AuEx Ventures, Inc.: Final 2009 Long Canyon Holes Produce Strong Results
01 February 2010 - 11:00PM
Marketwired
AuEx Ventures, Inc. (TSX: XAU) ("AuEx" or the "Company") is pleased
to report assay results for the remaining holes completed as part
of the 2009 drilling program at the Company's 49% owned Long Canyon
gold exploration project located within the Pequop Gold District in
Elko County, Nevada. These holes include hole LCM22 with 130 feet
grading 0.145 ounces per ton (opt), hole LCM30 with 255 feet
grading 0.115 opt, hole LCM33 with 140 feet grading 0.096 opt and
hole LCM36 with 39 feet grading 0.494 opt. These new intercepts
were obtained from core holes drilled as infill holes to confirm
and upgrade mineralization and to gather additional material for
further metallurgical testing. Essentially all of these holes
encountered reportable grade, oxide gold mineralization (see
attached table and map). Fronteer Development Group, Inc.
("Fronteer"), operator and 51% owner, provided these results to the
Company from the remaining holes completed as part of the 2009
drilling campaign (to see attached map please click on:
http://media3.marketwire.com/docs/xau21.jpg). These new results,
combined with the results from the holes drilled earlier in 2009,
provide a strong confirmation and growing confidence in the
geological model and the 3-dimensional distribution of gold within
the Long Canyon gold deposit. This knowledge will be of great value
in planning further drilling at Long Canyon especially additional
step-out drilling to both the northeast and southwest. In addition,
these data will benefit the development and testing of new
exploration areas on the large 12,000 acre property. This news
release is the final announcement of results from all drill holes
completed in 2009 at Long Canyon. A total of 238 holes were drilled
at Long Canyon during 2009 aggregating 108,766 feet. This included
186 core holes totaling 74,021 feet and 52 reverse circulation
drill holes totaling 34,745 feet. The 2010 drilling program is
expected to begin in March or April depending on field conditions.
The Long Canyon gold deposit consists of multiple, sub-parallel
north to northeast-directed zones of oxidized Carlin-style gold
mineralization aggregating 1,300 feet (400 meters) in width with a
current strike length of approximately 1.60 miles (2.6 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 tests completed to date
indicate that mineralization is treatable using conventional gold
recovery techniques. In addition, significant untested exploration
potential is still apparent within the property based on geological
mapping and surface geochemical sampling conducted as part of the
2009 exploration program. Other gold exploration targets will be
explored as permitting and budgets allow.
Other activity at Long Canyon currently underway includes
continuing metallurgical evaluation of column test results on core
recovered early in the 2009 program and planning for additional
column work utilizing core recovered later in the year and the
subject of this press release. In addition, an update to the Long
Canyon resource estimate is currently underway and is currently
forecasted to be completed during the first half of 2010. This
update will incorporate all data from the 2009 drilling campaign.
The 2010 budget for Long Canyon is presently under review and will
be announced shortly.
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.
---------------------------------------------------------------------------
Inter- Inter-
cept cept
From To Length Au From To Length Au
Hole ID (feet) (feet) (feet) oz/T (meters) (meters) (meters) (gpt)
---------------------------------------------------------------------------
LCM21 92 115 23 0.026 28 35.1 7.0 0.90
---------------------------------------------------------------------------
152 172 20 0.020 46.3 52.4 6.1 0.69
---------------------------------------------------------------------------
LCM22 42 61.5 19.5 0.017 12.8 18.8 5.9 0.58
---------------------------------------------------------------------------
87 217 130 0.145 26.5 66.2 39.6 4.97
---------------------------------------------------------------------------
including 151.5 172 20.5 0.489 46.2 52.4 6.3 16.76
---------------------------------------------------------------------------
LCM23 167 192 25 0.034 50.9 58.5 7.6 1.17
---------------------------------------------------------------------------
LCM24A 10.5 16 5.5 0.077 3.2 4.9 1.7 2.63
---------------------------------------------------------------------------
LCM24B 6 20 14 0.034 1.8 6.1 4.3 1.18
---------------------------------------------------------------------------
LCM24C 8 20.5 12.5 0.152 2.4 6.3 3.8 5.19
---------------------------------------------------------------------------
LCM24D 5.5 34.5 29 0.334 1.7 10.5 8.8 11.45
---------------------------------------------------------------------------
LCM24E 2.5 26.5 24 0.172 0.8 8.1 7.3 5.88
---------------------------------------------------------------------------
LCM25A 5.5 19.5 14 0.024 1.7 5.9 4.3 0.81
---------------------------------------------------------------------------
LCM25B 3.5 12.5 9 0.083 1.1 3.8 2.7 2.86
---------------------------------------------------------------------------
LCM25C 2.5 13.5 11 0.080 0.8 4.1 3.4 2.73
---------------------------------------------------------------------------
LCM25D 2 15.5 13.5 0.067 0.6 4.7 4.1 2.31
---------------------------------------------------------------------------
LCM25E 1 18.5 17.5 0.072 0.3 5.6 5.3 2.47
---------------------------------------------------------------------------
LCM26 274 301 27 0.183 83.5 91.8 8.2 6.25
---------------------------------------------------------------------------
316 326 10 0.029 96.3 99.4 3.0 1.00
---------------------------------------------------------------------------
LCM27 285.5 322 36.5 0.046 87 98.2 11.1 1.57
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LCM29 26 106 80 0.157 7.9 32.3 24.4 5.36
---------------------------------------------------------------------------
including 81 98.5 17.5 0.581 24.7 30 5.3 19.90
---------------------------------------------------------------------------
206 216 10 0.015 62.8 65.9 3.0 0.53
---------------------------------------------------------------------------
LCM30 26 281 255 0.115 7.9 85.7 77.7 3.94
---------------------------------------------------------------------------
including 101 121 20 0.387 30.8 36.9 6.1 13.25
---------------------------------------------------------------------------
including 176.5 191 14.5 0.730 53.8 58.2 4.4 25.01
---------------------------------------------------------------------------
including 252 267 15 0.175 76.8 81.4 4.6 6.00
---------------------------------------------------------------------------
LCM31 11 91 80 0.029 3.4 27.7 24.4 0.98
---------------------------------------------------------------------------
LCM32 351.5 367 15.5 0.408 107.2 111.9 4.7 13.97
---------------------------------------------------------------------------
including 357 364 7 0.887 108.8 111 2.1 30.37
---------------------------------------------------------------------------
LCM33 238 378 140 0.096 72.6 115.2 42.7 3.29
---------------------------------------------------------------------------
including 308 332.2 24.2 0.340 93.9 101.3 7.4 11.63
---------------------------------------------------------------------------
LCM34 173 338 165 0.068 52.7 103 50.3 2.33
---------------------------------------------------------------------------
including 218 234 16 0.179 66.5 71.3 4.9 6.12
---------------------------------------------------------------------------
including 278 288 10 0.151 84.8 87.8 3.0 5.18
---------------------------------------------------------------------------
LCM35 222 268 46 0.060 67.7 81.7 14.0 2.06
---------------------------------------------------------------------------
LCM36 114 153 39 0.494 34.8 46.6 11.9 16.91
---------------------------------------------------------------------------
including 123 153 30 0.636 37.5 46.6 9.1 21.78
---------------------------------------------------------------------------
LCM37 91 132.5 41.5 0.087 27.7 40.4 12.7 2.99
---------------------------------------------------------------------------
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com www.auex.com
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