Santa Cruz Province

Argentex owns 100% mineral rights to its 24 Santa Cruz properties, including Pinguino, which were acquired in 2004.  The properties total approximately 194,244 acres (78,608 hectares). They are located in southern Argentina, approximately 1,050 miles (1,700 kilometers) from the capital Buenos Aires.






Pinguino
  2004-2005 Exploration Program

Argentex began a comprehensive exploration program in early 2004, consisting of grid layout, soil sampling, diamond saw channel sampling of trenches, magnetometry and 3D IP geophysics. This work culminated in a 3,000-meter drilling program that tested a number of widely spaced, high priority targets. Work completed to date includes:

  • 120 line-kilometers of grid
    		•
  • Over 3,500 soil samples
    		•
  • Over 100 line-kilometers of magnetometry
    		•
  • 40 line-kilometers of 3D IP geophysics
    		•
  • Over 1,600 meters of trenching
    		•
  • Over 1,400 trench channel and chip samples
    		•
  • Over 700 drill samples
    		•

    Soil Geochemistry

    In 2004-2005, detailed soil sampling on the Marta Vein system returned strong silver, gold and pathfinder element anomalies that correlated well with existing mineralization exposed in trenches. In addition, this work exposed numerous soil anomalies in covered areas. These could potentially lead to the discovery of "blind" veins with precious metal mineralization.

    Gold and silver geochemical highlights over
    magnetometry survey     Gold and silver geochemical highlights over magnometry survey    		 Pathfinder mineral geochemical highlights over magnetometry survey
    Pathfinder mineral geochemical highlights over magnometry survey

    Trenching Highlights

    Our initial work program on the Marta vein included diamond saw channel sampling of open trenches left by the previous property owner. Argentex selected a number of these trenches in specific areas of obvious mineralization. Results of the work confirmed the significant silver and gold values in previous grab and chip samples.

    Trench Width (m) Au (g/t) Ag (g/t) Au eqv Au:Ag
    60:1(g/t Au)    		 Ag eqv Au:Ag
    60:1(g/t Ag)
    TM 74 8.4 2.1 297.1 7.13 724.8
    TM 136 W 9.0 0.4 1690.0 28.6 1714.0
    including



    2.3 Trace 5682.0 94.7 5682.0
    TY 18 1.2 8.5 339.0 14.0 843.0

    Drilling Highlights
    2005 areas of drilling
    on the Marta vein system
    2005 Areas of drilling on the Marta Vein System

    Drilling was conducted on four select areas of the main Marta vein system. Some of the best silver results were obtained from the Marta Norte area. The best gold results were found in the Marta Sur area.

    The Marta structure remains open in all directions, and numerous other significant veins segments, such as the 3,280-foot (1,000-meter) long Yvonne Vein, remain to be tested by drilling.


    Highlights from Marta Este: Holes P05-01 to P05-21
    Hole-ID From (m) To (m) Width (m) Au (g/t) Ag (g/t) Au eqv Au:Ag
    60:1(g/t Au)    		 Ag eqv Au:Ag
    60:1(g/t Ag)
    P05-01 33.80 37.65 3.85 3.92 91.6 5.45 326.8
    including





    33.80 35.20 1.40 7.35 140.0 9.68 581.0
    P05-05 11.85 14.50 2.65 1.22 128.0 3.35 201.2
    P05-06 27.30 28.87 1.57 0.49 208.0 3.96 237.4
    P05-11 43.90 52.04 8.14 2.44 158.7 5.09 305.1
    including





    49.87 52.04 2.17 5.89 362.0 11.92 715.2
    P05-12 58.27 60.34 2.07 2.84 84.9 4.26 255.3
    P05-14 28.09 30.70 2.61 2.50 106.8 4.28 256.8
    P05-14 35.10 37.80 2.70 4.87 98.8 6.52 391.0
    P05-15 73.19 76.00 2.81 3.83 272.3 8.37 502.1

    Highlights from Marta Oeste: Holes P05-22 to P05-27
    Hole-ID From (m) To (m) Width (m) Au (g/t) Ag (g/t) Au eqv Au:Ag
    60:1(g/t Au)    		 Ag eqv Au:Ag
    60:1(g/t Ag)
    P05-24 32.00 33.90 1.90 8.19 916.7 23.47 1408.1
    P05-25 14.00 17.38 3.38 1.14 525.9 9.91 594.3
    P05-26 23.00 25.40 2.40 2.26 620.3 12.60 755.9
    P05-27 49.20 52.00 2.80 1.09 411.8 7.95 477.2

