AuEx Ventures, Inc.: New Stepout Hole at Long Canyon Reports 160 Feet @ 0.124 opt Gold
15 January 2010 - 11:00PM
Marketwired
AuEx Ventures, Inc. (TSX: XAU) ("AuEx" or the "Company") is pleased
to report additional, new gold intercepts from step-out/exploration
drilling completed at the Company's 49% owned Long Canyon gold
exploration project located within the Pequop Gold District in Elko
County, Nevada. These intercepts include hole LC411 with 0.124
ounces per ton gold over 160 feet, hole LC410 with 0.176 ounces per
ton gold over 70 feet, and hole LC403 with 0.127 ounces per ton
gold over 75 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 (to see
attached map please click on:
http://media3.marketwire.com/docs/xau115.jpg). Importantly, hole
LC411 is about 1,300 feet (400 meters) north of the last resource
model and is the northernmost hole drilled at Long Canyon. Viewed
in conjunction with hole LC372, located 1,300 feet (400 meters) to
the northeast of the existing resource model, with 0.071 ounces per
ton gold over 50 feet reported in the last AuEx press release dated
January 6, 2010, and new results from hole LC402 with 0.456 ounces
per ton gold over 25 feet, it is apparent that excellent
opportunity exists for resource growth at Long Canyon. This
includes both to the north and northeast of the known deposit and
from between known gold zones. Core holes LC403C and LC410C have
successfully established a mineralized zone, 1150 feet-long by 490
feet-wide, linking the Shadow and Crevasse Zones. This news release
is the final announcement of results from all exploration holes
completed in 2009 at Long Canyon. Results from remaining
metallurgical holes will appear in a subsequent news release.
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 activity at Long Canyon currently underway includes
continuing metallurgical evaluation based on large diameter ("PQ")
core recovered during 2009, an update to the resource estimate and
various engineering studies. The update to the resource estimate is
currently forecasted to be completed during the first half of 2010
and will incorporate all data from the 2009 drilling campaign. The
2010 budget for Long Canyon is presently 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 three 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 six 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.
---------------------------------------------------------------------
Intercept Intercept
From To Length Length Au Au
Hole ID (feet) (feet) (feet) (meters) oz/T (gpt)
---------------------------------------------------------------------
LC383C 508.0 523.0 15.0 4.6 0.06 2.04
---------------------------------------------------------------------
LC390C 342.5 400.0 57.5 17.5 0.055 1.90
---------------------------------------------------------------------
including 342.5 365 22.5 6.9 0.11 3.78
---------------------------------------------------------------------
including 396.0 400.0 4.0 1.2 0.142 4.88
---------------------------------------------------------------------
LC391C 322.0 348.5 26.5 8.1 0.093 3.17
---------------------------------------------------------------------
LC399C 224.5 262.5 38.0 11.6 0.101 3.47
---------------------------------------------------------------------
LC400 1035.0 1050.0 15.0 4.6 0.033 1.13
---------------------------------------------------------------------
LC401 226.5 236.0 9.5 2.9 0.057 1.95
---------------------------------------------------------------------
LC402 995.0 1020.0 25.0 7.6 0.456 15.60
---------------------------------------------------------------------
LC403 405.0 480.0 75.0 22.9 0.127 4.37
---------------------------------------------------------------------
including 440.0 470.0 30.0 9.1 0.248 8.51
---------------------------------------------------------------------
LC405 580.0 635.0 55.0 16.8 0.076 2.60
---------------------------------------------------------------------
including 605.0 615.0 10.0 3.1 0.194 6.68
---------------------------------------------------------------------
940.0 1040.0 100.0 30.5 0.222 7.60
---------------------------------------------------------------------
including 975 1020 45.0 13.7 0.451 15.46
---------------------------------------------------------------------
LC406 385.0 415.0 30.0 9.1 0.075 2.57
---------------------------------------------------------------------
LC408 295.0 340.0 45.0 13.7 0.066 2.26
---------------------------------------------------------------------
LC410 375.0 445.0 70.0 21.3 0.176 6.02
---------------------------------------------------------------------
including 405.0 445.0 40.0 12.2 0.275 9.43
---------------------------------------------------------------------
455.0 465.0 10.0 3.0 0.23 7.88
---------------------------------------------------------------------
LC411 620.0 780.0 160.0 48.8 0.124 4.23
---------------------------------------------------------------------
including 715.0 765.0 50.0 15.2 0.294 10.07
---------------------------------------------------------------------
Note: Holes LC384C, 386C, 387C, 395C, 397C, 398C, 404, 407, 409, 412,
413, 414, 415, 416 and 417 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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