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Contact: Connie M. Parratt
Investor Relations, 775-337-1545
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News Releases
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Mountain Top Yields 30 Feet At 0.280 Ounce Per Ton At West Pequop
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report additional assay results from the West Pequop 2007 drill program. WNC-101, the first hole drilled in the Mountain Top target, reported a new high-grade gold intercept of 30 feet grading 0.280 ounces of gold per ton (opt). The Section 34 area also continued to provide good results with drill hole WN-095 intercepting 75 feet grading 0.210 opt and drill hole WN-090 intercepting 50 feet grading 0.131 opt. The Company's West Pequop gold exploration project located in Elko County, Nevada is being operated and funded by Agnico-Eagle (USA) Limited ("Agnico-Eagle") under an exploration earn-in agreement. In 2007, Agnico-Eagle completed 34 holes amounting to over 27,000 feet of reverse circulation drilling and over 6,300 feet of core drilling in the Section 34 and Mountain Top target areas of West Pequop. In addition to the assay results that follow, assays are pending on three reverse circulation and five core holes. Drilling paused for the holiday season and Agnico-Eagle has indicated that drilling resumed in early January.
Commenting on the new results, Ronald L. Parratt, CEO of AuEx stated "These new results at Mountain Top continue to support the belief that both the West Pequop and the Company's adjoining Long Canyon projects contain a new district of Carlin-type gold mineralization "off trend" in eastern Nevada. With exploration still in early stages, we are optimistic that additional gold mineralization will be discovered".
Hole |
Total
Depth
(feet) |
From
(feet) |
To
(feet) |
Drill
Intercept
(feet) |
Gold at a
0.01 opt cut
off |
Target Area |
WN-087 |
1,000
|
5
35
80
205
380
975
|
20
65
85
210
385
980 |
15
30
5
5
5
5 |
0.015
0.053
0.170
0.197
0.012
0.010 |
Section 34 |
WN-088
|
1,000 |
5
275 |
10
280 |
5
5 |
0.018
0.016 |
Section 34 |
WN-089 |
1,000 |
10
60
710
|
50
65
750
|
40
5
40
|
0.020
0.016
0.082
|
Section 34 |
WN-090 |
1,000 |
30
375
775
885 |
35
380
825
900 |
5
5
50
15 |
0.011
0.033
0.131
0.110 |
Section 34 |
WN-091 |
1,000 |
5
985 |
10
995 |
5
10 |
0.017
0.042 |
Section 34 |
WN-093 |
1,000 |
65
95
130 |
70
115
165 |
5
20
35 |
0.021
0.039
0.150 |
Section 34 |
WNC-094
(core) |
930 |
23.0
49.3
63.5
115.3 |
29.9
52.0
66.0
152.0 |
6.9
2.7
2.5
36.7 |
0.029
0.026
0.017
0.027 |
Section 34
(Partial assays) |
WN-095 |
1,000 |
590
715
865
905
985 |
665
735
885
910
990 |
75
20
20
5
5 |
0.210
0.087
0.015
0.020
0.027 |
Section 34 |
WN-096 |
1,000 |
160
185
|
165
190
|
5
5
|
0.014
0.027
|
Section 34 |
WNC-101
(core) |
1,011 |
130 |
160 |
30 |
0.280 |
Mountain Top |
WN-103 |
1,000 |
535 |
570 |
35 |
0.015 |
Section 34 |
Note: There were no significant values to report in holes WN-092, WN-097, WN-099, WN-100 or WN-102 all drilled in the Section 34 target.
To date, drilling has confirmed the presence of high grade gold mineralization in three distinct and separate target areas; Mountain Top, Section 34 and the Acrobat/Juggler. Other target areas defined by surface sampling on the greater than 15,000 acre West Pequop project area, have been subject to only minimal drilling or remain entirely untested.
These first drill results at the Mountain Top target are very encouraging in that they demonstrate the presence of high grade gold mineralization. Drilling in the Section 34 target area continues to extend mineralization to the northeast where it remains open to the north, east and at depth. Controls to gold mineralization identified to date include both high angle structural zones and favorable stratigraphic horizons. At least three distinct stratigraphic horizons appear to host mineralization within the Cambrian and Ordovician sections. Gold mineralization in the Mountain Top target area is over 4,000 feet southeast of the Section 34 target area and over 6,000 feet south-southeast of the Acrobat/Juggler target area and is entirely open to expansion. It appears to be controlled by a series of northeast and north-south high angle faults hosted within the Ordovician Pogonip formation. All mineralization drilled to date including the new mineralization at Mountain Top continues to appear oxidized. Access road and drill site construction is ongoing in the Section 34 and Mountain Top target areas in preparation for drilling through the rest of the winter in 2008 which may include follow up drilling at the Acrobat/Juggler target. Updated drill hole location maps are attached.
As reported to AuEx by Agnico-Eagle, all drill samples were collected following standard industry practice and were assayed by Inspectorate America Corporation of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream. Check assays and preliminary cyanide amenability testing is underway. All intercepts are reported as drilled and may not represent true thickness. All data, as reported to the Company by Agnico-Eagle and disclosed in this press release including sampling, analytical and test data have been reviewed by the Company's qualified person Mr. Ronald L. Parratt, M.Sc., and Certified Professional Geologist. Further details concerning the West Pequop 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 Tier 1 TSX.V listed precious metals exploration company that has a current portfolio of eighteen exploration projects in Nevada, one project in Spain and a generative exploration program in Argentina. The Company controls over 80,000 acres of unpatented mining claims and fee land. Eleven of the projects are in joint venture agreements with eight 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.
By: Ronald L. Parratt, President and CEO
Contact:
Ronald L. Parratt 775-337-1545 or rparratt@auex.com
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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