VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 18, 2012) - Argentum Silver Corp. (TSX VENTURE:ASL) has received assay results from the first 3 diamond drill holes of the 17-hole Phase II step-out program at its Coyote silver property located in Jalisco, Mexico. To date, the El Tajo high-grade silver vein system has been tested over a 600 metre strike length. The results reported below targeted the El Tajo vein on a 50 metre drill center pattern. The El Tajo vein was intercepted at depths ranging from 50 to 120 metres vertically below surface. A shallower vein in the hanging wall or Upper vein was also intersected while targeting the El Tajo vein.
Results from the first 3 diamond drill holes are as follows:
|Upper El Tajo||2012-26||50.05||51.00||0.95||796||0.28||810|
|Upper El Tajo||2012-28||50.50||53.50||3.00||72||0.02||73|
|1 True widths are estimated to be roughly 70% of drill intercept length.|
|2 AgEQ=Silver Equivalent based on gold price of US$1756.1/oz and silver price of US$33.63/oz.|
Warren McIntyre, President of Argentum Silver stated, "We are encouraged by the results of the first three step-out holes in the historic El Tajo mine area. The Coyote Project and specifically the El Tajo vein system is demonstrating the potential to become the marquis asset of the Company. These drill holes are the first drill holes completed at El Tajo to establish a third dimension and where we have only drill-tested to approximately a 120 metre vertical depth from surface. Further step-out holes are warranted to define the extent of the mineralization to depth, and the system remains open to the north-east and south-west."
In total, the Phase II drill program comprised seventeen core holes totaling 2,164 metres. The remaining holes awaiting assay results include 11 more holes on the El Tajo vein and 3 scout holes on portions of La Colorada mineralized zone, which will be reported once received. Collectively in the Phase I and II drill programs, the El Tajo and La Colorada veins have been traced for over a 1,100 metre strike length at surface.
The 1053-hectare Coyote property contains dozens of individual low sulfidation epithermal silver-gold veins and stockworking. Most of the mineralization occurs within seven defined zones within an area of approximately 1.5 by 2.6 kilometres. Vein widths typically range from 1 to over 5 metres. Zones of stockworking have locally been surface mapped over widths exceeding 35 metres. 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, roughly a 3 1/2 hour drive. Topography is generally gentle to moderate. A regional electrical power line crosses the property.
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 Argentum Silver
Argentum has earned a 100% interest in the Coyote silver-gold project and the Victoria property, each located in Jalisco, Mexico. Argentum also owns a 100% interest in the Lachiguiri and Silacayoapan properties, all located in Oaxaca, Mexico. For further information, please go to www.argentumsilvercorp.com.
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.