.5 0.01 0.01 0.1
---------------------------------------------------
15.00 16.00 1.00 51.4 0.34 68.5 0.90 0.08 0.9
-----------------------------------------------------------------
PR276-13 13.00 16.00 3.00 48.4 0.09 53.0 0.16 0.08 3.4
---------------------------------------------------
74.00 78.00 4.00 76.7 0.13 83.3 0.54 1.95 1.6
---------------------------------------------------------------------------
(i) Ag Eq is Silver Equivalent of gold plus silver and based upon a price
ratio of 50:1 gold to silver. True widths are estimated to be 85 to 90%
of the drilled intersection length.
The mineralisation at Ivonne Norte (IVN) is interpreted to represent the
earliest higher temperature phase mineralising event at Pinguino. It is
typically more Au-rich than the subsequent phases of mineralisation. The infill
drill program at IVN was designed to define grade and continuity to the vein for
inclusion in the next resource update planned for 2014.
Two of the holes returned high grade mineralisation:
-- Hole PR292-13, in the southern area of the vein, returned 11 m @ 22.6
g/t Ag and 4.5 g/t Au, including 3 m @ 64.6 g/t Ag and 14.07 g/t Au.
-- Hole PR290-13 returned 9 m @ 258.0 g/t Ag and 3.79 g/t Au, including 3m
@ 712.7 g/t Ag and 8.24 g/t Au. The high silver grades in this hole have
not been previously encountered in IVN drilling, and are possibly
related to the southern extension of later Marta Noroeste structure and
mineralisation pulse. These results may indicate the existence of higher
grade shoots within the vein, which would require deeper drilling to
delineate.
Higher grade shoots are considered to be structurally controlled, as is evident
in other veins at Pinguino. The success of the Phase IX drill program in
demonstrating continuity of structure and mineralisation will be reviewed with
the goal of adding the IVN vein to the updated resource model in 2014.
New drilling of the Karly, CSS and CSN veins followed up their initial discovery
in 2012. They represent a more east-west trending vein splay set, which remains
open at depth and to the east, although drilling to date has not encountered
continuous high grades. The drilling at Marta Noroeste (MNW) discovered a
potential higher grade shoot in its southern extent (hole PR283-13), which
included an intersection of 3 m @ 486 g/t Ag and 1.30 g/t Au from 44 m. This
hole was in follow up to mineralisation encountered in trench MNW08-10 and in
drill hole PR250-12. This potential high grade shoot remains open at depth and
could have the same west-north-west plunge as the main shoot.
Work has begun on updating the geological and resource sections in preparation
for an update to the resource model, which is planned for completion in 2014.
Long sections and cross sections for these results are posted along with the
news release on Argentex's website (www.argentexmining.com).
About Pinguino
Argentex's 10,000-hectare advanced silver and gold exploration Pinguino 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 Pinguino system has grown to 70+ individual veins, with a combined strike
length approaching approx. 113 line-kilometers. The Pinguino project is unique
within the Deseado Massif region of Santa Cruz province in that it contains two
different and spatially distinct types of mineralisation; a precious metal
intermediate sulphidation epithermal system and a polymetallic sulphide-rich
system.
Pinguino is easily accessible, situated approximately 400 meters above sea level
in low-relief topography. An existing system of all-weather roads provides
year-round access to the property.
Technical content of this press release has been reviewed and approved by Mr. J.
David Williams, P.Eng., an independent "Qualified Person" as defined by NI
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 multi-element 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 greater than 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 developing its
advanced Pinguino silver-gold project located in Santa Cruz, Patagonia,
Argentina. In total, Argentex owns 100% of 100,000+ 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.
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.
On behalf of Argentex Mining Corporation:
Michael Brown, President and 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
statements: "The high grade intersections in the oxide zone at Ivonne Norte may
represent the upper portions of high grade shoots, which would open up the
potential for additional high grade resources to be identified in deeper
drilling", and "We expect to receive final results from the remaining holes
shortly, which will allow us to focus on updating the resource model in 2014",
and "These results may indicate the existence of higher grade shoots within the
vein, which would require deeper drilling to delineate", and "The success of the
Phase IX drill program in demonstrating continuity of structure, and the
mineralisation will be reviewed with the goal of adding the IVN vein to the
updated resource model in 2014", and "This potential high grade shoot remains
open at depth and could have the same west-north-west plunge as the main shoot",
and "Work has begun on updating the geological and resource sections in
preparation for an update to the resource model, which is planned for completion
in 2014". 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, management's assumptions about the
availability of the necessary consultants and capital and the risks 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Argentex Mining Corporation
Peter A. Ball
EVP Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
604-568-1540 (FAX)
peter@argentexmining.com
www.argentexmining.com
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