AuEx Ventures, Inc.: Highgrade Extension at Long Canyon West Zone Adds 650 Feet of Strike Length
September 17 2009 - 7:00AM
Marketwired
AuEx Ventures Inc. (TSX: XAU) 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 12.0
feet in LC291C; and
- 0.073 oz/ton over 75.5 feet, including 0.281 oz/ton over 10.0
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
---------------------------------------------------------------------------
Inter- Inter-
cept cept
Hole ID From To Length Au From To Length Au Zone
---------------------------------------------------------------------------
(oz- (met- (met-
(feet) (feet) (feet) ton) ers) ers) (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
(to view the map, please click on the following link:
http://media3.marketwire.com/docs/auex915.pdf).
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 (TSX: AEM) to the west and a joint
venture with Golden Dory (TSX VENTURE: GDR) 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.
Richard L. Bedell Jr., Director and Executive Vice President
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.
Contacts: AuEx Ventures, Inc. Richard L. Bedell Jr. 775-337-1545
rbedell@auex.com
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