Mineral Resource Estimate for Pinguino
VANCOUVER, BC - Argentex Mining Corporation reported that it has received the initial mineral resource estimate for its 100%-owned polymetallic Pinguino property in Santa Cruz province, Argentina.
This estimate is based on a total of 258 drill holes, totaling 29,149 meters (95,633 feet) of HQ core drilling, and 55 surface trenches, all completed between 2004 and 2008. 11,911 drill and trench samples were used from nine steeply dipping veins exposed on surface and the majority analyzed for gold, silver, lead, zinc and indium(1). This estimate is based on less than all of the 269 drill holes, 311 trenches and the 15 drill-tested veins on the Pinguino property to date. Five of these veins - Marta Centro, Marta Este, Marta Sur, Marta Norte and Yvonne - provided sufficient drill density for the creation of an indicated mineral resource. Mineralization peripheral to the area of high drill hole density was combined with more widely spaced drilling from the four other veins modeled to compile the inferred resource.
(1) 753 samples collected during the first phase of drilling in 2005 were
analyzed only for gold and silver and not for lead, zinc and indium.
Summary of Pinguino property Mineral Resources at a 50 g/t
AgEq(3) (Silver Equivalent) cutoff
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Tonnes
(greater than)
Category Cutoff Grade (greater than) 50 g/t AgEq(3) Cutoff
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(tonnes) Ag Au Pb Zn In AgEq(3)
(g/t) (g/t) (%) (%) (g/t) (g/t)
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Indicated 7,320,000 32.54 0.253 0.49 1.47 16.26 169.64
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Inferred 35,400,000 22.47 0.210 0.40 1.09 8.89 123.63
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The mineral resources are reported within a defined volume and at various silver equivalent cutoff grades as presented in tables 2 and 3, below. Due to the multiple veins involved with differing mineralogy in the various veins, a silver equivalent cutoff would better represent the relative metal grades of the veins in a polymetallic system. For this calculation 36 month rolling monthly average price data was collected from Kitco for gold and silver, MinorMetals for indium and Indexmundi for zinc and lead. A silver equivalent grade has been calculated from the combined gold, silver, zinc, lead and indium grades.
"These are exciting results and they confirm our confidence in Pinguino," said Ken Hicks, P.Geo., President of Argentex. "Our independent engineers have recommended a preliminary economic assessment study as well as a comprehensive new exploration program to test geophysical and geochemical targets at Pinguino. We believe this new exploration program can add to the property's existing potential."
The grade distribution for each variable of silver, zinc, indium, lead and gold were examined with the use of lognormal cumulative probability plots. In each case multiple overlapping lognormal populations were observed. In most cases the highest population was considered erratic high grade and therefore a cap was set to reduce the population.