Argentex Announces Additional Drill Results from its Pinguino
Silver-Gold Project Including 3 Metres Averaging 712.7 g/t Ag and
8.24 g/t Au
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 19, 2013) -
Argentex Mining Corporation (TSX-VENTURE:ATX)(OTCQB:AGXMF)
("Argentex" or the "Company") is pleased to announce drilling
results from an additional 36 holes of its 58-hole, 3,003-metre
2013 Phase IX resource development drill program at its 100%-owned
Pingüino silver and gold project, located in Santa Cruz Province,
Argentina. To date, the Company has received results from 44
reverse circulation ("RC") holes, with results from the final 14 RC
holes still pending.
"We are excited to see high grade gold intersects in the Ivonne
Norte Vein, continuing on from those discovered in the Savary Vein
last year (please refer to the news release dated October 11,
2012). The high grade intersections in the oxide zone at Ivonne
Norte may represent the upper portions of high grade shoots, which
would open up the potential for additional high grade resources to
be identified in deeper drilling. Overall, I view these results
revealing more of the true potential of the Pingüino system as we
advance the development of the project," commented Michael Brown,
President and CEO of Argentex. "We expect to receive final results
from the remaining holes shortly, which will allow us to focus on
updating the resource model in 2014."
Highlights of the 36 holes reported are tabulated below:
|
Vein |
Drill Hole |
From |
To |
Length (m) |
Ag (g/t) |
Au (g/t) |
Ag Eq. (g/t) |
Pb [%] |
Zn [%] |
In (g/t) |
|
|
PR288-13 |
17.00 |
19.00 |
2.00 |
15.5 |
0.97 |
63.8 |
0.12 |
0.09 |
8.1 |
|
|
36.00 |
40.00 |
4.00 |
20.8 |
0.51 |
46.2 |
0.06 |
0.58 |
17.1 |
|
|
PR289-13 |
19.00 |
21.00 |
2.00 |
7.8 |
0.25 |
20.1 |
0.13 |
0.03 |
19.8 |
|
|
PR290-13 |
14.00 |
42.00 |
28.00 |
92.6 |
1.62 |
173.4 |
0.91 |
0.05 |
16.5 |
|
Ivonne |
including |
25.00 |
34.00 |
9.00 |
258.0 |
3.79 |
447.3 |
2.46 |
0.04 |
17.3 |
|
Norte |
and including |
28.00 |
31.00 |
3.00 |
712.7 |
8.24 |
1124.5 |
6.90 |
0.03 |
24.7 |
|
|
PR291-13 |
25.00 |
34.00 |
9.00 |
9.8 |
0.81 |
50.3 |
0.08 |
0.06 |
24.3 |
|
|
PR292-13 |
20.00 |
31.00 |
11.00 |
22.6 |
4.50 |
247.6 |
0.57 |
0.07 |
17.6 |
|
|
including |
25.00 |
28.00 |
3.00 |
64.6 |
14.07 |
768.2 |
1.52 |
0.14 |
34.1 |
|
|
PR293-13 |
27.00 |
29.00 |
2.00 |
5.0 |
0.64 |
37.1 |
0.03 |
0.01 |
12.2 |
|
|
PR278-13 |
7.00 |
16.00 |
9.00 |
48.3 |
0.09 |
53.0 |
0.06 |
0.01 |
0.0 |
|
|
including |
9.00 |
11.00 |
2.00 |
129.0 |
0.35 |
146.7 |
0.10 |
0.01 |
0.0 |
|
|
PR279-13 |
60.00 |
61.00 |
1.00 |
0.9 |
0.09 |
5.5 |
0.01 |
0.01 |
0.0 |
|
Marta |
PR281-13 |
15.00 |
18.00 |
3.00 |
67.8 |
0.01 |
68.2 |
0.29 |
0.05 |
0.0 |
|
Noroeste |
including |
15.00 |
16.00 |
1.00 |
129.0 |
0.01 |
129.4 |
0.37 |
0.06 |
0.0 |
|
|
PR282-13 |
89.00 |
91.00 |
2.00 |
45.9 |
0.10 |
50.9 |
0.37 |
