AuEx Ventures, Inc.: West Pequop Final 2009 Drill Results and Exploration Update
04 Mars 2010 - 1:00PM
Marketwired
AuEx Ventures, Inc. (TSX: XAU) ("AuEx" or the "Company") is pleased
to announce the final 2009 drill results and an important new
target developing in the core of the mountain from the West Pequop
project in joint venture with operating partner Agnico-Eagle (USA),
Limited. The 2009 drill program at West Pequop consisted of 57 core
and reverse circulation drill holes totaling 51,359 feet. This
release reports on the results from the final 23 holes including
holes.
WN195 with 40 feet at 0.061 ounces per ton ("opt") gold,
WN202 with 40 feet at 0.083 opt gold,
WN203 with 45 feet at 0.058 opt gold, and
WN205 with 80 feet at 0.043 opt gold.
An updated table of all drill results for 2009 is posted on the
Company's website. The 2009 drilling program has provided better
definition of mineralization in the Acrobat/Juggler, Section 34 and
Mountain Top deposits and more data on the Range Front Target and
on a new target named Trapeze. An initial resource estimate is
currently underway for the three deposits at West Pequop and should
be released during the second quarter of 2010.
In addition to drilling, trenching across the structure at the
Mountain Top deposit included 85 feet at 0.141 opt gold. The
trenching will constrain the geometry of grade shells being
developed for the first resource estimate.
In 2009, exploration outside the previously drilled areas
expanded in scope throughout the West Pequop Joint Venture's area
of interest. A soil survey of over 9,800 samples was carried out
over an area of four by eight miles on a variable grid of 800 by
200 feet down to 200 by 100 feet. In addition, reconnaissance
mapping in select areas was completed and more than 1,300 new rock
chip samples were taken. The findings of this work lead to the
recognition of significant anomalism along the range front, more
mineralization between previously drilled areas, and anomalies
associated with faults and karst features in a north-south-trending
graben that comprises the crest of the Pequop Mountains between the
Mountain Top Zone and Long Canyon. The graben preserves favorable
calcareous host rocks of Ordovician Pogonip Group and the Cambrian
sequence beneath the Eureka Quartzite, which has been relatively
impermeable to ascending hydrothermal fluids. The soil analyses
(ranging from below the detection limit of 1 ppb to up to 6.2 grams
per ton gold) outline considerable leakage around and within the
graben structure.
The ground between Long Canyon and West Pequop is highly
prospective and received only preliminary surficial exploration.
Drilling in 2010 will for the first time, begin to step out from
the known drilled mineralization and start to evaluate the numerous
other targets that include multi-gram gold surface samples.
Systematic exploration in this new gold district and exciting new
results highlight the promise of further discovery and resource
expansion for years to come. Importantly, the secondary and
tertiary targets defined by anomalous gold, trace elements,
geophysics, structural and lithologic extrapolation have not begun
to be tested.
As reported to AuEx by Agnico-Eagle, all drill samples were
collected following standard industry practice and were assayed by
American Assay Laboratories, Inc. of Sparks, Nevada. Gold results
were determined using standard fire assay techniques on a 30 gram
sample with an atomic absorption finish. Samples assaying over 3
parts per million gold are routinely re-assayed using standard fire
assay techniques on a 30 gram sample with a gravimetric finish.
QA/QC included the insertion of numerous standards and blanks into
the sample stream. Check assays and preliminary cyanide amenability
testing is underway. All intercepts are reported as drilled and
true widths have not been calculated. All data, as reported to the
Company by Agnico-Eagle and disclosed in this press release,
including sampling, analytical and test data, have been reviewed by
the Company's qualified person Mr. Ronald L. Parratt, M.Sc., and
Certified Professional Geologist. Further details concerning the
West Pequop property are described in the Company's National
Instrument 43-101 report filed on Sedar and are 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/Utah, one project in Spain and four projects in
Argentina. The Company controls about 167,000 acres of unpatented
mining claims and fee land in Nevada. Fourteen of the projects are
in joint venture or exploration earn-in agreements with seven
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.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt President and
CEO 775-337-1545 rparratt@auex.com
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