Argentex Mining Corporation (TSX-V: ATX; OTCBB: AGXM) is a junior mineral resource company with extensive holdings in Argentina’s active Patagonia region, including its flagship Pinguino property in Santa Cruz province. Argentex discovered the unique indium-bearing silver polymetallic Pinguino deposit, has carried out extensive diamond drill testing and still retains 100% ownership of the property.
The company acquired Pinguino in early 2004 and immediately commenced exploration. Argentex has since completed five successful drill programs, uncovering precious metal veins and an epithermal silver-indium polymetallic deposit concentrated in the center of the property. This discovery was the first of its type in Santa Cruz. With four operating silver-gold mines, Santa Cruz is one of Argentina’s most mining-friendly provinces.
Pinguino - Mineralized Potential
In addition to significant gold-silver values, Argentex's Pinguino property hosts an extensive silver-zinc-lead-indium mineralized system discovered by the company in early 2006. Of more than 47 veins mapped on the property to date, 15 have been tested by drilling. Mineralization at the property covers a combined strike length of over 74 kilometers (45 miles) and has been proven to depth. More than 30,000 meters (98,000 feet) of diamond drilling has been completed in five drill campaigns on the Pinguino property, including more than 20,000 meters (65,000 feet) in the 2007-2008 exploration program.
Each campaign continues to build upon previous accomplishments and increases the property's overall potential. Results from the work programs completed at Pinguino will be used in a 43-101-compliant resource calculation and economic evaluation of the property, which is scheduled for completion by mid 2009.
While still in the early stages of uncovering the full extent of mineralization at Pinguino, Argentex has already discovered silver-rich base-metal zones (Marta Este and Marta Norte), gold- and copper-enriched sulphide zones (Yvonne) and indium-enriched base-metal zones (Marta Centro). The presence of high-temperature secondary tin minerals such as cassiterite suggests a higher temperature genesis compared to that of a typical Patagonian epithermal deposit.
Foundation for Growth
Beyond Pinguino, Argentex has an extensive land package within the Deseado Massif region of Santa Cruz province.
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.
Condor, a drill-ready epithermal gold-silver discovery, is located approximately 100 kilometers (62 miles) east of Pinguino. Initial prospecting revealed exposed visible gold in outcrop within a largely overburden-covered surface. Condor has never been drilled.
Cerro Contreras is another grassroots discovery approximately 70 kilometers (43 miles) north of Pinguino. Geological characteristics show good potential for low-sulphidation epithermal gold-silver.
In Rio Negro, Argentex holds mining rights to 12 highly prospective properties totaling 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. These properties are at an earlier stage of exploration.
In total, Argentex holds mineral rights to more than 35 properties covering approximately 307,981 acres (124,636 hectares). The company believes its extensive property portfolio is the foundation of a solid growth strategy and provides great promise for the future.
Corporate Information:
Suite 602 - 1112 West Pender Street
Vancouver, British Columbia
V6E 2S1 Canada |
Investor Relations:
(866) 594-7687 (North America, toll free)
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