0.06 |
0.2 |
|
|
PR283-13 |
44.00 |
47.00 |
3.00 |
486.0 |
1.30 |
550.8 |
0.16 |
0.03 |
0.1 |
|
|
PR284-13 |
47.00 |
48.00 |
1.00 |
21.6 |
0.11 |
27.3 |
0.04 |
0.04 |
0.0 |
|
|
PR280-13 |
13.00 |
14.00 |
1.00 |
0.9 |
1.23 |
62.3 |
0.01 |
0.01 |
0.0 |
|
|
PR264-13 |
29.00 |
31.00 |
2.00 |
106.2 |
0.16 |
114.2 |
0.11 |
0.10 |
0.1 |
|
|
PR265-13 |
15.00 |
17.00 |
2.00 |
121.4 |
0.19 |
130.7 |
0.19 |
0.05 |
0.1 |
|
|
32.00 |
34.00 |
2.00 |
83.8 |
0.23 |
95.5 |
0.24 |
0.24 |
1.1 |
|
CSN |
PR266-13 |
10.00 |
11.00 |
1.00 |
78.5 |
0.25 |
90.8 |
0.46 |
0.12 |
0.8 |
|
|
PR269-13 |
0.00 |
2.00 |
2.00 |
39.0 |
0.33 |
55.6 |
0.10 |
0.06 |
0.9 |
|
|
6.00 |
8.00 |
2.00 |
54.2 |
0.17 |
62.8 |
0.26 |
0.05 |
0.1 |
|
|
PR270-13 |
1.00 |
2.00 |
1.00 |
44.6 |
0.12 |
50.8 |
0.02 |
0.02 |
0.0 |
|
Karly |
PR267-13 |
2.00 |
5.00 |
3.00 |
254.6 |
0.15 |
262.1 |
0.28 |
0.10 |
0.6 |
|
|
PR268-13 |
14.00 |
16.00 |
2.00 |
63.6 |
0.19 |
73.0 |
0.61 |
0.06 |
1.3 |
|
|
PR271-13 |
55.00 |
57.00 |
2.00 |
21.3 |
0.33 |
37.9 |
0.17 |
2.01 |
1.6 |
|
|
PR272-13 |
8.00 |
25.00 |
17.00 |
39.4 |
0.25 |
52.0 |
0.03 |
0.03 |
0.1 |
|
|
including |
8.00 |
11.00 |
3.00 |
193.8 |
0.25 |
206.4 |
0.06 |
0.04 |
0.5 |
|
|
PR274-13 |
4.00 |
18.00 |
14.00 |
44.3 |
0.79 |
83.6 |
0.26 |
0.05 |
1.6 |
|
CSS |
including |
4.00 |
6.00 |
2.00 |
142.3 |
1.06 |
195.6 |
0.14 |
0.03 |
0.1 |
|
|
including |
12.00 |
16.00 |
4.00 |
11.2 |
1.98 |
110.1 |
0.28 |
0.06 |
2.3 |
|
|
PR273-13 |
18.00 |
19.00 |
1.00 |
3.9 |
0.11 |
9.5 |
0.01 |
0.01 |
0.1 |
|
|
15.00 |
16.00 |
1.00 |
51.4 |
0.34 |
68.5 |
0.90 |
0.08 |
0.9 |
|
|
PR276-13 |
13.00 |
16.00 |
3.00 |
48.4 |
0.09 |
53.0 |
0.16 |
0.08 |
3.4 |
|
|
74.00 |
78.00 |
4.00 |
76.7 |
0.13 |
83.3 |
0.54 |
1.95 |
1.6 |
| * Ag Eq is Silver Equivalent of gold plus silver
and based upon a price ratio of 50:1 gold to silver. True
widths are estimated to be 85 to 90% of the drilled intersection
length. |
The mineralisation at Ivonne Norte (IVN) is interpreted to
represent the earliest higher temperature phase mineralising event
at Pingüino. It is typically more Au-rich than the subsequent
phases of mineralisation. The infill drill program at IVN was
designed to define grade and continuity to the vein for inclusion
in the next resource update planned for 2014.
Two of the holes returned high grade mineralisation:
- Hole PR292-13, in the southern area of the vein, returned 11 m
@ 22.6 g/t Ag and 4.5 g/t Au, including 3 m @ 64.6 g/t Ag and 14.07
g/t Au.
- Hole PR290-13 returned 9 m @ 258.0 g/t Ag and 3.79 g/t Au,
including 3m @ 712.7 g/t Ag and 8.24 g/t Au. The high silver grades
in this hole have not been previously encountered in IVN drilling,
and are possibly related to the southern extension of later Marta
Noroeste structure and mineralisation pulse. These results may
indicate the existence of higher grade shoots within the vein,
which would require deeper drilling to delineate.
