VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Argentum Silver Corp. (TSX VENTURE:ASL) has now received results from 11 of 17 diamond drill holes completed on the 2,164 metre Phase II drill program at its Coyote silver-gold property in Jalisco, Mexico. These 11 holes targeted the El Tajo vein, and all holes intersected the vein with silver mineralization over a total strike length of 600 metres to date.
Results now available from the 8 newest drill holes (along with results from the first 3 drill holes previously reported in our news release dated October 18, 2012) demonstrate the continuity of silver mineralization on the El Tajo vein, in addition to encountering up to three new hanging wall veins. Highlights from these 8 new drill holes include 3.65 metres of 328 g/t silver (Ag) and 0.85 metres of 1,083 g/t Ag from Hole 2012-29; 4.4 metres of 170 g/t silver from Hole 2102-30; and 1.95 metres of 854 g/t silver from Hole 2102-36. All 8 holes returned mineralized intercepts as follows:
|Upper El Tajo 2
|Upper El Tajo 1
|Upper El Tajo 3
|Upper El Tajo 2
1True widths are estimated to be roughly 70% of drill intercept length.
2AgEQ = Silver Equivalent based on Au price of US$1756.1/oz and Ag price of US$33.63/oz.
The El Tajo vein has been intercepted by drilling to depths ranging from 65 to 120 metres vertical from surface, over a strike length of 600 metres. El Tajo drill intercepts to date range from 0.85 metres to 11.0 metres (11.0 metres of 288 g/t Ag from Hole 2012-28). Grades range from 38 g/t Ag to 1,470 g/t Ag (4.0 metres of 1,470 g/t Ag from Hole 2012-3). Separate mineralized hanging wall veins were encountered in four of the 11 Phase 2 holes drilled.
Warren McIntyre, President of Argentum, states, "That's 11 mineralized intercepts for 11 holes drilled in the El Tajo mine area in our Phase II drill program. Drilling was carried out over a 600 meter strike length, where high-grade silver mineralization has been intercepted in the El Tajo vein and its newly discovered hanging wall veins. Drilling has locally tested the system to a vertical depth of only 120 metres. The El Tajo vein remains open at depth and to the north-east and south-west. The Company plans to complete a target deposit calculation at El Tajo to assess the resource potential in this zone prior to resuming drilling at Coyote."
Results are still pending from 3 additional drill holes in the El Tajo historic mine area and 3 scout drill holes completed on portions of the La Colorada mineralized zone. Collectively with the Phase I and II programs, the El Tajo and La Colorada veins will have been traced for over a 1,100 metre strike length on surface.
The 1053-hectare Coyote property contains dozens of individual low sulfidation epithermal silver-gold veins and stockworking. Most of the mineralization occurs within six defined zones within an area of approximately 1.5 x 2.6 kilometres. Vein widths typically range from 1 to over 5 metres. Stockwork zones have locally been mapped at surface where widths have exceeded 35 metres. Results released from this drill program have only tested the El Tajo historic mine area.
Assaying from this program was completed by ALS Chemex through their office in Guadalajara, Mexico. Analytical procedures include a 33 element ICP-AES analysis (ME-ICP61m) and a 50 g FA AA finish for gold (AA-24). Silver assays exceeding 100 g/t are re-assayed by HCL leach with an ICP-AES or AAS finish (OG62). Paul Cowley, P.Geo., and the Company's Senior Geological Consultant and Advisor, and a Qualified Person under NI 43-101 has designed and supervised the program, and reviewed and approved the contents of this press release.
About Coyote Property
The Coyote project is located near the town of Chilicayote, within the state of Jalisco, Mexico. Road access and infrastructure are excellent. The property is approximately 150 linear kilometres southwest of the capital city of Guadalajara, and roughly a 3 1/2 hour drive. Topography is generally gentle to moderate. A regional electrical power line crosses the property.
About Argentum Silver
Argentum has earned a 100% interest in the Coyote silver-gold project and Victoria property located in Jalisco, Mexico. Argentum also owns a 100% interest in the Lachiguiri and Silacayoapan properties, all located in Oaxaca, Mexico.
On behalf of the Board of Directors of Argentum Silver Corp.
Warren McIntyre, President and Chief Executive Officer
Argentum Silver Corp.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Argentum relies upon litigation protection for forward-looking statements.
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.