Long Canyon Drilling Returns 125 Feet At 0.13 Opt Gold
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report new gold intercepts, including hole LC085 returning 38.1 meters (125 feet) at 4.59 grams per tonne (0.134 ounces per ton), that extend shallow, oxide gold mineralization in the Main Zone at the Company's Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Corp ("Fronteer") provided these results to the Company from 17 holes completed since the 2008 drilling program commenced in May. The combination core and reverse circulation drilling program continues to extend gold mineralization discovered in the Main Zone to the northeast and has, as well, discovered a new parallel zone of mineralization 200 meters (650 feet) to the northwest. Fronteer has completed more than 4,100 meters (13,700 feet) of reverse circulation and core drilling so far in 2008 and plans to complete a total of 11,500 meters (37,700 feet) during the 2008 exploration program. The following table summarizes the new assay results:
Intercept
Intercept
Hole ID
From
To
Length
Au
From
To
Length
Au
(feet)
(feet)
(feet)
(oz/ton)
(meters)
(meters)
(meters)
(gpt)
LC068
205
215
10
0.010
62.5
65.5
3.0
0.35
255
265
10
0.027
77.7
80.8
3.0
0.94
LC069
No reportable intercepts
LC070
230
245
15
0.016
70.1
74.7
4.6
0.56
250
340
90
0.048
76.2
103.7
27.4
1.63
including
300
310
10
0.209
91.5
94.5
3.0
7.17
445
455
10
0.012
135.7
138.7
3.0
0.42
490
510
20
0.011
149.4
155.5
6.1
0.38
LC071
85
115
30
0.022
25.9
35.1
9.1
0.75
135
165
30
0.029
41.2
50.3
9.1
0.99
LC073
305
315
10
0.011
93.0
96.0
3.0
0.38
345
355
10
0.010
105.2
108.2
3.0
0.35
370
450
80
0.067
112.8
137.2
24.4
2.28
including
375
380
5
0.197
114.3
115.9
1.5
6.74
395
400
5
0.276
120.4
122.0
1.5
9.47
460
470
10
0.011
140.2
143.3
3.0
0.39
520
530
10
0.013
158.5
161.6
3.0
0.44
LC075
360
375
15
0.021
109.8
114.3
4.6
0.73
LC077
No reportable intercepts
LC078
No reportable intercepts
LC079
650
660
10
0.034
198.2
201.2
3.0
1.18
LC081
260
325
65
0.066
79.3
99.1
19.8
2.27
including
280
295
15
0.181
85.4
89.9
4.6
6.19
345
385
40
0.125
105.2
117.4
12.2
4.29
including
365
375
10
0.378
111.3
114.3
3.0
12.95
LC082
335
350
15
0.019
102.1
106.7
4.6
0.65
LC084
330
365
35
0.132
100.6
111.3
10.7
4.53
including
340
350
10
0.413
103.7
106.7
3.0
14.13
LC085
250
375
125
0.134
76.2
114.3
38.1
4.59
including
265
280
15
0.368
80.8
85.4
4.6
12.59
310
330
20
0.231
94.5
100.6
6.1
7.90
340
350
10
0.269
103.7
106.7
3.0
9.21
395
405
10
0.032
120.4
123.5
3.0
1.10
420
430
10
0.060
128.0
131.1
3.0
2.05
485
495
10
0.057
147.9
150.9
3.0
1.95
LC086
370
490
120
0.097
112.8
149.4
36.6
3.31
including
390
420
30
0.298
118.9
128.0
9.1
10.21
LC087
360
390
30
0.274
109.8
118.9
9.1
9.38
including
365
380
15
0.515
111.3
115.9
4.6
17.63
LC088
250
260
10
0.017
76.2
79.3
3.0
0.58
LC090
465
475
10
0.021
141.8
144.8
3.0
0.71
505
520
15
0.012
154.0
158.5
4.6
0.43
LC091
305
335
30
0.045
93.0
102.1
9.1
1.53
The new drill data indicate that the Main Zone of gold mineralization at Long Canyon is now at least 1.2 kilometers (4,000 feet) in length and remains open to the northeast well beyond the limits of the original soil gold anomaly. The Main Zone is open to the southwest where approximately 500 meters (1,600 feet) of the soil gold anomaly remains undrilled. In addition, the West Zone of mineralization is open to both the southwest and northeast. All mineralized intercepts consist of near surface, oxidized material. An updated drill hole map is available for review on the Company's website.
Under the terms of the earn-in agreement with the Company, Fronteer may earn a 51% interest in the Long Canyon property by investing $5 million over a five year period and may earn an additional 14% by advancing Long Canyon through feasibility. Fronteer is expected to meet their initial earn-in obligation by the end of this year. A Plan of Operations has been submitted to the Elko District Office of the U.S. Bureau of Land Management by Fronteer to expand the drilling program on the Long Canyon project.
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 using a 0.30 gram/tonne cut-off and are estimated by Fronteer to be 80% to 90% of the drilled 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 TSX listed precious metals exploration company that has a current portfolio of nineteen exploration projects in Nevada, one project in Spain and five projects in Argentina. The Company controls over 80,000 acres of unpatented mining claims and fee land in Nevada. Nine of the projects are in joint venture or exploration earn-in agreements with five 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
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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