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Contact: Connie M. Parratt
Investor Relations, 775-337-1545
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News Releases
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Highgrade Extension At Long Canyon West Zone Adds 650 Feet Of Strike Length
AuEx Ventures Inc. (XAU - TSX) announces today that new drill results at Long Canyon's West Zone has extended the strike length of shallow, high-grade oxide gold mineralization an additional 650 feet northeastward. This zone is the most westerly of five sub-parallel gold-bearing zones and is the highest of the zones distributed along the eastern flank of the Pequop Mountains. The West Zone continues to distinguish itself by having more silica and igneous dikes than the other zones tested to date. Examination of drill core from the West Zone suggests that alteration intensity is increasing westward, and additional drilling may lead to identification of a feeder zone or zones toward the west.
Highlights include:- 0.216 ounces per ton over 41.5 feet, including 0.838 oz/ton over 9.0 feet in LC285C;
- 0.366 oz/ton over 41.0 feet, including 1.171 oz/ton over 12 feet in LC291C; and
- 0.073 oz/ton over 75.5 feet, including 0.281 oz/ton over 10 feet in LC292C.
Metallurgical drilling from the expanding Shadow Zone provides strong results over significant widths including:- 0.082 oz/ton over 55.0 feet in LCM18; and
- 0.193 oz/ton over 98.0 feet, including 0.269 oz/ton over 36.0 feet in LCM19.
An aggressive step out program will now begin with two RC rigs due on site next week to join the current two core rigs currently active on the property. The remainder of the year will have an accelerated drilling program that will focus on step outs lateral to the defined resource and along strike to the northeast and southwest as well as at depth. Geologic modeling suggests the presence of more ore zones at depth that have not been tested.
Previously reported metallurgical and engineering work is highly favorable. Multiple studies are in-process to be announced as follows:- A NI 43-101 compliant Preliminary Economic Assessment study (PEA) is planned by year-end. Costs, revenues and mining production details will be based on Long Canyon's initial NI 43-101 resource estimate completed by MDA in March 2009.
- An updated NI 43-101 resource estimate expected to be completed during Q1 2010.
- An updated PEA, based on the new resource estimate, is planned to be completed in 2010.
DRILL HIGHLIGHTS
Hole ID |
From |
To |
Intercept Length |
Au |
From |
To |
Intercept Length |
Au |
Zone |
|
(feet) |
(feet) |
(feet) |
(oz/ton) |
(meters) |
(meters) |
(meters) |
(g/T) |
|
LC261C |
207.0 |
225.0 |
18.0 |
0.116 |
63.1 |
68.6 |
5.5 |
3.98 |
Shadow |
including |
216.0 |
225.0 |
9.0 |
0.190 |
65.9 |
68.6 |
2.7 |
6.51 |
Shadow |
LC263C |
323.0 |
341.0 |
18.0 |
0.062 |
98.5 |
104.0 |
5.5 |
2.13 |
West |
LC269C |
188.0 |
241.5 |
53.5 |
0.049 |
57.3 |
73.6 |
16.3 |
1.67 |
Shadow |
LC270C |
432.0 |
457.0 |
25.0 |
0.034 |
131.7 |
139.3 |
7.6 |
1.16 |
West |
LC273C |
448.0 |
457.5 |
9.5 |
0.118 |
136.6 |
139.5 |
2.9 |
4.04 |
West |
LC280C |
22.0 |
56.0 |
34.0 |
0.062 |
6.7 |
17.1 |
10.4 |
2.11 |
West |
LC284C |
297.0 |
309.0 |
12.0 |
0.031 |
90.4 |
94.2 |
3.8 |
1.08 |
West |
LC285C |
309.0 |
350.5 |
41.5 |
0.216 |
94.2 |
106.9 |
12.7 |
7.39 |
West |
including |
312.0 |
321.0 |
9.0 |
0.838 |
95.1 |
97.9 |
2.7 |
28.70 |
West |
LC286C |
13.0 |
23.0 |
10.0 |
0.050 |
