AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to report an updated resource estimate for the Company's 49% owned
Long Canyon gold deposit located within the Pequop Gold District in
eastern Elko County, Nevada. The resource has grown significantly
and exploration results continue to demonstrate the attractiveness
and growth potential of the Long Canyon gold deposit.
The Classified Mineral Resource estimate is quoted at a cut-off
grade 0.2 grams per tonne ("g/t") and consists of;
-- A Measured and Indicated resource of 672,000 ounces of gold at an
average grade of 1.71 g/t gold (12,240,000 tonnes); and
-- An Inferred resource of 552,000 ounces of gold at an average grade of
1.65 g/t gold (10,394,000 tonnes)
Ronald L. Parratt, President & CEO of AuEx stated, "This new
resource estimate continues to demonstrate the robustness and
upside potential of Long Canyon and of the new Pequop Gold
District. Mineralization still has significant growth potential and
many exploration targets remain to be drill tested. Additional
surface evaluation may lead to the identification of additional
targets as well. Exploration activity is underway with five drill
rigs working and with significant engineering, metallurgy and
environmental work ongoing. We look forward to another exciting
year for Long Canyon."
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2010 Resource
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Cut-off Tonnes g/t Au oz Au
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0.20 587,000 2.50 47,000
Measured 0.30 510,000 2.84 47,000
1.00 297,000 4.47 43,000
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0.20 11,653,000 1.67 625,000
Indicated 0.30 9,839,000 1.93 611,000
1.00 4,432,000 3.61 515,000
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0.20 12,240,000 1.71 672,000
Measured & Indicated 0.30 10,348,000 1.98 657,000
1.00 4,729,000 3.67 558,000
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0.20 10,394,000 1.65 552,000
Inferred 0.30 8,292,000 2.01 536,000
1.00 3,571,000 3.97 456,000
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The block-diluted resources are shown at additional cutoffs in
order to provide grade-distribution information. Using a 0.3 g/t
cut-off, as was used for the 2009 initial resource, the 2010
resource contains an increase over the 2009 estimate of 81% for
resources in the Measured & Indicated category and a 17%
increase for resources in the Inferred category. The focus in 2009
was on infill drilling with less step-out drilling. It is important
to note that at a higher 1.0 g/t cut-off, the total resource ounces
are only slightly reduced however the grade of mineralization more
than doubles demonstrating the robust, high-grade nature of the
deposit as shown below;
Measured and Indicated resource of 558,000 ounces at an average grade
of 3.67 g/t gold (4,729,000 tonnes) and,
Inferred resource of 456,000 ounces at an average grade of 3.97 g/t
gold (3,571,000 tonnes)
The 2010 exploration and development program for Long Canyon is
budgeted at $19,800,000 funded 49% by AuEx and will consist of
45,000 metres of additional infill drilling as well as significant
step-out drilling to help further define the limits of the deposit.
Further surface exploration consisting of soil and rock chip
sampling is also planned to define additional exploration targets
on the large property package. Further column leach metallurgical
testing, geotechnical evaluation and other engineering activities
are underway to move the project to the pre-feasibility stage.
The Long Canyon mineral resource estimation was completed by
Mine Development Associates ("MDA") as of May 13, 2010. The
resources were modeled and estimated by evaluating the drill data
statistically and utilizing geologically interpreted cross-sections
provided by Fronteer to interpret mineral domains on cross-sections
spaced at 50-metre intervals throughout the extent of the Long
Canyon mineralization. The mineral domain interpretations were then
rectified on cross-sections spaced at 10-metre intervals. The
modeled mineralization was analyzed statistically to establish
estimation parameters, and gold grades were estimated by
inverse-distance methods into a block model with 5 metre (width) x
10 metre (length) x 3 metre (height) blocks that were coded to the
mineral domains by the 10-metre mineral domain polygons. All
modeling of the diluted resources was performed using Gemcom
Surpac® software. Quality-control data generated during the various
drill programs conducted at Long Canyon were independently reviewed
by MDA as part of the resource study. The person responsible for
the resource estimate on behalf of MDA is Michael Gustin, Ph.D., P.
Geo, a Qualified Person as defined by National Instrument 43-101.
Further details of the estimation procedure will be available in an
updated NI 43-101 report, which will be filed by the Company on
SEDAR (www.sedar.com), no later than 45 days from the date of this
release.
Ronald L. Parratt, Certified Professional Geologist, is the
Company's designated Qualified Person for this news release and has
reviewed the information contained in the release and confirmed
that it is consistent with that provided by Michael Gustin of MDA,
the independent QP responsible for the resource estimate.
The Long Canyon deposit is subject to a joint venture agreement
with Fronteer Gold, Inc. the 51% owner and operator.
AuEx Ventures, Inc. is a precious metals exploration company
that has a current portfolio of nineteen exploration projects in
Nevada, one project in Utah, four projects in Argentina and one
project in Spain. The Company controls about 167,000 acres of
unpatented claims and fee land in prospective areas of Nevada.
Fifteen of the projects are in exploration earn-in or formal joint
venture agreements with eight companies who provide exploration
funding. The Company applies the extensive 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 is listed on the Toronto Stock
Exchange under the symbol XAU.
AuEx Ventures, Inc.
By: Ronald L. Parratt, President & 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.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt President &
CEO 775-337-1545 rparratt@auex.com www.auex.com
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