    Highlights from Marta Norte: Holes P05-28 to P05-34
    Hole-ID From (m) To (m) Width (m) Au (g/t) Ag (g/t) Au eqv Au:Ag
    60:1(g/t Au)    		 Ag eqv Au:Ag
    60:1(g/t Ag)
    P05-28 14.15 17.00 2.85 0.41 324.8 5.82 349.4
    P05-29 33.50 35.07 1.57 0.14 393.7 6.70 402.1
    P05-29 37.14 39.05 1.91 0.36 523.4 9.08 545.0
    P05-31 43.60 46.50 2.90 0.56 509.3 9.05 542.9
    P05-32 28.30 37.10 8.80 0.90 1094.9 19.15 1148.9

    Highlights from Marta Sur: Holes P05-35 to P05-45
    Hole-ID From (m) To (m) Width (m) Au (g/t) Ag (g/t) Au eqv Au:Ag
    60:1(g/t Au)    		 Ag eqv Au:Ag
    60:1(g/t Ag)
    P05-40 37.20 41.71 4.51 0.50 168.2 3.30 198.2
    including





    40.20 41.71 1.51 1.16 375.0 7.41 444.6
    P05-41 47.25 58.95 11.7 0.55 134.6 2.79 167.6
    including





    57.50 58.95 1.45 1.15 175.0 4.07 244.0
    P05-44 47.00 50.00 3.00 2.62 37.6 3.25 194.8
    56.64 62.50 5.86 4.79 23.6 5.18 311.0
    including





    57.25 59.90 2.65 8.69 37.2 9.31 558.6

    3D IP Geophysics

    In 2004-2005, approximately 40 line-kilometers of 3D IP geophysics were completed over significant segments of the Marta vein system. Results showed large chargeability anomalies at depths of 100 to 200 meters below surface. The anomalies were situated below the drill testing conducted on the property in 2004-2005 and were scheduled to be the focus of an extensive follow-up program in future years. IP geophysics were conducted by SJ Geophysics, an independent Canadian geophysical contractor.

    Chargeability anomalies (3D IP inversions)
    Chargability anomalies (3D IP inversions)

    << Back
      2006 Exploration Program

    Argentex commenced a 2006 drilling program on its Pinguino silver-gold property in May 2006. Drilling of the initial phase, which included 25 HQ diamond drill holes over 1,876.5 meters (6,156.5 feet) was successfully completed in July. The 25-hole program tested the upper portion of the Marta mineralized system over the 3.7+ mile (6.0+ kilometer) strike length that has been confirmed to date. In addition, new areas, including the sulphide-rich Yvonne vein, were tested as part of the company's continuous expansion of new targets.

    Pinguino was originally thought of strictly as a silver-gold property. However, results from 2006 drilling revealed new exploration targets, including high-grade copper, lead, zinc, silver and indium intersections. Argentex was also encouraged by the strong silver values and promising intercepts over considerable widths returned in the final group of drill holes.

    Results for the first nine holes, which all hit mineralization, revealed a new zinc-lead-copper vein massive sulphide discovery with large intervals of significant base metal, precious metal and indium values. Geochemically anomalous concentrations of tin and tungsten suggest a higher temperature style of mineralization in contrast to the typical low sulphidation occurrences elsewhere on the property. Both holes drilled within the 700-meter (2,296.5-foot) Marta Centro segment intersected long intervals of base metal and indium containing high-grade material over significant widths as detailed in Table 1. Results included 34.8 meters (114.2 feet) of mineralization, including nearly 4% combined lead-zinc, 48 grams per tonne (g/t) silver and 55 parts per million (ppm) indium with a higher grade core of 10.8 meters (35.4 feet) of 11% combined lead-zinc, 138.7 g/t silver and 177 ppm indium in hole 8 (P53).

    Table 1

     

    Low sulphidation-style silver-gold mineralization was returned in all 16 of the remaining holes, with a significant intercept of 10.1 meters (33.1 feet) of 445 g/t silver equivalent at Marta Este. These latest results continue to reveal blind mineralized zones adjacent to known mineralization, suggesting that the overall system is more extensive than what is exposed on surface. Importantly, the pathfinder element signatures in these holes appear to suggest a pattern (vector) toward increasing mineralization that might be useful in targeting a higher grade center of mineralization.

    Details of the final 16 holes are highlighted below:

    Table 2

    Overview of Pinguino property vein distribution and drillhole location map. Shows drilling targets and vein names from Argentex's current areas of interest. Blue dots indicate 2005 drilling, black dots indicate spring 2006 drilling. Scale is by 1,000-meter square grid.

