AuEx Ventures Inc: Step-Out Hole at Long Canyon Reports Highest Grade/Thickness Intercept to Date-115 Feet @ 0.27 OPT Gold
06 Janvier 2010 - 2:30PM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report
new gold intercepts from step-out and exploration drilling
completed at the Company's 49% owned Long Canyon gold exploration
project located within the Pequop Gold District in Elko County,
Nevada. This drilling includes hole LC388 with 0.271 ounces per ton
gold over 115 feet - the highest grade times thickness intercept to
date - and hole LC377C with 0.388 ounces per ton gold over 73 feet.
Fronteer Development Group, Inc. ("Fronteer"), operator and 51%
owner, provided these results to the Company from new holes
completed as part of the 2009 drilling campaign (see attached map:
http://media3.marketwire.com/docs/xau15.pdf). Importantly, in
addition to the above results, hole LC372 with 0.071 ounces per ton
over 50 feet demonstrates that gold mineralization extends at least
an additional 1,300 feet (400 meters) to the northeast of the
existing resource model. Assays for numerous additional step-out
and exploration holes in this area are still pending. All
mineralization encountered in the 2009 drilling program continues
to be oxidized and open to extension.
The Long Canyon gold deposit consists of multiple, sub-parallel
north to northeast-directed zones of oxidized Carlin-style gold
mineralization aggregating 800 to 1,000 feet (240 to 300 meters) in
width with a current strike length of approximately 1.50 miles (2.4
km) that is still open to extension. Mineralization outcrops in the
central portion of the deposit, plunges shallowly to the northeast
and is amenable to open pit mining. Metallurgical testwork
completed to date indicates that mineralization is treatable using
conventional gold recovery techniques. In addition, significant
untested exploration potential is still apparent within the 12,000
acre property based on geological mapping and surface sampling
conducted as part of the 2009 exploration program. Other gold
exploration targets will be subject to exploration as permitting
and budgets allow.
Other Long Canyon activity currently underway includes
additional metallurgical evaluation based on large diameter ("PQ")
core recovered during 2009, an updated resource estimate and
various engineering studies. The updated resource estimate will be
completed by the end of the 1st quarter of 2010 incorporating data
from the 2009 drilling campaign. The 2010 budget for Long Canyon is
under review and will be announced once approved.
As reported to AuEx by Fronteer, all drill samples were
collected following standard industry practice and assayed by ALS
Chemex of Reno, Nevada. Gold results were determined using standard
fire assay techniques on a 30 gram sample with an atomic absorption
finish. Samples exceeding 5 grams per tonne gold were re-assayed
using a gravimetric finish and the values received were reported in
the averages. QA/QC included the insertion of numerous standards
and blanks into the sample stream, and a check assaying program
that is underway at another laboratory. A table containing all
drill results to date using a 0.3 gram/tonne cutoff is posted on
the Company's website. All data, as reported to the Company by
Fronteer and disclosed in this press release, including sampling,
analytical and test data, have been reviewed by the Company's
qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified
Professional Geologist as recognized by the American Institute of
Professional Geologists. Further details concerning the Long Canyon
property are described in the Company's National Instrument 43-101
report filed on Sedar and posted on the Company's website at
www.auex.com.
AuEx Ventures, Inc. is a TSX listed precious metals exploration
company that has a current portfolio of twenty one exploration
projects in Nevada, one project in Spain and two projects in
Argentina. The Company controls about 167,000 acres of unpatented
mining claims and fee land in Nevada. Ten of the projects are in
joint venture or exploration earn-in agreements with five
companies. The Company applies the extensive Nevada exploration
experience and high-end technical skills of its founders to search
for and acquire new precious metal exploration projects that are
then offered for joint venture.
AuEx Ventures, Inc.
Ronald L. Parratt, President and CEO
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although the management of
AuEx believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information. This press
release uses the terms "indicated resources" and "inferred
resources", which are calculated in accordance with the Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. We advise investors that while
those terms are recognized and required by Canadian regulations,
the U.S. Securities and Exchange Commission does not recognize
them. U.S. investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into reserves. In addition, "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally minable.
