Strong 2009 Drill Results Continue For Long Canyon Gold Deposit
AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report new gold drill intercepts from the ongoing infill/extension and exploration drilling program, including 0.038 ounces per ton over 171 feet and 0.036 ounces per ton over 152 feet, underway at the Company's 49% owned Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Group, Inc. ("Fronteer"), operator and 51% owner, provided these results to the Company from 23 new holes completed as part of the 2009 drilling campaign (see attached map).These new drill results continue to demonstrate the strength and continuity of the existing Long Canyon gold system contained within the 12,000 acre property. All mineralization encountered to date in the 2009 drilling program continues to be oxidized, shallow and open to extension.
The following table summarizes the new reportable assay results:
Hole ID
From
To
Intercept Length
Au
From
To
Intercept Length
Au
(feet)
(feet)
(feet)
oz/T
(meters)
(meters)
(meters)
(gpt)
LC245C
402
553
151
0.036
122.6
168.6
46.0
1.23
LC249C
263
433
170
0.038
80.2
132.0
51.8
1.31
including
268
274.2
6.2
0.27
81.7
83.6
1.9
9.25
371.5
373
1.5
0.345
113.3
113.7
0.4
11.80
LC252C
202
255
53
0.065
61.6
77.7
16.2
2.23
LC258C
164
177
13
0.079
50.0
54.0
4.0
2.72
LC259C
66
96.5
30.5
0.044
20.1
29.4
9.3
1.50
LC265C
257.5
272
14.5
0.127
78.5
82.9
4.4
4.34
LCM01
81
117
36
0.083
24.7
35.7
11.0
2.86
including
89.8
94
4.2
0.321
27.4
28.7
1.3
11.00
LCM02
70
133
63
0.232
21.3
40.5
19.2
7.94
including
82
104
22
0.593
25.0
31.7
6.7
20.30
LCM06
63
131.5
68.5
0.041
19.2
40.1
20.9
1.40
LCM08
132
227
95
0.127
40.2
69.2
29.0
4.40
including
157
197
40
0.238
47.9
60.1
12.2
8.14
Drill holes LC243C, LC247C, LC251C, LC254C, LC255C, LC257C, LC260C, LC262C, LC264C, LC266C, LCM-09, LCM-15 and LCM-16 did not have reportable values using a 1.0 gram per ton cut off grade. Drill hole ID numbers ending with a "C" indicate core holes and ID numbers including an "M" denotes a metallurgical sample core hole.
Drill holes 249 and 245 infill sparsely-drilled portions of the western Shadow Zone, where it remains open. Further drilling to extend this zone farther north is underway. The Long Canyon gold deposit consists of a series of multiple, parallel north- to northeast-directed zones aggregating 800 to 1,000 feet in width with a strike length of approximately 1.1 miles (1.7 kilometers) hosted within a sequence of eastward dipping Cambrian and Ordovician limestone and dolomite. Mineralization is oxidized, starts at the surface and is, as currently modeled, above the water table. Mineralization is still open to the northeast where drilling is planned for later in the field season. Exploration drilling of the surface anomaly on the southwest extension of the deposit defined by gold soil chemistry and gold outcrop sample data has recently commenced.
The Company also reports that Fronteer has closed on the purchase of the M & N Ranch located immediately east of the Long Canyon Area of Interest. This joint venture purchase provides the Long Canyon Venture with 11,800 acres of surface rights and 1,657 acre-feet of water rights. The Company's share of the purchase price was US$2.1million.
As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by ALS Chemex of Reno, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. Samples exceeding 5 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, and a check assaying program is underway at another laboratory. All samples >300 ppb are also subject to testing for cyanide solubility. A table containing all drill results to date reported to a 0.3 gram/tonne cutoff is posted on the Company's website. Fronteer interprets the true widths of the mineralized intercepts to be 70% to 100% of the reported lengths. 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 as recognized by the American Institute of Professional Geologists. 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 twenty three exploration projects in Nevada, one project in Spain and two projects in Argentina. The Company controls about 176,000 acres of unpatented mining claims and fee land in Nevada. Eight of the projects are in joint venture or exploration earn-in agreements with four 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
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. This press release uses the terms "indicated resources" and "inferred resources", which are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. We advise investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.
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