- grab
samples consistent with historical values
-
- samples
returned 29.6% Fe and 35.4% Fe
-
- planning
for additional work underway
-
/NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, March 28 /CNW Telbec/ - Argex Mining Inc. (Argex)
(TSXV:RGX.V)
(FSE: ASV) (Other OTC:ARGEF.PK)
is pleased to provide an update on its wholly-owned Mouchalagane
Iron Property following a site visit to the property on February 6, 2011. The
visit consisted of a low altitude helicopter flyby of the Mouchalagane
Iron Property, as well as outcrop stops on Mouchalagane
Iron Property. As part of the site visit 3 grab samples were collected on the
property. Results of two of three samples collected from the Mouchalagane Iron Property returned 29.6% Fe and 35.4%
Fe, consistent with historical values from the Mouchalagane
Iron Property.
SAMPLE
|
Fe
%
|
|
|
Ti
%
|
|
V
%
|
|
|
Occurrence
|
|
Rock
|
Number
|
|
|
|
|
|
|
|
|
|
|
Type
|
729750
|
29.6
|
|
|
0.01
|
|
-0.01
|
|
|
Everett Lake
|
|
BIF
|
729751
|
1.06
|
|
|
0.04
|
|
-0.01
|
|
|
North Parr Lake
|
|
Quartzite
|
729752
|
35.4
|
|
|
0.02
|
|
-0.01
|
|
|
Riviere Monelle
Zone-C
|
|
Iron Formation
|
The Mouchalagane Iron Property consists of
637 claim blocks covering 33,413 hectares or 334.13 sq. km located in
Quebec's North Shore region. The Mouchalagane Iron
Property is located north-west of the Manicouagan Reservoir. This reservoir
feeds the Manic-F Generating Station. Figure 1 shows the location of the Mouchalagane Iron Property within the Labrador Trough, a Proterozoic geosyncline which
hosts many iron deposits occurring within iron formations in sediments.
Figure 2 shows the historic iron formation occurrences documented from
previous work completed on the Mouchalagane Iron
Property.
http://files.newswire.ca/944/Trough.doc
http://files.newswire.ca/944/Mouchalagane.doc
Exploration on the Mouchalagane Iron
Property began in the 1950's. The first available drill data was from a drill
campaign in 1952-1953 followed by a map of part of the area of the Mouchalagane Iron Property in the Matonipi
Lake region that showed several iron showings (Mont South, Mont Barn, Parr
Lake North, Crazy Lake and Everett Lake) spread out over four claim blocks
from that time. These claims are now part of the original North Mouchalagan claim block that Argex
acquired as part of its qualifying transaction.
Argex
recently completed an airborne geophysical survey (released on January 24,
2011) on the Mouchalagane Iron Property. Results
from the survey demonstrate several magnetic anomalies, one of which is more
than 40 kilometres in length that corresponds with
iron formations that have been previously mapped and from drilling on the property.
Two of the outlying magnetic anomalies also correspond with previous work
that demonstrated iron formations running a minimum 2 km long and 3 km long.
The geophysics maps can be viewed at Argex's
website at:
http://www.argex.ca/mouchalagane_geophysics.php
Argex is
currently planning additional work for the Mouchalagane
Iron Property, and additional news will be released when available.
The site visit was planned and is being supervised by Jean-Sébastien Lavallée,
P.Geo (OGQ #773), Consul-Teck
Exploration Inc., of Val d'or, Québec, Argex Mining Inc.'s consulting geologist and qualified
person since 2007, as well as reviewing and approving this release. Samples
were sent for analysis to the Chemex laboratory in
Val-d'Or by employees of Consul-Teck Exploration
Inc. The samples are weighed and identified prior to sample
preparation. The samples are crushed to 70% minus 2 mm, then separation
and pulverized to 85% passing 75 μm. All
samples are analyzed using ICP-81 (Iron-Titanium) and using ME-XRF-10 for
Vanadium.
About Argex Mining Inc.
Argex is
a junior titanium, iron, vanadium and magnesium explorer with projects in
Québec, Canada. Headquartered in Montreal, Québec with
plans to rapidly advance towards titanium production at the 100%-owned La Blache deposit located near Baie-Comeau,
Québec. Argex also owns 100% of the Mouchalagane Iron Ore project, 380 kilometres
north of Baie-Comeau, Québec and of the same
type of deposit as ore bodies currently being mined by Québec Cartier
Mining's (Arcelor Mittal)
Fire Lake Mine and Consolidated Thompson's Bloom Lake Mine. Recently, Argex expanded its land holdings near Baie-Comeau,
Québec surrounding Consolidated Thompson's Lac Brûlé
Titanium-Iron-Vanadium deposit. For additional information, please
visit our website at www.argex.ca.
Forward-Looking Statements
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that involve
risks and uncertainties. Although the company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will be
achieved. Factors that could cause actual results to differ materially from
expectations include the effects of general economic conditions, actions by
government authorities, uncertainties associated with contract negotiations,
additional financing requirements, market acceptance of the Company's
products and competitive pressures. These factors and others are more fully
discussed in Company filings with Canadian securities regulatory authorities
Neither the 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.
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