VANCOUVER , March 7 /PRNewswire/ - Argentex Mining Corporation (TSXV: ATX) (OTCBB: AGXM) is pleased to announce that a second drill rig has been deployed to its 100% owned Pinguino property in Santa Cruz province, Argentina. The company is ramping up its proposed 17,000-meter drilling program to accommodate the large number of generated targets, with this second rig specifically dedicated to core drilling. To date, approximately 850 meters of HQ core has been completed between the Marta Este and Marta Centro zones as part of the 2010-2011 program.
At the same time, ongoing reverse circulation (RC) drilling at Pinguino project is progressing well, with approximately 5,500 meters completed to date. The 2011 exploration budget for Pinguino is approximately $4 million.
The RC drilling completed has tested the upper part of the oxide horizon within 13 silver-dominant zones including Tranquilo, Marta Este and Marta Norte. An additional target is the contact of oxide-primary mineralization, located approximately 50 meters below surface. Geological modeling suggests a possible zone of secondary silver enrichment at that interface. Excellent potential exists within these targets for expansion and definition of additional silver mineralization.
Complementing the drilling program is an extensive program of trenching to test strategic surface targets. To date, eight silver-gold veins including silver-rich Marta Norte have been trenched for a total of 6,980 meters. The focus of our exploration activities at Pinguino is the expansion of near-surface silver discoveries with our overall goal of defining the extensive mineralized footprint.Rock samples from RC and diamond drilling together with diamond saw channel samples from trenching have been submitted to Acme Analytical Laboratories for analysis and results are pending. The exciting new discoveries in 2010 of high-grade silver within the Tranquilo and Luna structures adds to the overall potential of the previously known precious metal mineralization at Pinguino. More than 50 individual veins have been discovered to date at Pinguino, with a combined strike length in excess of 75 line kilometers. Only a small percentage of Pinguino's entire system of veins and known targets has been drill tested to date.