AuEx Ventures, Inc.: Strong 2009 Drill Results Continue for Long Canyon Gold Deposit
August 12 2009 - 6:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to report new gold drill intercepts from the ongoing
infill/extension and exploration drilling program, including 0.038
ounces per ton over 171 feet and 0.036 ounces per ton over 152
feet, underway at the Company's 49% owned Long Canyon gold
exploration project located in Elko County, Nevada. Fronteer
Development Group, Inc. ("Fronteer"), operator and 51% owner,
provided these results to the Company from 23 new holes completed
as part of the 2009 drilling campaign (to see attached map please
click on: http://media3.marketwire.com/docs/xau812.pdf). These new
drill results continue to demonstrate the strength and continuity
of the existing Long Canyon gold system contained within the 12,000
acre property. All mineralization encountered to date in the 2009
drilling program continues to be oxidized, shallow and open to
extension.
The following table summarizes the new reportable assay results:
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Intercept Intercept
From To Length Au From To Length Au
Hole ID (feet) (feet) (feet) oz/T (meters) (meters) (meters) (gpt)
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LC245C 402 553 151 0.036 122.6 168.6 46.0 1.23
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LC249C 263 433 170 0.038 80.2 132.0 51.8 1.31
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including 268 274.2 6.2 0.27 81.7 83.6 1.9 9.25
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371.5 373 1.5 0.345 113.3 113.7 0.4 11.80
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LC252C 202 255 53 0.065 61.6 77.7 16.2 2.23
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LC258C 164 177 13 0.079 50.0 54.0 4.0 2.72
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LC259C 66 96.5 30.5 0.044 20.1 29.4 9.3 1.50
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LC265C 257.5 272 14.5 0.127 78.5 82.9 4.4 4.34
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LCM01 81 117 36 0.083 24.7 35.7 11.0 2.86
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including 89.8 94 4.2 0.321 27.4 28.7 1.3 11.00
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LCM02 70 133 63 0.232 21.3 40.5 19.2 7.94
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including 82 104 22 0.593 25.0 31.7 6.7 20.30
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LCM06 63 131.5 68.5 0.041 19.2 40.1 20.9 1.40
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LCM08 132 227 95 0.127 40.2 69.2 29.0 4.40
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including 157 197 40 0.238 47.9 60.1 12.2 8.14
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Drill holes LC243C, LC247C, LC251C, LC254C, LC255C, LC257C,
LC260C, LC262C, LC264C, LC266C, LCM-09, LCM-15 and LCM-16 did not
have reportable values using a 1.0 gram per ton cut off grade.
Drill hole ID numbers ending with a "C" indicate core holes and ID
numbers including an "M" denotes a metallurgical sample core
hole.
Drill holes 249 and 245 infill sparsely-drilled portions of the
western Shadow Zone, where it remains open. Further drilling to
extend this zone farther north is underway. The Long Canyon gold
deposit consists of a series of multiple, parallel north- to
northeast-directed zones aggregating 800 to 1,000 feet in width
with a strike length of approximately 1.1 miles (1.7 kilometers)
hosted within a sequence of eastward dipping Cambrian and
Ordovician limestone and dolomite. Mineralization is oxidized,
starts at the surface and is, as currently modeled, above the water
table. Mineralization is still open to the northeast where drilling
is planned for later in the field season. Exploration drilling of
the surface anomaly on the southwest extension of the deposit
defined by gold soil chemistry and gold outcrop sample data has
recently commenced.
The Company also reports that Fronteer has closed on the
purchase of the M & N Ranch located immediately east of the
Long Canyon Area of Interest. This joint venture purchase provides
the Long Canyon Venture with 11,800 acres of surface rights and
1,657 acre-feet of water rights. The Company's share of the
purchase price was US$2.1million.
As reported to AuEx by Fronteer, all drill samples were
collected following standard industry practice and were 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 is underway at another laboratory. All samples greater than
300 ppb are also subject to testing for cyanide solubility. A table
containing all drill results to date reported to a 0.3 gram/tonne
cutoff is posted on the Company's website. Fronteer interprets the
true widths of the mineralized intercepts to be 70% to 100% of the
reported lengths. 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 are on the Company's website.
AuEx Ventures, Inc. is a TSX listed precious metals exploration
company that has a current portfolio of twenty three exploration
projects in Nevada, one project in Spain and two projects in
Argentina. The Company controls about 176,000 acres of unpatented
mining claims and fee land in Nevada. Eight of the projects are in
joint venture or exploration earn-in agreements with four
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.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com
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