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Contact: Connie M. Parratt
Investor Relations, 775-337-1545
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News Releases
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Long Canyon Core Hole Returns 90 Feet At 0.12 Ounce Per Ton Gold
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report new gold intercepts that extend shallow, oxide gold mineralization in the Main Zone of Long Canyon. Hole LC066C intersected 107 feet of 0.092 ounce per ton ("opt") gold and Hole LC067C intersected 90 feet of 0.12 opt gold both about 250 feet northeastward from core hole LC063C that intersected 0.39 opt gold over 75 feet. The Long Canyon gold exploration project is located in Elko County, Nevada. Fronteer Development Group Inc. ("Fronteer") provided these results from three of six core holes completed in late 2007 under an exploration earn-in agreement with the Company. The core drilling program tested the northeast extension of gold mineralization discovered in the Main Zone. Results of two of the core holes were reported in the Company's news release on January 7, 2008 and results of the last core hole are pending.
Ron Parratt, President and CEO of AuEx stated: "AuEx is delighted that the success of the 2007 Long Canyon drill program encouraged Fronteer to announce a budget of US$3 million in 2008 to extend and further define Long Canyon's high-grade mineralization with the goal of producing the project's first resource estimate by year end."
The following table summarizes the new assay results:
Hole
ID |
From
(feet) |
To
(feet) |
Width
(feet) |
Au
(opt)
|
Width
(metres) |
Au
(gpt)
|
Target |
LC065C |
118.5 |
123.5 |
5.0 |
0.021 |
1.5 |
0.72 |
NE extension- 250’ from LC063C
Main Zone |
LC066C |
102.0 |
209.0 |
107.0 |
0.092 |
32.6 |
3.14 |
NE extension- 250’ from LC063C
Main Zone |
Including |
127.0 |
138.5 |
11.5 |
0.262 |
3.5 |
8.98 |
Including |
151.5 |
156.5 |
5.0 |
0.173 |
1.5 |
5.92 |
LC066C |
212.0 |
227.0 |
15.0 |
0.013 |
4.6 |
0.46 |
|
LC067C |
204.0 |
294.0 |
90.0 |
0.120 |
27.4 |
4.11 |
NE extension- Down-dip test of LC066C
Main Zone
|
Including |
232.0 |
245.3 |
13.3 |
0.237 |
4.1 |
8.13 |
Including |
249.3 |
267.5 |
18.2 |
0.266 |
5.5 |
9.12 |
The new drill data indicate that the Main Zone of gold mineralization at Long Canyon is at least 3,700 feet in length and still remains open to the northeast 600 feet beyond the limits of the soil gold anomaly. In addition, the Main Zone is still open to the southwest where approximately 1,600 feet of the soil gold anomaly remains undrilled. An aggressive program consisting of over 50,000 feet of core and reverse circulation drilling is planned by Fronteer to commence in late spring 2008 and will test the northeast, southwest, and depth extensions of the Main Zone, the West Zone, and other targets. Fronteer completed 11,500 feet of reverse circulation drilling and 2,055 feet of core drilling at Long Canyon during 2007.
As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by American Assay Laboratories, Inc. 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 are estimated to be near true thickness. 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. 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 Tier 1 TSX.V listed precious metals exploration company that has a current portfolio of seventeen 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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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.
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