4.0 |
7.0 |
3.0 |
1.71 |
West |
LC289C |
15.0 |
27.0 |
12.0 |
0.040 |
4.6 |
8.2 |
3.6 |
1.35 |
West |
|
327.0 |
338.0 |
11.0 |
0.037 |
99.7 |
103.0 |
3.4 |
1.30 |
West |
LC290C |
438.0 |
455.5 |
17.5 |
0.116 |
133.5 |
138.9 |
5.4 |
3.99 |
Shadow |
LC291C |
12.0 |
22.0 |
10.0 |
0.032 |
3.7 |
6.7 |
3.0 |
1.10 |
West |
|
173.0 |
214.0 |
41.0 |
0.366 |
52.7 |
65.2 |
12.5 |
12.52 |
West |
including |
199.0 |
211.0 |
12.0 |
1.171 |
60.7 |
64.3 |
3.6 |
40.10 |
West |
|
251.0 |
264.5 |
13.5 |
0.051 |
76.5 |
80.6 |
4.1 |
1.74 |
West |
LC292C |
135.0 |
210.5 |
75.5 |
0.073 |
41.2 |
64.2 |
23.0 |
2.50 |
West |
including |
200.5 |
210.5 |
10.0 |
0.281 |
61.1 |
64.1 |
3.0 |
9.62 |
West |
LC293C |
200.0 |
228.0 |
28.0 |
0.043 |
61.0 |
69.5 |
8.5 |
1.46 |
Discovery |
LCM18 |
248.0 |
303.0 |
55.0 |
0.082 |
75.6 |
92.4 |
16.8 |
2.82 |
Shadow |
|
333.0 |
346.0 |
13.0 |
0.044 |
101.5 |
105.5 |
4.0 |
1.50 |
Shadow |
LCM19 |
274.5 |
372.5 |
98.0 |
0.193 |
83.7 |
113.6 |
29.9 |
6.62 |
Shadow |
including |
274.5 |
277.5 |
3.0 |
1.346 |
83.7 |
84.6 |
0.9 |
46.10 |
Shadow |
including |
327.0 |
363.0 |
36.0 |
0.269 |
99.7 |
110.7 |
11.0 |
9.21 |
Shadow |
True widths of the mineralized intervals will be determined by geologic modeling. The intercept calculations use a cut-off grade of 0.30 g/t gold. Results less than 1 g/t are not reported in this press-release table. "LCM" identifies metallurgical holes and "C" indicates core holes.
Drill holes LC262, LC264C, LC266C, LC268C, LC271C, LC274C-LC279C, LC281C-LC283C, LC287C-LC288C, LC294C, LC296C-LC297C, LC301C, LCM09 and LCM15-LCM16 had no reportable intercepts. A drill hole location map is attached and posted on the Company's website.
AuEx Ventures Inc. owns 49% of the project with Fronteer Development as majority owner (51%) and operator. AuEx also has a joint Venture with Agnico Eagle (AEM - TSX) to the west and a joint venture with Golden Dory (GDR -- TSX.V) to the southwest in the Pequop Gold District.
Commenting on these results, Richard L. Bedell Jr., Director and Executive Vice President stated "These most recent results appear to be a significant contribution to the growing resource at the Long Canyon Project and continue to demonstrate the high grade and oxidized nature of this mineralization. Geologic data also suggest that this area could contain a feeder zone that could help vector the project toward deeper targets. The Joint Venture is being appropriately aggressive in their approach to advance this unusually high quality resource".
All data 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. Drill composites were calculated using a cut-off of 0.30 g/t (0.01 ounces per ton). Drill intersections are reported as drilled thicknesses. Reverse circulation cuttings were sampled on 5.0 feet (1.52 meter) intervals and core was sampled at geologically selected intervals. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t (0.16 ounces per ton) were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. QA/QC included the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 72-element geochemical suite by ICP-MS.
AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty 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. 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: Richard L. Bedell Jr. Director and Executive Vice President
Contact: Richard L. Bedell Jr. 775-337-1545 or rbedell@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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