Argentex drills 4.03 meters of 297.4 g/t silver at
Pinguino; another new gold vein discovered
Vancouver, B.C., April 23, 2010 -- Argentex Mining
Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on
ongoing exploration activities at its Pinguino property in the silver-gold
district of Santa Cruz, Patagonia, Argentina.
New
drilling on the silver-rich Marta Norte vein continues to expand the strike
length and define near-surface mineralization. Results include hole P281-10,
which returned 4.03 meters of 297.4 grams per tonne (g/t) silver.
?Our
high-grade silver Marta Norte vein continues to deliver excellent drill results
beginning at shallow depths,? said Ken Hicks, President of Argentex. ?At
the same time, we continue to discover new gold veins in the vicinity using
proven exploration techniques. This reinforces management?s belief that
there is considerable geological potential in this expanding gold-silver vein
swarm at Pinguino. As part of our ongoing preliminary economic assessment
(scoping study), our current resource estimate is being evaluated as to how
much would be accessible from the surface. Additional new results like
these from shallow mineralization at Marta Norte would likely enhance that
evaluation.?
Results
The
following table displays select analytical results for six additional holes
from the company?s 2009-2010 drill program. All of the holes are located
at Marta Norte, a high-grade silver vein of the Pinguino property.
Drill Hole
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
Area: Marta Norte
|
P275-10
|
0.45
|
25.20
|
24.75
|
0.06
|
114.7
|
including
|
|
|
|
|
|
P275-10
|
11.25
|
17.10
|
6.15
|
0.13
|
253.6
|
including
|
|
|
|
|
|
P275-10
|
11.25
|
12.75
|
1.50
|
0.14
|
564.3
|
and including
|
|
|
|
|
|
P275-10
|
23.20
|
24.20
|
1.00
|
0.21
|
439.0
|
|
|
|
|
|
|
P276-10
|
6.53
|
13.10
|
6.57
|
0.02
|
156.2
|
|
|
|
|
|
|
P279-10
|
26.20
|
31.65
|
5.45
|
0.10
|
177.7
|
including
|
|
|
|
|
|
P279-10
|
30.70
|
31.65
|
0.95
|
0.38
|
675.7
|
|
|
|
|
|
|
P281-10
|
7.52
|
11.55
|
4.03
|
0.52
|
297.4
|
including
|
|
|
|
|
|
P281-10
|
9.56
|
10.60
|
1.04
|
1.32
|
808.9
|
|
|
|
|
|
|
P282-10
|
1.50
|
4.40
|
2.90
|
0.16
|
113.6
|
and
|
|
|
|
|
|
P282-10
|
16.27
|
19.85
|
3.58
|
0.03
|
127.6
|
including
|
|
|
|
|
|
P282-10
|
16.27
|
17.33
|
1.06
|
0.06
|
295.3
|
and
|
|
|
|
|
|
P282-10
|
25.25
|
26.30
|
1.05
|
1.66
|
88.2
|
|
|
|
|
|
|
P291-10
|
88.40
|
93.10
|
4.70
|
0.09
|
183.6
|
*True widths are estimated to be 85-90% of the stated
core length
A
total of 64 drill holes covering 3,933 meters have now been completed at the
Pinguino property. Samples have been collected from these holes and
submitted for analysis. Results will be published as they are received.
Trenching
reveals additional gold-rich vein at Pinguino
Additional
trenching results from the new gold vein swarm discovered in the northwest
corner of the Pinguino property continue to expand and enhance this developing
precious metal quadrant. The newly discovered Maco vein, which covers a
strike length of approximately 400 meters, returned 10.17 g/t gold over 0.7
meters gold within an area of thin but extensive overburden.
Drilling
at Condor gold property
Drilling
at our Condor property commenced on schedule and a program of approximately
2,000 meters will initially test the mineralized system at shallow depths based
upon the geophysical signatures acquired in the pre-drilling phase of
exploration.
Recently
completed detailed exploration at Condor?s El Aguila vein area included 16 grab
samples ranging in value from 0.25 g/t to 59 g/t gold within an area of
approximately 2,000 meters by 250 meters.
About
Pinguino
Pinguino
is located in Argentina?s Patagonia region, within the Deseado Massif of Santa
Cruz province. With more than 74 line kilometers of veins discovered to
date, the Pinguino property is host to the largest known undeveloped vein
system in Santa Cruz province after the developed AngloGold Ashanti Cerro
Vanguardia mine. Both vein systems fall within the Tranquilo trend, a major
northwest structural corridor in central Santa Cruz.
Mineralization
at Pinguino is unique in the region, containing silver-indium-zinc-lead-gold in
multiple zones that remain open-ended along strike and to depth. To date,
Argentex has drilled 333 holes at Pinguino for a total of 33,559 meters.
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.
The
majority of mineralized zones at Pinguino lie along the strike of the
northwest-trending Tranquilo trend, which is a dominant northwest trending
regional fault structure cutting across the approximately 10,000-hectare
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.
ABOUT ARGENTEX:
Argentex Mining
Corporation is a Delaware corporation. It is a junior mining company in
the exploration stage with significant holdings in the Patagonia region of
Argentina. In total, the company owns 100% mineral rights to more than 35
properties with approximately 141,020 hectares of prospective land located in
the Santa Cruz and Rio Negro provinces of Argentina, including the Pinguino
property. 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. Mr. Hicks is not considered independent of the issuer.
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.
FURTHER
INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
1-866-594-7687
info@argentexmining.com
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 statements about ?management?s belief that
there is considerable geological potential in this expanding gold-silver vein
swarm at Pinguino? and ?additional new results like these from shallow
mineralization at Marta Norte would likely enhance that evaluation.? 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.