AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to report the first resource estimate for the Long Canyon gold
deposit located in eastern Elko County, Nevada. Long Canyon is a
joint venture between AuEx (49%) and Fronteer Development Group
Inc. (51% and operator). This resource estimate provides an
exciting starting point for the Long Canyon Venture and for the new
Pequop Gold District.
The Classified Mineral Resource estimate is quoted at a cut-off
grade of 0.3 grams per tonne and consists of;
- An indicated resource of 363,000 ounces at an average grade of
2.35 g/t gold (4,808,000 tonnes); and
- An inferred resource of 459,000 ounces at an average grade of
1.63 g/t gold (8,780,000 tonnes).
Importantly, at a 1.0 gram per tonne cut-off, the grade, tonnage
and classification of this initial resource demonstrates the
robustness of the deposit as follows;
- An indicated resource of 322,000 ounces at an average grade of
4.01 g/t gold (2,496,000 tonnes); and
- An inferred resource of 369,000 ounces at an average grade of
3.16 g/t gold (3,634,000 tonnes).
Commenting on these results, Ronald L. Parratt, President &
CEO of AuEx stated "This resource estimate marks a strong beginning
for the new Pequop Gold District. Much work remains ahead for Long
Canyon but obviously much opportunity as well. The same can be said
for West Pequop. We're fortunate to be working with two excellent
partners in Fronteer at Long Canyon and Agnico-Eagle at West Pequop
and look forward to continued success and resource growth from the
2009 drilling programs with both."
FIRST RESOURCE ESTIMATE - as of February 9, 2009
Indicated Inferred
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Cutoff Cutoff
(g Au/t) Tonnes g Au/t oz Au (g Au/t) Tonnes g Au/t oz Au
-------------------------------------------------------------------------
0.30 4,808,000 2.35 363,000 0.30 8,780,000 1.63 459,000
0.50 3,691,000 2.94 349,000 0.50 6,236,000 2.13 428,000
1.00 2,496,000 4.01 322,000 1.00 3,634,000 3.16 369,000
1.50 1,975,000 4.75 302,000 1.50 2,700,000 3.83 332,000
3.00 1,272,000 6.19 253,000 3.00 1,312,000 5.56 234,000
-------------------------------------------------------------------------
The resource is being reported at a cut-off grade of 0.3 grams per tonne as
shown in bold. The block-diluted resources are shown at additional cutoffs
in order to provide grade-distribution information.
Mineralization at the Long Canyon deposit remains open to the
northeast, southwest and at depth. In addition, the potential for
the discovery of other new gold bearing zones lateral to the known
system is considered high.
The Long Canyon mineral resource estimate is as of February 9,
2009. The mineral resources estimate was completed by Mine
Development Associates (MDA) of Reno, Nevada. The resources were
modeled and estimated by evaluating the drill data statistically
and utilizing three-dimensional lithologic solids provided by
Fronteer to interpret mineral domains on cross sections spaced at
50-meter intervals throughout the extent of the Long Canyon
mineralization. The mineral domain interpretations were then
rectified on cross sections spaced at 10-meter intervals. The
modeled mineralization was analyzed statistically to establish
estimation parameters. Gold grades were estimated by
inverse-distance methods into a block model with 5 meter (width) x
10 meter (length) x 3 meter (height) blocks that were coded to the
mineral domains by the 10-meter 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 posted on SEDAR
(http://www.sedar.com/), no later than 45 days from the date of
this release. In addition, the Company has retained the services of
SRK Consulting to undertake an audit of the resource estimation
process performed by MDA. SRK will independently confirm the
resource estimate and confirm that the resource reported herein is
consistent with that provided by the independent QP responsible for
the resource estimate, Mr. Michael Gustin of MDA.
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 the independent QP
responsible for the resource estimate, Michael Gustin of MDA.
AuEx Ventures, Inc. is a precious metals exploration company
that has a current portfolio of twenty one exploration projects in
Nevada, two projects in Argentina and one project in Spain. The
Company controls about 80,000 acres of unpatented claims and fee
land in prospective areas of Nevada. Eleven of the projects are in
exploration earn-in or formal joint venture agreements with five
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 Ventures, Inc.
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 (775) 337-1545
Email: rparratt@auex.com
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