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Contact: Connie M. Parratt
Investor Relations, 775-337-1545
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News Releases
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West Pequop Returns 141 Feet At 0.238 Ounces Gold Per Ton
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report additional assay results, including core hole WNC-144 reporting 141 feet grading 0.238 ounces per ton gold ("opt") from the Mountain Top zone at the Company's West Pequop gold exploration project located in Elko County, Nevada. These results confirm and extend gold mineralization in the Mountain Top target area with mineralization still open. This data was provided by the Company's joint venture partner Agnico-Eagle (USA), Limited ("Agnico-Eagle") from drilling completed in late 2008 on the 29,000 acre West Pequop Venture property. The 2008 program, completed in November 2008, comprised 40 drill holes totaling over 38,000 feet. Assays for the final 9 holes are reported below. Agnico-Eagle plans to continue to fund an aggressive exploration program for the West Pequop Venture in 2009 with a budget of approximately $4 million. Commenting on the results Ronald Parratt, President & CEO stated "The results from hole 144 at Mountain Top confirm values found earlier in hole 135 and extend those values deeper. The area is a complex zone of solution and cave collapse breccias and contains excellent grades making it attractive for further evaluation". New assay results for the West Pequop Venture are as follows:
Drill Hole Number |
From (feet) |
To (feet) |
Thickness (feet) |
Grade (oz/ton) |
Comments |
WNC-144
(core) |
100 |
241 |
141.0 |
0.238 |
Mountain Top |
WNC-146
(core) |
150
465
534 |
160
485
544 |
10.0
20.0
10.0 |
0.018
0.029
0.033 |
Section 34 |
WNC-147
(core) |
224
307
638
686.5 |
248.5
317
649.5
727.5 |
24.5
10.0
11.5
41.0 |
0.026
0.024
0.042
0.076 |
Section 34 |
WNC-148
(core)
|
430.4 |
451.0 |
20.6 |
0.015 |
Section 34 |
Drill holes WNC-140, 141, 142, 143 and 145 had no reportable intercepts.
Exploration drilling during 2008 at the West Pequop Venture was conducted in the Section 34, Mountain Top, Acrobat/Juggler and Range Front target areas. This work has expanded the extent of high grade gold mineralization at Section 34 and Mountain Top and established the presence of gold mineralization at the Range Front target. There were no reportable drill results from the Acrobat/Juggler area during 2008, however additional drilling is warranted and planned for this area in 2009. Gold mineralization at West Pequop has now been found in at least three distinct stratigraphic positions within the enclosing Cambrian and Ordovician limestone and dolomite assemblages. Mineralization remains open and will be further drill tested in 2009. Other exploration targets will be tested during 2009 as well.
Gold mineralization encountered has been typical of oxidized Carlin-type occurrences and is commonly associated with faulting, felsic dikes and solution collapse breccias. Although mineralized drill holes have commonly been oxidized, one hole drilled in 2008 encountered sulfide minerals including stibnite- a classic indicator of Carlin-style mineralization.
As reported to AuEx by Agnico-Eagle, 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 assaying over 10 parts per million gold are routinely re-assayed using standard fire assay techniques on a 30 gram sample with a gravimetric 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; true widths have not been calculated. 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 precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, two projects in Argentina and one project in Spain. The Company controls about 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Eleven of the projects are in exploration earn-in or formal joint venture agreements with five companies who provide exploration funding. The Company applies the extensive 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 & 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.
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