    In late November 2006, Argentex announced the commencement of additional drilling at Pinguino. The program was scheduled to include a minimum of 3,000 meters (9,842 feet) of HQ diamond drilling. In late December, Argentex announced that a visual inspection of the first five drill holes showed that all had intersected significant intervals of epithermal mineralization. The first five holes were drilled within the 700-meter (2,296.5-foot) Marta Centro segment, in between two holes drilled earlier in 2006 (P53-06 and P54-06) spaced approximately 110 meters (360.9 feet) apart. These earlier holes returned high base metal and indium values.

    << Back
      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.  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 30,028 meters (98,517 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 37 miles (60 kilometers) 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.








    << Back
      2007 Exploration Program

    In mid-January 2007, Argentex announced the successful completion of its latest drill program at Pinguino. The program included a total of 30 HQ diamond drill holes totaling 3,000 meters (9,842 feet). The 30 holes tested near-surface mineralization in the Marta Centro and Yvonne areas. Of the 30 holes, 23 were drilled into Marta Centro for a total of 2,475 meters (8,120 feet) and seven were drilled into Yvonne for a total of 525 meters (1,722 feet). Average hole depth was 100 meters (328 feet) with an average -55 degree dip.

    With this drilling, Argentex tested approximately 500 meters (1,640 feet) of the 700-meter (2,297 foot) Marta Centro segment.

    Results from the first 11 holes were characterized by wide intervals of strong zinc, lead, indium, silver, copper and gold values and show the definition and expansion of near-surface mineralization from the 2006 discovery holes.

    Drill Hole
    (ID)

    		From
    (m)     		To
    (m)    		 *Width
    (m)    		 *Width
    (ft)     		Indium
    (g/t)     		Gold
    (g/t)     		Silver
    (g/t)     		Copper
    (%)     		Lead
    (%)    		 Zinc
    (%)
    Area: Marta Centro (depth of oxidation approximately 40 meters)
    Testing 0 - 50 m depth below surface (within oxidized zone)
                         
    P71 21.70 43.70 22.00 72.18 3 0.29 43 <0.01 0.21 0.08
    including
    		 21.70 25.50 3.80 12.47 7 0.88 157 <0.01 0.70 0.02
                         
    P72
    		 13.20 37.03 23.83 78.18 1 0.42 19 <0.01 0.46 0.02
      13.20 25.90 12.70 41.67 2 0.60 18 <0.01 0.54 0.03
      17.20 21.20 4.00 13.12 <1 1.25 10 <0.01 0.03 0.02
                         
    P73
    		 33.85 57.00 23.15 75.95 9 0.71 93 <0.01 0.46 0.26
    including
    		 34.90 37.50 2.60 8.53 27 5.52 704   0.01 1.28 0.06
                         
    Area: Marta Centro
    Testing 0 - 50 m depth below surface (primary sulphides intersected)
                         
    P74
    		 40.76 85.40 44.64 146.45 33 0.18 31 0.04 0.70 1.25
      40.76 59.40 18.64 61.15 78 0.39 69 0.10 1.48 2.67
      44.65 50.50 5.85 19.19 207 1.05 201 0.32 4.34 8.18
                         
    P75
    		 43.25 94.85 51.60 169.29 33 0.14 23 0.03 0.83 2.37
    including
    		 43.25 64.00 20.75 68.08 46 0.22 38 0.06 1.59 3.72
    including
    		 46.90 56.14 9.24 30.31 59 0.29 45 0.02 1.83 5.64
                         
    P76
    		 35.70 54.05 18.35 60.20 66 0.33 59 0.02 0.86 3.76
      48.00 51.30 3.30 10.83 158 0.81 113 0.05 2.52 9.98
                         
    P77
    		 33.75 78.70 44.95 147.47 15 0.10 14 <0.01 0.24 1.26
    including
    		 33.75 50.25 16.50 54.13 30 0.23 29 <0.01 0.39 2.34
                         
    P78
    		 29.50 49.00 19.50 63.98 30 0.17 25   0.01 0.48 2.70
                         
    P91
    		 52.85 69.46 16.61 54.40 10 0.06 5 <0.01 0.09 1.03
                         
    P92
    		 44.53 55.03 10.50 34.45 2 0.01 3 <0.01 0.11 0.62
                         
    P93
    		 44.20 65.80 21.60 70.87 3 0.07 16 <0.01 0.43 1.37
      53.67 60.80 7.13 23.39 9 0.17 43   0.02 1.10 3.56
      59.40 60.80 1.40 4.59 43 0.61 191   0.07 4.67 14.48

      * 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 % = 10000 ppm
    1 m (meter) = 3.2808 ft (feet)

    The final 19 holes (12 at Marta Centro and seven at Yvonne) included some of the highest zinc-lead-indium values recorded at Pinguino to date.  In addition, findings continued 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.