---------------------------------------------------------------
Hole ID From To Intercept LengthIntercept Length Au Au
---------------------------------------------------------------
(feet)(feet) (feet) (meters) oz/T(gpt)
---------------------------------------------------------------
LC330C 295 310.5 15.5 4.7 0.022 0.75
---------------------------------------------------------------
LC331C 109.5 122 12.5 3.8 0.012 0.41
---------------------------------------------------------------
139 223 84 25.6 0.058 1.97
---------------------------------------------------------------
including 177.5 198 20.5 6.3 0.148 5.09
---------------------------------------------------------------
LC332C 57 64.3 7.3 2.2 0.019 0.66
---------------------------------------------------------------
255.8 264 8.2 2.5 0.155 5.30
---------------------------------------------------------------
310 391.4 81.4 24.8 0.083 2.84
---------------------------------------------------------------
including 320.5 337 16.5 5.0 0.30310.36
---------------------------------------------------------------
LC333C 423 454 31 9.5 0.169 5.80
---------------------------------------------------------------
including 434 448 14 4.3 0.32111.01
---------------------------------------------------------------
LC334C 31 39 8 2.4 0.011 0.37
---------------------------------------------------------------
134.5 160 25.5 7.8 0.026 0.89
---------------------------------------------------------------
including 150.5 160 9.5 2.9 0.047 1.63
---------------------------------------------------------------
LC335C 271 280 9 2.7 0.048 1.66
---------------------------------------------------------------
LC342C 198 227.5 29.5 9.0 0.098 3.34
---------------------------------------------------------------
LC344C 248 258 10 3.0 0.026 0.87
---------------------------------------------------------------
LC345C 133 148 15 4.6 0.02 0.60
---------------------------------------------------------------
LC359 515 530 15 4.6 0.011 0.39
---------------------------------------------------------------
LC360C 281 300 19 5.8 0.123 4.22
---------------------------------------------------------------
401 417.5 16.5 5.0 0.06 2.05
---------------------------------------------------------------
LC371 485 510 25 7.6 0.026 0.89
---------------------------------------------------------------
LC372 635 655 20 6.1 0.045 1.54
---------------------------------------------------------------
845 885 40 12.2 0.019 0.66
---------------------------------------------------------------
930 980 50 15.2 0.071 2.45
---------------------------------------------------------------
LC373C 408 418 10 3.0 0.057 1.97
---------------------------------------------------------------
433 443 10 3.0 0.012 0.40
---------------------------------------------------------------
LC374 435 450 15 4.6 0.011 0.37
---------------------------------------------------------------
690 700 10 3.0 0.01 0.33
---------------------------------------------------------------
730 745 15 4.6 0.013 0.46
---------------------------------------------------------------
LC377C 583 605 22 6.7 0.143 4.91
---------------------------------------------------------------
923 996 73 22.4 0.38813.28
---------------------------------------------------------------
including 946 986 40 12.2 0.68423.42
---------------------------------------------------------------
LC379 795 865 70 21.3 0.022 0.75
---------------------------------------------------------------
LC382 710 765 55 16.8 0.028 0.96
---------------------------------------------------------------
LC385C 177 196 19 5.8 0.114 3.89
---------------------------------------------------------------
LC388 370 485 115 35.1 0.271 9.29
---------------------------------------------------------------
LC389 460 475 15 4.6 0.028 0.98
---------------------------------------------------------------
500 540 40 12.2 0.078 2.67
---------------------------------------------------------------
LCG04 407 422.5 15.5 4.7 0.026 0.89
---------------------------------------------------------------
Note: Holes LC325C, 327C, 328C, 336C, 337C, 338C, 339C, 340C,
348C, 358, 363C, 367, 375C, 378, 381, 392, 393 and 396 did not
contain reportable intercepts. True widths of the mineralized
intervals are interpreted by Fronteer to be between 70-100% of the
reported lengths. Holes ending in "C" indicates core. A table of
comprehensive drill results, including non-reportable intercepts,
is posted on the Company's website.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com www.auex.com
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