CommentsPosted: Tuesday 13/10/2009 13:37
Argentex Mining Corporation is pleased to announce that its 2009-2010 exploration and engineering program has commenced in Santa Cruz province, Argentina. This multi-property program is scheduled to include drill testing, trenching and a combination of geochemistry, airborne and ground geophysics. Drilling at Pinguino is expected to total 15,000 meters (49,212 feet), with the initial phase designed to test and expand near-surface oxidized silver and gold mineralization. In addition, metallurgical samples are being collected from oxide phases of three different vein types and the preliminary economic assessment (scoping study) of Pinguino has commenced. "The excellent results of our first mineral resource estimate have spurred us to step up the intensity of exploration, not only at Pinguino but also on our other Santa Cruz properties, such as Condor, Cerro Contreras and CVS, which, like Pinguino, is also located along the Tranquilo trend," said Ken Hicks, President of Argentex. "As we advance Pinguino towards our ultimate goal of production, we also intend to carry out more extensive target-definition exploration work on our other significant properties in Santa Cruz. We expect our pipeline of developing properties to continue to generate and reveal new mineral potential in this very prospective mineral province." To date, the majority of drilling at Pinguino has focused on primary silver-zinc-indium sulphide mineralization, which begins at a depth of approximately 40 meters (131.2 feet) below surface. A zone of oxidized silver-gold mineralization occurs between the surface and the primary sulphide mineralization. This shallow precious-metal mineralization remains largely untested by drilling. The initial phase of this new Pinguino drill program is designed to expand and define the near-surface silver and gold mineralization. Extensive drilling is proposed for high-grade silver and gold zones, including Marta Norte, which returned 8.8 meters (28.8 feet) of 1,095 grams per tonne (g/t) silver in hole P032; Marta Noroeste, which intersected 6.7 meters (21.9 feet) of 11 g/t gold in hole P196; and Yvonne, which revealed 30.6 g/t gold over 1.0 meters (3.2 feet) in hole P048. Phase 1 drilling on the Condor property is scheduled to include approximately 2,000 meters (6,561 feet) of core drilling. The host rocks (Chon Aike Jurassic rhyolitic volcanics) are largely covered by overburden but contain an exposed epithermal vein outcrop with visible gold, which has never been trenched or drilled. This first-ever drilling program at Condor is designed to test the high-grade gold and silver potential of a typical Santa Cruz epithermal vein system. Condor is located approximately 100 kilometers (62 miles) from Pinguino. The Pinguino property contains a large vein field with more than 47 individual veins mapped to date. There are three different mineralizing pulses, each with a distinct chemistry and mineralogy. As well, the top 30 to 40 meters (98 to 131 feet) of each vein that has been exposed to the surface weathering is deleted in base metal sulphides but locally enriched in gold and silver. The first metallurgical testing program will determine initial possible recoveries of metals from each different type of mineralization. The scoping study on the Pinguino project was recommended by the independent engineers who completed the mineral resource estimate for Pinguino. It will provide a preliminary overview of the projected economics of the Pinguino project and involves the compilation of generally accepted industry standard economic parameters into a variety of mining, milling, metallurgical and infrastructure scenarios for assessment. 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 the initial discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 47 veins mapped on the property to date. Argentex has drilled a total of 269 holes at Pinguino for a total of 30,028 meters (98,517 feet).
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