|
Contact: Connie M. Parratt
Investor Relations, 775-337-1545
|
News Releases
|
 |
| |
Strong Gold Results Continue at Long Canyon
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report gold intercepts in seven new holes, including hole LC132 that returned 195 feet (59.5 meters) at 0.092 ounces per ton (3.16 grams per tonne). These holes continue to confirm and extend shallow, oxide gold mineralization of the Company's 49% owned Long Canyon gold exploration project located in Elko County, Nevada. Drilling at Long Canyon to date has tested 5460 feet of the strike length of the gold bearing system, which is open in all directions. An additional 1550 feet of high grade soil and rock chip anomalies remain undrilled southwest of the drill pattern. Fronteer Development Group Inc. ("Fronteer"), manager and 51% venture participant provided these results to the Company from 13 additional holes completed since the 2008 drilling program commenced in May. A total of 46 holes from the 2008 program have now been reported from over 90 that have been drilled so far. The combination core and reverse circulation drilling program continues with two core drills and one reverse circulation drill active on the property. Work is expected to continue until late November or early December before the 2008 program is concluded. Commenting on the results, Ronald L. Parratt, President and CEO stated "Step out drilling at Long Canyon continues to expand the size of the mineral system and the infill program is demonstrating continuity. We're extremely pleased with the results to date and optimistic for more recognizing that the system is still open". The following table summarizes the new reportable assay results:
Hole ID |
From |
To |
Intercept
Length |
Au |
Au |
From |
To |
Intercept
Length |
Au |
|
(feet) |
(feet) |
(feet) |
(ppb) |
(oz/ton) |
(metres) |
(metres) |
(metres) |
(gpt) |
|
|
|
|
|
|
|
|
|
|
LC100C |
197 |
232 |
35 |
1840 |
0.054 |
60.1 |
70.7 |
10.7 |
1.84 |
|
467 |
487 |
20 |
1527 |
0.045 |
142.4 |
148.5 |
6.1 |
1.53 |
LC103C |
165 |
230 |
65 |
5193 |
0.152 |
50.3 |
70.1 |
19.8 |
5.19 |
including |
176.8 |
185 |
8.2 |
6120 |
0.179 |
53.9 |
56.4 |
2.5 |
6.12 |
|
190 |
205 |
15 |
13898 |
0.406 |
57.9 |
62.5 |
4.6 |
13.9 |
LC123 |
225 |
315 |
90 |
2854 |
0.083 |
68.6 |
96.0 |
27.4 |
2.85 |
including |
270 |
275 |
5 |
6230 |
0.182 |
82.3 |
83.8 |
1.5 |
6.23 |
|
340 |
350 |
10 |
391 |
0.011 |
103.7 |
106.7 |
3.0 |
0.39 |
|
375 |
385 |
10 |
673 |
0.020 |
114.3 |
117.4 |
3.0 |
0.67 |
|
420 |
445 |
25 |
440 |
0.013 |
128.0 |
135.7 |
7.6 |
0.44 |
|
490 |
500 |
10 |
468 |
0.014 |
149.4 |
152.4 |
3.0 |
0.47 |
LC132 |
210 |
220 |
10 |
827 |
0.024 |
64.0 |
67.1 |
3.0 |
0.83 |
|
285 |
480 |
195 |
3159 |
0.092 |
86.9 |
146.3 |
59.5 |
3.16 |
including |
295 |
305 |
10 |
8375 |
0.245 |
89.9 |
93.0 |
3.0 |
8.38 |
|
315 |
320 |
5 |
5230 |
0.153 |
96.0 |
97.6 |
1.5 |
5.23 |
|
340 |
350 |
10 |
7835 |
0.229 |
103.7 |
106.7 |
3.0 |
7.84 |
|
365 |
370 |
5 |
5410 |
0.158 |
111.3 |
112.8 |
1.5 |
5.41 |
|
390 |
405 |
15 |
7077 |
0.207 |
118.9 |
123.5 |
4.6 |
7.08 |
LC134 |
405 |
450 |
45 |
6992 |
0.204 |
123.5 |
137.2 |
13.7 |
6.99 |
including |
425 |
450 |
25 |
10256 |
0.299 |
129.6 |
137.2 |
7.6 |
10.26 |
|
455 |
495 |
40 |
1135 |
0.033 |
138.7 |
150.9 |
12.2 |
1.13 |
LC136 |
340 |
360 |
20 |
2743 |
0.080 |
103.7 |
109.8 |
6.1 |
2.74 |
including |
345 |
350 |
5 |
8397 |
0.245 |
105.2 |
106.7 |
1.5 |
8.40 |
LC140 |
370 |
410 |
40 |
1706 |
0.050 |
112.8 |
125.0 |
12.2 |
1.71 |
|
420 |
445 |
25 |
2114 |
0.062 |
128.0 |
135.7 |
7.6 |
2.11 |
|
500 |
510 |
10 |
6674 |
0.195 |
152.4 |
155.5 |
3.0 |
6.67 |
including |
505 |
510 |
5 |
12665 |
0.370 |
154.0 |
155.5 |
1.5 |
12.67 |
Drill holes LC105c, LC128, LC131, LC133, LC137 and LC138 had no reportable intercepts. Drill hole ID numbers ending with a "c" indicate core holes with all others being reverse circulation.
Drilling and surface data indicate that gold mineralization is present at Long Canyon in a series of multiple, parallel northeast directed zones with a strike length of approximately 7,000 feet (over 2 kilometers). In addition to drilling, Fronteer continues to develop additional detailed geological mapping, soil geochemistry and geophysics as aids to understanding the distribution and controls of gold mineralization. This work is also developing new exploration targets on the large Long Canyon property. An NI 43-101 resource estimate will be generated for Long Canyon at the conclusion of the 2008 exploration program.
Fronteer completed it's 51% earn-in on the Long Canyon Venture in September after investing $5million in a little over 2 years. Fronteer and the Company are now sharing in ongoing costs 51%/49%. A Plan of Operations has been approved by the Elko District Office of the U.S. Bureau of Land Management allowing the drilling program to be expanded on federal ground particularly to the southwest.
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. Samples exceeding 10 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. Check assays and preliminary cyanide amenability testing is underway. All intercepts are reported as drilled using a 0.30 gram/tonne cut-off; true widths have not been determined. 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 about 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. 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.
View News Release in PDF Format:
|
| |
| |
| | You can view the Next News Releases item: Mon Nov 10, 2008, West Pequop Reports 73 Feet At 0.37 Ounces Gold Per Ton, Including 44.3 Feet At 0.50 Ounces Gold Per Ton
You can view the Previous News Releases item: Fri Oct 24, 2008, Drilling Commences At North Klondike
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
|
News Release.pdf