Marta Este zone returns 6.74 meters of 1.65 g/t gold and 245 g/t silver
Vancouver, B.C., February 27, 2009 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide additional results from the 2008 drill program at its polymetallic Pinguino property in Santa Cruz, Argentina.
The latest results include assays from the deepest hole ever drilled at Pinguino, where an intersection of 8.85 meters (29 feet) returned 92 grams per tonne (g/t) silver and 6.55% combined lead-zinc at a depth of approximately 400 meters (1,312 feet) below the top of the Marta Centro mineralized zone. A graphic detailing the cross section of this hole is available for viewing on the Argentex web site. Argentex believes that this may be the deepest and thickest mineralized intercept within the entire Deseado Massif of Santa Cruz province.
“Pinguino appears to represent a strong and well-mineralized system to a depth of approximately 400 meters (1,312 feet) and we do not see any indications of a decrease in grades or widths at this level. The long mineralized intersection, together with the superb silver-zinc-lead results at this depth, confirms our original impression about the strength of the mineralizing system and the potential for a world-class polymetallic deposit at Pinguino,” said Ken Hicks, President of Argentex. “We believe that this deep mineralized interval has tremendous implications for the Pinguino project and its expanding mineral potential.”
Pinguino’s gold-silver Marta Este zone continues to return drill results displaying significant gold, silver and combined base-metal values. New results from Marta Este include 6.74 meters (22 feet) of 1.65 g/t gold, 245 g/t silver, 5.55% combined lead-zinc and 19 g/t indium.
Results
The following table displays analytical results for eight diamond drill holes, including five from Marta Centro and three from Marta Este.
*True widths are estimated to be 85-90% of the stated core length, Hole P269 estimated at 70%.
When drilling the deep Pinguino hole (269-08), Argentex positioned the drill in a topographic low spot adjacent to the resistant-weathering Marta Centro vein in order to get the best depth penetration.
To date, Argentex has drilled a total of 269 holes at Pinguino, testing 15 epithermal veins in the process, for a total of 30,000+ meters (98,000 feet). The robust mineralized system remains open in all directions. Included in these totals are 67 holes drilled at Marta Centro for a total of 10,125.85 meters. The Marta Centro zone has been tested to a depth of approximately 400 meters (1,312 feet) below surface. Marta Este has been drilled to a depth of 200 meters (656 feet) with 77 drill holes totaling 9,713.55 meters. Following receipt of all remaining analytical results and interpretation, Argentex anticipates completing its first-ever National Instrument 43-101-compliant resource calculation for Pinguino by mid 2009.
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. Overlimit analyses of zinc, lead and silver are pending. Additional results will be reported upon receipt and compilation.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The 2006 discovery of silver-indium-zinc-lead-gold mineralization at Pinguino 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. Argentex has drilled a total of 269 holes at Pinguino for a total of 30,000+ meters (98,000 feet).
Following receipt of all remaining analytical results and interpretation, Argentex anticipates completing its first-ever National Instrument 43-101-compliant resource calculation for Pinguino by mid 2009.
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 in 2008 was 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 holds an undivided 100% interest in the mineral rights to the Pinguino property. In total, the company owns 100% mineral rights to more than 40 properties with approximately 405,987 acres (163,477 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 also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements in this news release include statements about the company’s belief that this may be the deepest and thickest mineralized intercept within the entire Deseado Massif of Santa Cruz province and the belief that this deep mineralized interval has tremendous implications for the Pinguino project and its expanding mineral potential and Argentex anticipates completing its first-ever National Instrument 43-101-compliant resource calculation for Pinguino by mid 2009. 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 or raise funds sufficient to prosecute its exploration plans. 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.
