AuEx Ventures, Inc.: Long Canyon Gold Mineralization Extended 100 Meters North
October 05 2009 - 6:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to report new gold intercepts from the ongoing 2009 exploration
drilling program that extend gold mineralization an additional 100
meters to the north of the Shadow Zone where it still remains open
to expansion. These new drill results augment recent announcements
of a 200-meter northeast extension (September 17, 2009) and a
500-meter southwest extension (October 1, 2009) of the West Zone.
These results demonstrate continued growth of an evolving resource
(To view accompanying map, please click on the following link:
http://media3.marketwire.com/docs/1005XAUmap.jpg). Drilling with
four rigs is actively underway to extend gold mineralization even
farther on the north and northeastern extension of the deposit.
Ronald L. Parratt, CEO of AuEx commented: "The Long Canyon gold
deposit continues to grow with significant upside still apparent
within the 12,000 acre property. We have another two months of
drilling ahead of us before shut down for the winter and a number
of additional holes to drill. All mineralization we've encountered
to date continues to be oxidized, shallow and open and we are very
pleased with the results achieved this year."
The following table summarizes the new reportable assay
results:
--------------------------------------------------------------------------
Hole ID From To Intercept Au From To Intercept Au
Length Length
--------------------------------------------------------------------------
(feet) (feet) (feet) oz/T (meters) (meters) (meters) (gpt)
--------------------------------------------------------------------------
LC306C 476.0 501.0 25.0 0.078 145.1 152.7 7.6 2.69
--------------------------------------------------------------------------
LC314C 94.0 101.0 7.0 0.032 28.7 30.8 2.1 1.11
--------------------------------------------------------------------------
LC316C 438.0 464.0 26.0 0.084 133.5 141.5 8.0 2.87
--------------------------------------------------------------------------
LC320C 508.0 589.5 81.5 0.192 154.9 179.7 24.8 6.57
--------------------------------------------------------------------------
526.5 578.5 52.0 0.265 160.5 176.4 15.9 9.08
--------------------------------------------------------------------------
LCG01 76.8 105.0 28.2 0.029 23.4 32.0 8.6 1.00
--------------------------------------------------------------------------
LCG02 393.0 426.5 33.5 0.424 119.8 130.0 10.2 14.52
--------------------------------------------------------------------------
409.5 424.5 15.0 0.924 124.8 129.4 4.6 31.63
--------------------------------------------------------------------------
The Company holds a 49% interest in the Long Canyon Venture
located in Elko County Nevada. Fronteer Development Group, Inc.
("Fronteer"), operator and 51% owner, provided these results to the
Company. 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 multiple,
semi-parallel, north- to northeast-directed zones of gold
mineralization aggregating 800 to 1,000 feet in width with a
current strike length of approximately 1.4 miles (2.3 kilometers).
The mineralization is Carlin-type and is both strataform and
structurally controlled. Gold values are hosted within an eastward
dipping sequence of Cambrian and Ordovician limestone and dolomite
with local karst development. Mineralization is oxidized and
metallurgical test work to date indicates that it is amenable to
conventional recovery techniques. Gold values start at the surface
and are 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.
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, has 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 Nevada based 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 who provide exploration funding. 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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