Argentex samples 59 g/t gold at Condor;
drill tests multiple targets at Pinguino, Santa Cruz, Argentina
Vancouver, B.C., March 24, 2010 -- Argentex
Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on
its ongoing exploration activities in the silver-gold district of Santa Cruz, Argentina.
Pinguino Drilling
The focus of
2009-2010 drilling at the company's flagship Pinguino
property has expanded beyond the core zone of indium-rich silver-zinc-lead
mineralization to test the adjacent silver-gold veins. Initial drilling
results included a number of high-grade silver intersections, including 3.06 meters (10 feet) of 836.6 g/t
silver for the first drilled target. Drilling is ongoing.
A total of 50
drill holes covering 2,736
meters (8,976 feet) have been completed to date at the Pinguino property. This includes 14 drill holes
covering 989 meters
(3,244 feet)
at Marta Norte, 16 holes covering 1,052 meters (3,451 feet) on the Tranquilo fault, 9 holes on the Luna veins for 505 meters (1,656 feet) and 5 other
holes on various targets. Samples have been collected from these holes and
submitted for analysis. Results will be published as they are received.
Simultaneous with
the drilling of new veins at Pinguino, Argentex continues to conduct detailed prospecting and
geological mapping, resulting in the discovery of additional new epithermal
veins. These new discoveries occur parallel to the Marta Norte vein, the most silver-rich area discovered at Pinguino to date. This continues to reinforce
management's belief that the Pinguino vein system is
the largest undeveloped vein system in Santa
Cruz province. All of the drilled veins at Pinguino remain open along strike and at depth.
"Silver and
gold mineralization is the primary focus of our current exploration program in
this very prospective district in Santa
Cruz. With an extensive land portfolio, we have
no shortage of good targets to test," said Ken Hicks, President of Argentex. "Our early acquisition of high-quality
properties in Santa Cruz
is a solid foundation from which to grow the company organically without
expensive joint venture or purchase agreements."
Grab samples
return up to 59 g/t gold at Condor
Concurrent with
ongoing work at Pinguino, Argentex
has been carrying out target-definition exploration on the drill-ready gold
Condor property. Detailed ground magnetometry and 3D
IP surveys have been completed in addition to mapping and rock chip sampling.
Recently completed
detailed exploration at Condor's El �guila vein area
included 16 grab samples ranging in value from 0.25 g/t gold to 59 g/t gold
(0.008 oz/t to 1.897 oz/t gold) within an area of approximately 2,000 meters (6,560 feet) by 250 meters (820 feet). Multiple
parallel and conjugate veins were encountered in this vein swarm. The
extent of these mineralized samples represents a potential 400% increase from
the previously determined estimate of 400 meters (1,312 feet) of strike
length. The highest values come from an outcrop displaying visible gold in ginguro bands (fine black disseminated sulphides).
Detailed mapping
at Condor has also discovered multiple occurrences of silicified travertine and
other "shallow" epithermal features, suggesting a paleo
hot spring environment. More work is needed to fully evaluate these
targets at depth, but considering the classic epithermal model, the company
believes that this sinter represents the highest level of the system and
therefore has potential to preserve precious metal mineralization below the
surface.
About Pinguino
Pinguino
is located in Argentina's
Patagonia region, within the Deseado Massif of Santa Cruz
province. With more than 74 line kilometers (46
line miles) 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. Although more than 47 veins have been mapped on the
property to date (with vein widths ranging from under one meter to more than 10 meters), only 15 of
these veins have been tested by drilling. To date, Argentex has
drilled 319 holes at Pinguino for a total of 32,736 meters (107,401 feet).
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.
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 24,710-acre (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 307,981 acres (124,636 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 the company's belief that its current
exploration efforts can enhance and define zones of near surface mineralization
and that preliminary field work in the vicinity of Marte
Norte suggests potential for additional silver-gold
discoveries. Also that the extent of these mineralized samples represent
a potential 400% increase from the previously determined estimate of 400 meters (1,312 feet) of strike
length . 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.