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company achieved another milestone at Pinguino in mid September 2009, releasing an initial 43-101 mineral resource estimate including:
35.4 million tonnes at 4.0 oz/t (123.63 g/t) silver equivalent in the inferred category
7.3 million tonnes at 5.5 oz/t (169.64 g/t) silver equivalent in the indicated category
ARGENTEX MINING CLOSES $7,347,200 INVESTMENT WITH IFC, A MEMBER OF THE WORLD BANK GROUP
Concurrent with work at Pinguino, Argentex has been carrying out target definition exploration on the drill-ready gold Condor property. Detailed ground magnetometry and three-dimensional, induced polarization surveys have been completed, in addition to mapping and rock chip sampling.
Recently completed detailed exploration at Condor's El aguila vein area included 16 grab samples ranging in value from 0.25 g/t gold to 59 g/t gold (0.008 ounce per ton to 1.897 ounces per ton gold) within an area of approximately 2,000 m (6,560 feet) by 250 m (820 feet). Multiple parallel and conjugate veins were encountered in this vein swarm. The extent of these mineralized samples represents a potential 400-per-cent increase from the previously determined estimate of 400 m (1,312 feet) of strike length. The highest values come from an outcrop displaying visible gold in ginguro bands (fine black disseminated sulphides).
Detailed mapping at Condor has also discovered multiple occurrences of silicified travertine and other shallow, epithermal features, suggesting a paleo hot spring environment. More work is needed to evaluate these targets at depth. Considering the classic epithermal model, the company believes that this sinter represents the highest level of the system and therefore has potential to preserve precious metal mineralization below the surface.
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