Higher grade shoots are considered to be structurally
controlled, as is evident in other veins at Pingüino. The success
of the Phase IX drill program in demonstrating continuity of
structure and mineralisation will be reviewed with the goal of
adding the IVN vein to the updated resource model in 2014.
New drilling of the Karly, CSS and CSN veins followed up their
initial discovery in 2012. They represent a more east-west trending
vein splay set, which remains open at depth and to the east,
although drilling to date has not encountered continuous high
grades. The drilling at Marta Noroeste (MNW) discovered a potential
higher grade shoot in its southern extent (hole PR283-13), which
included an intersection of 3 m @ 486 g/t Ag and 1.30 g/t Au from
44 m. This hole was in follow up to mineralisation encountered in
trench MNW08-10 and in drill hole PR250-12. This potential high
grade shoot remains open at depth and could have the same
west-north-west plunge as the main shoot.
Work has begun on updating the geological and resource sections
in preparation for an update to the resource model, which is
planned for completion in 2014. Long sections and cross sections
for these results are posted along with the news release on
Argentex's website (www.argentexmining.com).
About Pingüino
Argentex's 10,000-hectare advanced silver and gold exploration
Pingüino project is located in Argentina's Patagonia region, within
the Deseado Massif of Santa Cruz province. The Deseado Massif is an
active region of mining with four precious metal mines currently in
production, and includes multiple active advanced and early stage
exploration projects.
The Pingüino system has grown to 70+ individual veins, with a
combined strike length approaching ~113 line-kilometers. The
Pingüino project is unique within the Deseado Massif region of
Santa Cruz province in that it contains two different and spatially
distinct types of mineralisation; a precious metal intermediate
sulphidation epithermal system and a polymetallic sulphide-rich
system.
Pingüino 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.
Technical content of this press release has been reviewed and
approved by Mr. J. David Williams, P.Eng., an independent
"Qualified Person" as defined by NI 43-101.
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 its laboratory in Vancouver, Canada
for multi-element ICP-MS analysis (1DX procedure). Samples
overlimit in silver, lead, zinc, and/or copper are reanalysed by a
high detection limit ICP-ES analysis (7AR procedure). Samples
overlimit in silver from that procedure and gold results >300
ppb are rerun by fire assay (G6 procedure). Acme Analytical
Laboratories is an ISO 9000:2001 accredited, full-service
commercial laboratory, with its head office located in
Vancouver.
About Argentex
Argentex Mining Corporation is an exploration company focused on
developing its advanced Pingüino silver-gold project located in
Santa Cruz, Patagonia, Argentina. In total, Argentex owns 100% of
100,000+ hectares of highly prospective land located in the Santa
Cruz and Rio Negro provinces. Shares of Argentex common stock trade
under the symbol ATX on the TSX Venture Exchange and under the
symbol AGXMF on the OTCQB.
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.
On behalf of Argentex Mining Corporation:
Michael Brown, President and CEO
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 the
statements: "The high grade intersections in the oxide zone at
Ivonne Norte may represent the upper portions of high grade shoots,
which would open up the potential for additional high grade
resources to be identified in deeper drilling", and "We expect to
receive final results from the remaining holes shortly, which will
allow us to focus on updating the resource model in 2014", and
"These results may indicate the existence of higher grade shoots
within the vein, which would require deeper drilling to delineate",
and "The success of the Phase IX drill program in demonstrating
continuity of structure, and the mineralisation will be reviewed
with the goal of adding the IVN vein to the updated resource model
in 2014", and "This potential high grade shoot remains open at
depth and could have the same west-north-west plunge as the main
shoot", and "Work has begun on updating the geological and resource
sections in preparation for an update to the resource model, which
is planned for completion in 2014". 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, management's assumptions about the
availability of the necessary consultants and capital and the risks
inherent in Argentex's operations, including the risks that the
Company may not find any minerals in commercially feasible quantity
or raise enough money to fund its exploration plans. These and
other risks are described in the Company's Annual Information Form
and other public disclosure documents filed on the SEDAR website
maintained by the Canadian Securities Administrators and the EDGAR
website maintained by the Securities and Exchange
Commission.
Argentex Mining CorporationPeter A. BallEVP Corporate
Development604-568-2496 (ext. 103) or 1-888-227-5285 (ext.
103)604-568-1540peter@argentexmining.comwww.argentexmining.com
Atex Resources (TSXV:ATX)
Historical Stock Chart
From Dec 2024 to Jan 2025
Atex Resources (TSXV:ATX)
Historical Stock Chart
From Jan 2024 to Jan 2025
