AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to report this first resource estimate for the Company's 49% owned
West Pequop Joint Venture located within the new Pequop Gold
District in eastern Elko County, Nevada. The resource estimate, on
a 100% basis, includes the Section 34, Acrobat and Mountain Top
gold deposits and incorporates drilling completed through the end
of 2009. All three gold deposits are located within a four square
mile area. In addition, the Long Canyon deposit (reported on May
19, 2010 in press release NR10-12) on adjoining property to the
east creates a significant district resource with near and long
term growth potential.
West Pequop JV
The combined Classified Mineral Resource estimate for all three
deposits is quoted at a cut-off grade of 0.3 grams per tonne and
consists of;
-- An Indicated Resource of 64,138 ounces at an average grade of 1.63 g/t
gold (1,227,000 tonnes); and
-- An Inferred Resource of 249,441 ounces at an average grade of 1.41 g/t
gold (5,504,000 tonnes).
Commenting on these results, Ronald L. Parratt, President &
CEO of AuEx stated, "This initial resource estimate for the West
Pequop project, together with the updated resource at the Long
Canyon project, further demonstrates the discovery potential for
Carlin style mineralization in the Pequop District. Exploration is
still in early stages and the potential for resource growth at both
projects is excellent. Mineralization is still open and many
exploration targets remain to be drill tested. Exploration activity
is underway at West Pequop and Long Canyon to pursue these numerous
opportunities."
The resources for each of the three deposits at West Pequop are
shown below at additional cutoffs in order to provide
grade-distribution information.
----------------------------------------------------------------------------
Acrobat Indicated Inferred
-------------------------------------- -----------------------------------
Cutoff Tonnes Grade Cutoff Tonnes Grade
Au g/t (k) g/t Oz Au g/t (k) g/t Oz
-------------------------------------- -----------------------------------
0.2 676 1.17 25,396 0.2 2,570 1.07 88,599
-------------------------------------- -----------------------------------
0.3 581 1.32 24,644 0.3 2,178 1.22 85,362
-------------------------------------- -----------------------------------
0.5 450 1.59 23,034 0.5 1,604 1.52 78,302
-------------------------------------- -----------------------------------
1 258 2.22 18,407 1 992 2.00 63,761
-------------------------------------- -----------------------------------
Section 34 Indicated Inferred
-------------------------------------- -----------------------------------
Cutoff Tonnes Grade Cutoff Tonnes Grade
Au g/t (k) g/t Oz Au g/t (k) g/t Oz
-------------------------------------- -----------------------------------
0.2 642 1.39 28,698 0.2 3,714 1.15 137,119
-------------------------------------- -----------------------------------
0.3 527 1.64 27,809 0.3 2,883 1.41 130,625
-------------------------------------- -----------------------------------
0.5 426 1.93 26,502 0.5 2,162 1.75 121,490
-------------------------------------- -----------------------------------
1 221 3.10 22,098 1 1,135 2.68 97,899
-------------------------------------- -----------------------------------
Mtn. Top Indicated Inferred
-------------------------------------- -----------------------------------
Cutoff Tonnes Grade Cutoff Tonnes Grade
Au g/t (k) g/t Oz Au g/t (k) g/t Oz
-------------------------------------- -----------------------------------
0.2 126 2.91 11,746 0.2 470 2.23 33,671
-------------------------------------- -----------------------------------
0.3 119 3.06 11,685 0.3 443 2.35 33,454
-------------------------------------- -----------------------------------
0.5 99 3.59 11,450 0.5 408 2.52 33,018
-------------------------------------- -----------------------------------
1 81 4.24 11,085 1 293 3.22 30,333
----------------------------------------------------------------------------
The West Pequop project is subject to a joint venture agreement
with Agnico-Eagle (USA) Limited, currently 51% owner and operator.
Agnico-Eagle is solely funding exploration at present to earn an
additional 19% undivided interest (for a total of 70%) in the
project. Exploration drilling for the 2010 field season has just
commenced and Agnico-Eagle plans to expend approximately $3,250,000
in further exploration at West Pequop. This will consist of step
out drilling to test new exploration targets defined during 2009
and infill drilling to expand and possibly connect the known
deposits. At least 50,000 feet of drilling is expected to be
completed during 2010 at the project.
The West Pequop mineral resource estimate is as of May 13, 2010.
The mineral resources estimate was completed by SRK Consultants of
Tucson, Arizona and Denver, Colorado. The resources were modeled
and estimated by evaluating the drill data statistically and
utilizing two-dimensional lithologic strings provided by
Agnico-Eagle to interpret mineral domains on cross sections spaced
at 40 meter intervals throughout the extent of the Section 34, 25
meters on Acrobat and variably through the Mountain Top
mineralization. The modeled mineralization database was analyzed
statistically to establish estimation parameters. Gold grades were
estimated by inverse-distance methods into a block model with 10
meter (width) x 10 meter (length) x 6 meter (height) blocks that
were constrained to the mineral domains using Datamine Studio3
mining software. Quality-control data generated during the various
drill programs conducted at West Pequop were independently reviewed
by SRK as part of the resource study. The persons responsible for
the resource estimate on behalf of SRK are Allan V. Moran, Reg.
Geo. and Frank Daviess, MAusIMM, Qualified Persons 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 posted on SEDAR (http://www.sedar.com/), no later than 45
days from the date of this release.
The state of exploration for West Pequop is too early to justify
estimating in-pit resources. SRK has estimated and is reporting an
in-situ total resource rather than the preferred option of
reporting an in-pit resource, primarily because the resources are
largely Inferred by classification, and due to the insufficiency of
potential mining and processing characterizations. In reporting the
resource at a 0.3 g/t Au cutoff, SRK's opinion is that the
mineralization has the potential for economic extraction at current
gold prices. Indicated resources are based solely on density of
drillhole data and the number of composites within a specified
distance from an estimated block. Additional conversion of
"Inferred" to "Indicated" will require in-fill drilling and
"in-pit" analysis to confirm potential mineability for each
deposit.
Ronald L. Parratt, Certified Professional Geologist, is the
Company's designated Qualified Person for this news release. He has
reviewed the information contained in the release and confirmed
that it is consistent with that provided by the independent QP's
responsible for the resource estimate.
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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