TORONTO (miningweekly.com) – Vancouver-based Argentex Mining has received an initial mineral resource estimate for its Pinguino property, in Argentina's Santa Cruz province

At a 50 g/t silver-equivalent cutoff, the property contains 7,32-million tons of indicated resources, grading 32,54 g/t silver, 0,253 g/t gold, 0,49% lead, 1,47% zinc and 16,26 g/t indium.

There are also 35,4-million tons of inferred resources, at 22,47 g/t silver, 0,21 g/t gold, 0,40% lead, 1,09% zinc and 8,89 g/t indium.

The indicated resources are calculated at 169,64 g/t of silver equivalent, plus 123,63 g/t of silver equivalent in the inferred category.

"These are exciting results and they confirm our confidence in Pinguino," Argentex president Ken Hicks commented.

"Our independent engineers have recommended a preliminary economic assessment study, as well as a comprehensive new exploration programme to test geophysical and geochemical targets at Pinguino.

“We believe this new exploration programme can add to the property's existing potential."

Argentex shares rose 14,5% on Monday, to C%0,95 apiece by 15:48 in Toronto.

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