Argentex intersects high-grade silver-zinc-lead 400 meters deep at Pinguino?s Marta Centro zone
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.
Drill Hole
|
From
(m)
|
To
(m)
|
Length (m)*
|
Indium
(g/t)
|
Gold (g/t)
|
Silver
(g/t)
|
Lead (%)
|
Zinc (%)
|
Area: Marta Centro
|
P264-08
|
72.80
|
83.80
|
11.00
|
17.8
|
0.11
|
33.8
|
0.66
|
2.44
|
And
|
P264-08
|
91.40
|
94.85
|
3.45
|
7.1
|
0.53
|
46.3
|
0.54
|
3.39
|
P265-08
|
86.52
|
96.50
|
9.98
|
1.1
|
0.21
|
44.7
|
0.73
|
1.49
|
P266-08
|
104.85
|
108.85
|
4.00
|
1.0
|
0.06
|
11.3
|
0.62
|
1.27
|
P268-08
|
227.40
|
232.80
|
5.40
|
10.6
|
0.70
|
59.0
|
1.13
|
3.06
|
P269-08
|
364.60
|
382.19
|
17.59
|
1.4
|
0.22
|
55.8
|
1.34
|
2.86
|
Including
|
P269-08
|
364.60
|
373.45
|
8.85
|
2.4
|
0.35
|
92.3
|
2.08
|
4.47
|
Area: Marta Este
|
P212-08
|
65.64
|
66.67
|
1.03
|
0.2
|
1.42
|
302.0
|
0.13
|
0.09
|
P214-08
|
119.12
|
121.47
|
2.35
|
7.5
|
0.87
|
250.2
|
0.35
|
0.39
|
P217-08
|
157.00
|
163.74
|
6.74
|
18.8
|
1.65
|
245.0
|
1.73
|
3.82
|
*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
info@argentexmining.com
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.