AuEx Ventures, Inc.: Gold Mineralization Extended 500 Metres Southwest at Long Canyon
October 01 2009 - 6:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to report new gold drill intercepts from the ongoing 2009
exploration drilling program, including 0.089 ounces per ton over
99.5 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 new holes completed as
part of the 2009 drilling campaign (see attached map). These new
drill results extend drilled gold mineralization an additional 500
meters to the southwest along the original surface gold anomaly
based on earlier soil and rock sampling data. The Long Canyon gold
deposit continues to grow with significant upside still apparent
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:
--------------------------------------------------------------------------
Intercept Intercept
From To Length Au From To Length Au
Hole ID (feet) (feet) (feet) oz/T (meters) (meters) (meters) (gpt)
--------------------------------------------------------------------------
LC303C 15.0 26.8 11.8 0.075 4.6 8.2 3.6 2.57
--------------------------------------------------------------------------
LC311C 130.0 152.5 22.5 0.048 39.6 46.5 6.9 1.65
--------------------------------------------------------------------------
306.0 346.0 40.0 0.029 93.3 105.5 12.2 1.00
--------------------------------------------------------------------------
LC329C 84.0 183.5 99.5 0.089 25.6 55.9 30.3 3.06
--------------------------------------------------------------------------
including 142.0 160.3 18.5 0.298 43.3 48.9 5.6 10.20
--------------------------------------------------------------------------
199.0 218.0 19.0 0.088 60.7 66.5 5.8 3.02
--------------------------------------------------------------------------
True widths of the mineralized intervals are interpreted by
Fronteer to be between 70-100% of the reported lengths. Results
less than 1 g/t are not reported in this press-release table. "LCG"
identifies geotechnical holes and holes ending in "C" indicates
core. A table of comprehensive drill results, including
non-reportable intercepts, is posted on the Company's website.
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 current strike length of approximately
1.36 miles (2.2 kilometers). Mineralization is both strataform and
structurally controlled and is hosted within a sequence of eastward
dipping Cambrian and Ordovician limestone and dolomite.
Mineralization is oxidized, starts at the surface and is open along
strike and at depth. Two core and two reverse circulation drill
rigs are active on the property and are expected to drill through
the end of November.
In addition to continuing exploration drilling, other activity
underway includes further metallurgical evaluation based on large
diameter ("PQ") core recovered earlier this year and preparation of
a NI 43-101 compliant Preliminary Economic Assessment (PEA) which
should be completed before year end. An updated resource estimate
for Long Canyon is planned for completion in the 1st quarter 2010
incorporating data from the 2009 drilling campaign.
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. A table containing all
drill results to date reported to a 0.3 gram/tonne cutoff is posted
on the Company's website. All sampling, analytic and test data, as
reported to the Company by Fronteer and disclosed in this press
release, 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. 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.
To view the map associated with this press release, please click
on the following link:
http://media3.marketwire.com/docs/xau930.pdf
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com www.auexventures.com
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