    Drill Hole
    (ID)     		From
    (m)    		 To
    (m)    		 *Width
    (m)    		 *Width
    (ft)     		Indium
    (g/t)    		 Gold
    (g/t)    		 Silver
    (g/t)    		 Copper
    (%)    		 Lead
    (%)    		 Zinc
    (%)
    Area: Marta Centro
    Testing 50 - 75 m depth below surface (primary sulphides intersected)
                         
    P90 38.91 90.72 51.81 169.98 7 0.62 15 0.03 0.24 0.75
    including 62.30 76.70 14.40 47.24 25 2.06 32 0.09 0.36 1.96
    including 68.94 70.75 1.81 5.94 108 14.90 100 0.72 1.19 7.74
                         
    P79 39.03 92.20 53.17 174.44 4 0.10 22 0.04 0.21 0.21
    including 53.25 71.20 17.95 58.89 8 0.21 48 0.10 0.41 0.30
    including 57.57 59.66 2.09 6.86 14 0.77 239 0.52 0.78 0.63
                          
    P80 40.00 91.00 51.00 167.32 13 0.14 13 <0.01 0.20 0.90
    including 64.20 72.80 8.60 28.21 64 0.56 53   0.02 0.81 4.36
    including 67.60 70.00 2.40 7.87 127 1.17 85   0.04 1.39 11.29
                          
    P81 46.07 108.00 61.93 203.18 31 0.14 25 <0.01 0.66 2.22
    including 55.07 70.00 14.93 48.98 105 0.41 78   0.02 2.03 6.91
                          
    P82 48.23 134.90 86.67 284.41 33 0.14 26   0.01 0.63 2.24
    including 59.10 71.40 12.30 40.35 188 0.58 101   0.07 1.95 9.37
    including 65.00 65.69 0.69 2.26 1081 1.88 159   0.22 2.66 34.57
    and 99.20 117.92 18.72 61.42 15 0.12 29 <0.01 0.98 1.34
                          
    P83 50.00 88.80 38.80 127.30 27 0.13 28   0.01 0.64 2.35
    including 50.00 72.80 22.80 74.80 45 0.20 44   0.02 0.99 3.71
    including 60.60 70.80 10.20 33.46 91 0.33 78   0.03 1.70 6.92
                          
    P88 47.37 93.17 45.80 150.26 9 0.09 13 <0.01 0.20 1.07
    including 53.37 67.15 13.78 45.21 26 0.24 36   0.02 0.52 2.92
                          
    Area: Marta Centro
    Testing 75 - 100 m depth below surface (primary sulphides intersected)
                         
    P84 78.00 108.00 30.00 98.42 14 0.20 18 <0.01 0.29 1.56
    including 84.70 108.00 23.00 75.46 17 0.23 21 <0.01 0.34 1.91
    including 84.70 96.00 11.30 37.07 33 0.45 38   0.02 0.54 3.51
                          
    P85 63.76 145.10 81.34 266.86 9 0.09 14 <0.01 0.36 1.07
    including 76.87 91.10 14.23 46.69 45 0.29 52   0.02 1.41 4.14
    including 86.60 88.98 2.38 7.81 185 0.70 201   0.06 6.76 16.14
                          
    P86 60.10 167.00 106.90 350.72 20 0.11 15 <0.01 0.37 1.54
    including 70.75 141.00 70.25 230.48 30 0.16 21 <0.01 0.51 2.23
    including 82.40 97.10 14.70 48.23 117 0.42 73   0.03 1.72 7.22
                          
    P87 68.00 182.80 114.80 376.47 9 0.08 18 <0.01 0.45 1.34
    including 74.00 100.00 26.00 85.30 25 0.20 61   0.02 1.47 3.18
    including 86.50 98.00 11.50 37.73 54 0.38 130   0.04 3.08 6.17
                          
    P89 61.75 106.29 44.54 146.13 8 0.08 12 <0.01 0.27 1.20
    including 74.75 87.67 12.92 42.39 17 0.17 24   0.02 0.48 2.52
                          
    Area: Yvonne (depth of oxidation approximately 30 meters)
                         
