Argentex drills 9.9 meters of 2.57 g/t gold near surface in Pinguino?s Tranquilo
Trend
Vancouver,
B.C., July 21, 2010 -- Argentex Mining Corporation
(TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on exploration
activities at its wholly owned 10,000-hectare Pinguino
property. Drilling is currently focused on expanding oxide gold and
silver mineralization.
Hole
P331-10, which was drilled into the Tranquilo vein,
intersected a thick zone of oxidized vein breccia
material containing 9.9
meters of 2.57 grams per tonne (g/t) gold and 34.5 g/t
silver. This hole is located approximately 100 meters southeast of
the 14.50-meter-long intersection of 116.9 g/t silver, which was reported in
the company?s news release dated June 15, 2010.
Pinguino?s Tranquilo Trend contains numerous veins, including Tranquilo and Luna.
Drilling
at the Luna vein continues to define near-surface oxidized precious metal with
long intersections of silver mineralization. Oxidized silver-gold
discoveries are significant because, with more than 47 veins and 74 kilometers
of strike length discovered on the Pinguino property
to date, they could potentially contribute to a significant near-surface
resource.
Also
at Luna, deeper drilling at hole P346-10 has
intersected a vein thickness of approximately 14.50 meters at the
oxidized boundary 100
meters below surface. Hole
P347-10 intersected 12.50
meters of quartz-sulphide breccia
vein with visible pyrite, galena and chalcopyrite in unoxidized
primary vein material 140
meters below surface. These deeper mineralized and
thickening vein intersections illustrate the continuing strength of the system
to depth. Results for these deeper holes are pending.
?Drilling of the Tranquilo and Luna veins along Pinguino?s
Tranquilo Trend continues to expand near-surface gold
and silver mineralization. The precious metal grades being returned in
recent drilling are multiples higher than the average silver grades published
in our first resource calculation,? said
Ken Hicks, President of Argentex. ?This validates our stated goal to further explore and
define the precious metal mineralization within Pinguino?s
property boundaries. These results continue to enhance the potential of
our Pinguino project as we await the release of our
scoping study in the coming weeks.?
With
more than 74 line kilometers of veins discovered to
date, Argentex?s 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
regional fault, a major northwest structural corridor in central Santa Cruz. To
date, Argentex has drilled 352 holes at Pinguino for a total of 33,559 meters.
Results
The
following table displays selected analytical results from the Tranquilo and Luna veins, both located within the northwest
Tranquilo Trend. The new Tranquilo
hole is located approximately 100 meters southeast of hole
P328-10, which is a previously published hole. This previously published
hole is being included to provide context of the area?s growing precious metal potential. In
addition, results from four new holes drilled in the Luna vein are included.. All of the holes in the table intersected oxidized
gold and silver mineralization and are located in Pinguino?s Tranquilo Trend. A
map of drilling locations is available on our web site.
|
Drill Hole
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Gold
(g/t)
|
Silver
(g/t)
|
Lead
%
|
|
Vein:
TRANQUILO (approx. 100
meters southeast of P328-10, shown below)
|
|
P331-10
|
35.60
|
45.50
|
9.90
|
2.57
|
34.60
|
0.2
|
|
Vein: TRANQUILO (previously
published)
|
|
P328-10
|
29.80
|
44.30
|
14.50
|
0.02
|
116.90
|
1.3
|
|
|
|
Vein: LUNA
|
|
P334-10
|
42.60
|
52.60
|
10.00
|
0.16
|
65.46
|
0.6
|
|
P337-10
|
20.90
|
24.50
|
3.60
|
0.20
|
74.84
|
0.7
|
|
P339-10
|
38.50
|
49.90
|
11.40
|
0.16
|
112.49
|
0.3
|
|
P344-10
|
70.43
|
72.10
|
1.67
|
0.28
|
127.95
|
0.2
|
|
|
|
|
|
|
|
|
|
*True
widths are estimated to be 85-90% of the stated core length
A
total of 86 drill holes covering 5,832 meters have been completed at the Pinguino property as part of the ongoing 2009-2010 drill
program. Samples have been collected from these holes and submitted for
analysis. Additional results will be published as they are received.
Drilling
is currently focused on the Tranquilo and Luna veins,
two major new silver and gold discoveries located within the 11-kilometer-long Tranquilo Trend.
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.
Quality
Assurance
Exploration
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 ALS Chemex in
Mendoza, Argentina
and La Serena,
Chile.
Argentex, Acme and ALS Chemex
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