    P102 52.56 85.72 33.16 108.79 13 0.39 11 0.07 0.09 0.75
    including 52.56 57.40 4.84 15.88 71 1.98 61 0.44 0.21 2.16
                          
    P95 35.37 36.37 1.00 3.28 107 8.00 95 1.00 0.34 0.51
                          
    P108 44.98 84.17 39.19 128.57 11 0.53 9 0.06 0.06 0.56
                          
    P107 47.70 97.10 49.40 162.07 9 0.28 5 0.02 0.07 0.62
    including 71.90 97.10 25.20 82.68 12 0.48 7 0.03 0.05 0.69
                          
    P96 19.50 53.76 34.26 112.40 5 0.51 14 0.15 0.13 0.24
    or 28.5 35.15 6.65 21.82 15 2.38 54 0.64 0.11 0.03
    and 35.15 52.76 17.56 57.61 2 0.05 4 0.04 0.08 0.44
                          
    P98 17.75 27.46 9.71 31.86 11 0.34 6 0.03 0.05 0.05
    including 17.75 18.46 0.71 2.33 48 2.37 35 0.39 0.05 0.41
                          
    P97 27.25 47.30 20.05 65.78 11 0.36 10 0.04 0.18 0.41
    including 27.25 30.37 3.12 10.24 17 1.44 31 0.02 0.38 0.04
    and 39.33 39.83 0.50 1.64 81 2.30 96 1.02 0.34 2.87
        * 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)

    An additional 18 HQ diamond drill holes covering 1,357 meters (4,452 feet) were completed before the onset of winter conditions.  Six new zones were drilled to test near-surface gossanous vein in bedrock within newly completed trenches.  New sulphide targets had been discovered in all 20 trenches, which formed part of an expanded exploration program that was initiated following successful drill testing this season.

    Results from trenching confirmed that elevated levels of gold, silver and indium continue to the zone's oxidized near-surface expression.  Details of the analytical results for the major intersections of the 18 drill holes are highlighted in the following table:

    Drill Hole
    (ID)    		 From
    (m)    		 To
    (m)    		 Length
    (m)    		 Indium
    (g/t)    		 Gold
    (g/t)    		 Silver
    (g/t)    		 Copper
    (%)    		 Lead
    (%)    		 Zinc
    (%)
    Area: Yvonne Sur
                       
    P094-07
    20.60
    33.70
    13.10
    18.9
    0.32
    78.6
    <0.01
    0.96
    0.10
    including
    25.60
    29.10
    3.50
    56.2
    0.71
    268.6
    <0.01
    2.22
    0.04
                       
    P094-07
    54.00
    78.90
    24.90
    0.8
    0.03
    6.0
    <0.01
    0.37
    0.93
    including
    54.00
    67.96
    13.96
    1.2
    0.04
    7.8
    <0.01
    0.48
    1.32
                       
    P099-07
    41.40
    56.45
    15.05
    19.6
    0.23
    6.7
      0.02
    0.07
    0.66
    including
    43.40
    45.40
    2.00
    36.8
    0.16
    11.0
      0.04
    0.20
    1.39
         
     
    		        
     
    		  
    P100-07
    33.50
    36.00
    2.50
    10.9
    1.13
    13.0
      0.16
    0.03
    0.06
     
    42.00
    46.00
    4.00
    34.4
    0. 89
    48.2
      0.14
    0.07
    0.32
                       
    P100-07
    69.20
    82.30
    13.10
    39.0
    0.37
    10.9
      0.02
    0.29
    1.97
    including
    71.30
    79.30
    8.00
    50.9
    0.51
    13.5
      0.02
    0.35
    2.46
                       
    Area: Yvonne Norte  
                       
    P103-07
    36.10
    38.15
    2.05
    13.6
    0.10
    12.8
      0.09
    0.12
    1.36
                       
    P103-07
    49.00
    63.45
    14.45
    12.7
    0.13
    5.8
      0.01
    0.13
    1.08
    including
    51.48
    52.60
    1.12
    118.1
    0.39
    29.8
      0.06
    0.33
    4.78
                       
    P104-07
    20.70
    31.60
    10.90
    15.1
    0.14
    11.8
    <0.01
    0.07
    0.02
                       
    P105-07
    50.35
    61.30
    10.95
    10.2
    1.06
    16.9
      0.08
    0.10
    0.17
    including
    50.35
    51.85
    1.50
    33.4
    4.48
    72.6
      0.40
    0.36
    0.42
    and inc
    55.90
    56.46
    0.56
    34.4
    5.49
    68.4
      0.09
    0.10
    0.11
                       
    Area: Yvonne
                       
    P101-07
    56.18
    70.60
    14.42
    21.1
    0.88
    14.5
    0.10
    0.20
    0.74
    including
    56.18
    60.18
    4.00
    69.1
    3.06
    41.0
    0.37
    0.12
    1.49
                       
    P106-07
    66.00
    77.43
    11.43
    14.0
    0.57
    12.6
    0.10
    0.08
    0.52
    including
    76.07
    77.43
    1.36
    81.5
    3.64
    75.9
    0.71
    0.12
    0.98
                       
    P109-07
    49.50
    74.86
    25.36
    10.1
    0.51
    6.0
    0.04
    0.05
    0.48
    including
    65.05
    67.05
    2.00
    28.1
    1.81
    16.7
    0.20
    0.02
    0.39
    including
    71.05
    74.86
    3.81
    21.9
    1.22
    18.3
    0.12
    0.06
    0.93
                       
    Area: Savary
                       
    P115-07
    28.30
    28.80
    0.50
    0.9
    1.08
    45.0
    0.02
    1.59
    0.47
                       
    P116-07
    37.70
    39.70
    2.00
    33.3
    0.72
    35.3
    0.02
    0.84
    2.48
                       
    Area: Kasia
                       
    P110-07
    32.80
    34.15
    1.35
    0.9
    0.08
    52.4
      0.03
    2.63
    3.17
                       
    P-110-07
    40.05
    63.95
    23.90
    2.7
    0.04
    13.8
    <0.01
    0.67
    1.39
    including
    41.05
    44.10
    3.05
    2.7
    0.06
    11.6
    <0.01
    0.58
    2.40
    including
    57.42
    60.40
    2.98
    12.1
    0.11
    23.6
      0.01
    1.05
    2.40
                       
    P111-07
    41.90
    64.78
    22.88
    21.2
    0.10
    9.1
      0.01
    0.51
    1.72
    including
    50.55
    62.75
    12.20
    32.8
    0.16
    14.4
      0.02
    0.80
    2.65
    including
    60.36
    62.75
    2.39
    144.9
    0.66
    29.3
      0.06
    0.81
    6.25
                       
    P112-07
    37.10
    47.70
    10.60
    11.0
    0.02
    11.7
    <0.01
    0.37
    1.25
    including
    37.10
    38.60
    1.50
    24.6
    0.01
    11.2
    <0.01
    0.74
    2.06
    including
    43.50
    46.70
    3.20
    16.4
    0.03
    19.9
      0.01
    0.57
    1.77
                       
    Area: Kae
                       
    P117-07
    25.00
    43.00
    18.00
    3.3
    0.02
    8.0
    <0.01
    0.28
    1.02
    including
    33.00
    43.00
    10.00
    5.6
    0.02
    10.8
    <0.01
    0.35
    1.47
    including
    36.00
    42.00
    6.00
    6.0
    0.02
    12.7
    <0.01
    0.43
    1.81
                       
    Area: Sonia
                       
    P113-07
    31.45
    56.00
    24.55
    21.3
    0.17
    30.2
      0.04
    0.58
    1.56
    including
    31.45
    33.30
    1.85
    121.2
    0.73
    273.6
      0.14
    5.33
    12.35
                       
    P118-07
    18.47
    19.03
    0.56
    12.8
    0.03
    14.6
    <0.01
    0.95
    0.07
    including
    31.10
    34.40
    3.30
    1.2
    0.87
    45.3
    <0.01
    0.48
    0.08
       

     



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      Geology

    The Deseado Massif is characterized by a middle to upper Jurassic bimodal extensive volcanic event. Most of the epithermal mineralization is hosted and genetically related to this event. Pinguino veins are hosted in older rocks, within a series of Triassic to Lower Jurassic continental sedimentary rocks (El Tranquilo Group) and felsic tuffs and tuffites (Roca Blanca Formation). This sequence was affected by mafic shallow intrusions and lava flows of the Cerro León Formation and then covered by the Jurassic volcanism. The area is interpreted as a dome structure produced by possible diorite intrusion at depth, with local deformations where shallow andesitic intrusions are present. A strike-slip zone with a major northwest-trending El Tranquilo Fault and several associated faults and lineaments was also defined.


     




     

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      Satellite Imagery




    << Back
      2008 Exploration Program

    During the 2008 field season, Argentex completed the largest diamond drilling program in the history of its Pinguino project, testing 15 different mineralized vein systems for a total of 20,782.9 meters (68,185 feet) of diamond drilling.  Results to date are very encouraging, expanding the mineralized footprint at Marta Centro, Marto Este and Marta Norte and outlining significant new discoveries in other zones.  Specifically, 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 the analytical results for the major intersections of the first 10 drill holes at Marta Centro are outlined in the following table:

    Drill Hole
    (ID)     		From
    (m)    		 To
    (m)    		 Length
    (m)    		 Indium
    (g/t)    		 Gold
    (g/t)    		 Silver
    (g/t)    		 Lead
    (%)     		Zinc
    (%)
    Area: Marta Centro
                     
    P122-08 63.0 66.2 3.2 15 0.7 91 1.9 5.0
                     
    P123-08 60.0 68.5 8.5 12 0.3 61 0.7 0.9
                     
    P126-08 61.6 67.9 6.3 3 1.7 38 1.0 2.6
    including 65.9 67.9 2.0 1 5.1 66 0.5 1.4
                     
    P130-08 103.0 108.8 5.8 69 0.4 45 1.0 3.4
                     
    P131-08 94.5 114.8 20.3 23 0.2 31 0.7 3.1
    including 113.2 114.7 1.5 148 0.5 108 1.9 11.3
                     
    P132-08 95.9 108.9 13.0 52 0.3 33 0.8 4.6
    including 108.2 108.9 0.7 434 0.5 124 3.8 22.7
                     
    P133-08 100.3 169.7 69.4 30 0.2 22 0.5 2.4
    including 108.1 109.1 1.0 602 0.9 122 3.6 25.9
                     
    P134-08 96.2 114.0 17.8 36 0.2 58 1.6 3.2
    including 109.4 111.8 2.4 188 0.7 262 7.9 12.1
                     
    P135-08 97.5 109.4 11.9 4 0.1 18 0.4 1.5
                     
    P138-08 106.2 127.1 20.9 32 0.2 34 0.9 3.1
    including 123.3 127.1 3.8 135 0.4 119 3.3 9.9
                     

    The following table displays selected analytical results for three drill holes in Marta Centro and the first nine holes drilled in Marta Este:

    Drill Hole
    (ID)    		 From
    (m)    		 To
    (m)    		 Length
    (m)*    		 Indium
    (g/t)    		 Gold
    (g/t)    		 Silver
    (g/t)    		 Lead
    (%)     		Zinc
    (%)
    Area: Marta Este
                     
    P143-08 73.2 83.7 10.5 0.4 1.1 23 0.6 0.9
                     
    P144-08 87.50 90.46 3.0 3 0.2 35 1.6 2.5
                     
    P145-08 65.6 84.7 19.1 1 0.8 384 1.5 1.6
    including 72.6 82.7 10.1 1 1.3 718 2.2 2.7
                     
    P146-08 63.85 79.0 15.2 1 0.4 167 1.1 0.8
    including 69.8 79.0 9.3 1 0.5 256 1.6 1.3
                     
    P147-08 62.3 69.0 6.7 2.6 1.5 112 2.5 1.33
                     
    P148-08 65.05 73.5 8.5 4 0.7 48 0.2 0.1
                     
    P151-08 59.6 69.5 9.9 0.4 0.9 29 0.1 0.1
                     
    P152-08 61.4 70.55 9.2 1.1 1.1 48 0.1 Na
                     
    P153-08 65.1 81.3 16.2 7 2.3 371 0.2 0.1
    including 76.3 79.9 3.6 15 7.7 973 0.2 0.1
                     
    Area: Marta Centro
                     
    P136-08 125.8 135.7 9.9 97 0.4 22 0.4 4.0
                     
    P139-08 111.0 129.0 18.0 21 0.2 32 0.5 2.2
      124.1 129.0 4.9 74 0.5 103 1.33 6.1
    P141-08 115.6 124.7 9.1 4 0.2 73 0.8 2.0
    *True widths are estimated to be 85-90% of the stated core length

    The following table displays selected analytical results for four additional holes drilled in Marta Este and one hole at Marta Centro:

    Drill Hole
    (ID)    		 From
    (m)    		 To
    (m)    		 Length
    (m)*    		 Indium
    (g/t)    		 Gold
    (g/t)    		 Silver
    (g/t)    		 Lead
    (%)     		Zinc
    (%)
    Area: Marta Este
                     
    P154-08 59.1 77.8 18.7 2 1.9 422 0.10 0.06
    including                
                     
    P154-08 67.0 77.8 10.8 2 3.1 679 0.14 0.07
    including                
                     
    P154-08 72.90 77.0 4.1 3 5.1 1,561 0.24 0.13
                     
    P155-08 63.9 76.8 12.9 1 0.5 168 0.65 0.08
                     
    P160-08 91.0 94.0 3.0 10 1.0 213 0.31 0.28
    and                
                     
    P160-08 100.6 105.0 4.4 6 0.9 92 0.42 0.31
                     
    P161-08 85.9 98.6 12.7 1 0.5 160 2.09 0.56
                     
    Area: Marta Centro
                     
    P140-08 115.5 126.2 10.7 34 0.3 68 2.25 5.05
    and                
                     
    P140-08 169.2 178.2 9.0 25 0.1 12 0.40 2.37
    and                
                     
    P140-08 190.6 194.5 3.9 3 0.1 13 0.56 1.05
    *True widths are estimated to be 85-90% of the stated core length

    The following table displays selected analytical results for 12 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:

    Drill Hole
    (ID)    		 From
    (m)    		 To
    (m)    		 Length
    (m)*    		 Indium
    (g/t)    		 Gold
    (g/t)    		 Silver
    (g/t)    		 Lead
    (%)     		Zinc
    (%)
    Area: Marta Centro
                     
    P168-08 213.00 221.00 8.00 11 0.22 30.7 0.62 2.44
                     
    P169-08 200.90 212.56 11.66 20 0.28 32.0 0.66 3.58
                     
    P170-08 245.87 256.23 10.36 24 0.30 29.5 0.46 2.28
                     
    P172-08 251.40 262.25 10.85 46 0.34 26.8 0.89 7.26
                     
    P173-08 246.80 256.78 9.98 54 0.46 90.8 2.22 6.74
                     
    Area: Marta Norte
                     
    P177-08 87.05 90.48 3.43 0 0.31 180.7 8.27 0.25
                     
    P183-08 85.00 86.50 1.50 0 0.62 554.8 2.90 1.58
                     
    Area: Marta Noroeste
                     
    P196-08 79.18 79.60 0.42   251.26 >100.0 0.51 0.16
                     
    Area: Yvonne Sur-Marcela
                     
    P200-08 69.84 82.33 12.49 31 0.25 119.7 6.05 7.39
    including                
                     
    P200-08 77.23 81.28 4.05 24 0.28 237.0 12.32 14.06
    and                
                     
    P200-08 89.05 97.00 7.95 5 0.04 10.5 0.47 1.41
                     
    P200-08 101.50 109.98 8.48 14 0.06 35.1 1.40 3.25
                     
    P249-08 46.00 49.40 3.40 11 0.03 21.5 0.90 0.98
                     
    Area: Marta Este
                     
    P210-08 106.00 112.95 6.95 1 0.27 26.4 0.94 1.85
    including                
                     
    P210-08 107.90 112.95 5.05 1 0.31 31.6 1.11 2.21
                     
    P211-08 142.60 145.78 3.18 2 0.14 14.7 0.33 2.59
                     
    P211-08 164.70 170.30 5.60 0 0.09 14.4 0.68 0.91
                     
    P211-08 175.00 181.60 6.60 1 0.20 22.9 0.83 1.29
    including                
                     
    P211-08 175.00 177.50 2.50 2 0.31 47.2 1.78 2.40
    *True widths are estimated to be 85-90% of the stated core length

    Selected analytical results for eight holes -- five at Marta Este, two at Kasia and one at Yvonne Sur -- are detailed in a press release dated December 16, 2008.

    Selected analytical results for eight holes -- two at Marta Centro, two at Marta Este, two at Kasia and two at Yvonne Sur -- are detailed in a press release dated February 4, 2009.

    The expansion of mineralization in two previously published drill holes (see press release dated September 25, 2008) at Marta Norte and Yvonne Sur are detailed in a press release dated February 19, 2009.

    Selected analytical results for eight holes -- two at Marta Centro, four at Marta Norte and two at Marta Este -- are detailed in a press release dated February 19, 2009.

    Argentex intersected high-grade silver-zinc-lead 400 meters deep at Pinguino?s Marta Centro zone, as detailed in a press release dated February 27, 2009.  Results for five holes at Marta Centro and three at Marta Este are detailed in the press release.

    Assays from 13 drill holes -- seven at Marta Este, two from Marta Centro, one from Marta Noroeste and three from Savary -- are detailed in a press release dated April 6, 2009.

    On May 6, 2009, Argentex announced the discovery of 12 new mineralized veins at Pinguino.  Mapped veins on the property now cover a combined strike length of 74 kilometers (45 miles) and mineralization has been proven to depth by drilling in 15 of 47 zones.