VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 20, 2009) - AuEx Ventures, Inc. ("AuEx" or "Company") (TSX:XAU) is pleased to announce that the 2009 budget for the Long Canyon Venture located in eastern Elko County, Nevada will be US$14.1 million. Work planned for the 2009 program will include drilling to increase the size of the deposit, preliminary metallurgical, environmental and engineering studies and preliminary assessments of potential processing options and economics. The Long Canyon Venture is owned 49% by AuEx and 51% by Fronteer Development Group Inc. ("Fronteer") who is the project operator.
The 2009 drilling program will consist of approximately 35,000 meters of reverse circulation and core drilling and is designed to increase the confidence level in the known gold mineralization, increase the overall amount of gold mineralization and discover new areas of gold mineralization. Work activities will include infill drilling to upgrade the known resources reported in the March 13, 2009 press release, extension drilling to the northeast of the deposit to extend mineralization where it remains open, extension drilling to the southwest where over 450 meters of untested surficial gold values remain untested and finally initial drill testing of new gold exploration targets on the large 10,000 acre property. The 2009 drilling program is scheduled to begin in May.
Other work planned for 2009 will consist of preliminary metallurgical evaluation, preliminary engineering investigations and environmental studies. These are designed to provide a better understanding of processing options and project economics leading to a better understanding of potential development options. Work on these various items is underway at present.
The first resource estimate for the Long Canyon gold deposit, using data available through February 9, 2009, was released on March 13, 2009 and, at a 0.3 gram/tonne cut-off grade, consisted of; an indicated resource of 363,000 ounces contained in 4,808,000 tonnes at a grade of 2.35 grams/tonne and an inferred resource of 459,000 ounces contained in 8,780,000 tonnes at a grade of 1.63 grams/tonne. Importantly, at a 1.0 gram/tonne cut-off, the resource ounces are only slightly lower with the indicated total at 322,000 ounces contained in 2,496,000 tonnes at a grade of 4.01 grams/tonne and the inferred total at 369,000 ounces contained in 3,634,000 tonnes at a grade of 3.16 grams/tonne demonstrating the robust grade of the deposit.
In addition, the Company is pleased to report the remaining 52 holes from the 2008 work program that were included in calculating the recently announced resource estimate. These results, using a 1.0 g/t cut-off, are reported below and are located on the attached drill hole location map: http://media3.marketwire.com/docs/03... .
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Intercept
From To Length Au Au
Hole ID (meters) (meters) (meters) (oz/ton) (g/t)
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LC160C 206.0 242.7 36.7 0.060 2.05
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including 208.7 211.3 2.6 0.225 7.7
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230.5 231.8 1.3 0.158 5.4
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237.2 238.4 1.2 0.158 5.42
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LC179 50.3 74.7 24.4 0.043 1.46
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LC186 82.3 88.4 6.1 0.037 1.27
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LC189 155.5 172.3 16.8 0.033 1.14
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LC190C 67.4 94.8 27.4 0.095 3.25
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including 69.9 73.3 3.4 0.540 18.48
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LC197 141.8 147.9 6.1 0.058 1.99
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including 143.3 144.8 1.5 0.149 5.09
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161.6 175.3 13.7 0.139 4.76
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including 166.2 172.3 6.1 0.245 8.40
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LC199 222.6 243.9 21.3 0.083 2.83
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including 237.8 240.8 3.0 0.305 10.43
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LC201C 26.5 29.9 3.4 0.082 2.81
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LC202C 56.4 63.4 7.0 0.084 2.88
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including 56.4 57.9 1.5 0.269 9.22
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LC203C 22.9 29.9 7.0 0.077 2.65
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45.3 53.7 8.4 0.048 1.64
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including 45.3 46 0.7 0.293 10.05
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LC205 33.5 45.7 12.2 0.100 3.43
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including 39.6 42.7 1.6 0.277 9.50
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LC206C 90.5 131.7 41.2 0.207 7.08
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including 93 96.5 3.5 0.293 10.02
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96.8 97.1 0.3 0.442 15.15
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98.2 102.4 4.2 0.378 12.93
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104.3 108.9 4.6 0.365 12.51
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110.4 110.9 0.5 0.312 10.70
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122.6 125.6 3.0 0.300 10.29
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127.1 129.7 2.6 0.291 9.97
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LC208C 35.1 41.2 6.1 0.210 7.19
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including 37.5 41.2 3.7 0.329 11.26
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LC212 13.7 21.3 7.6 0.039 1.34
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LC216 64.0 71.6 7.6 0.032 1.08
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LC223 13.7 21.3 7.6 0.154 5.28
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including 15.2 16.8 1.6 0.599 20.50
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LC224 24.4 41.2 16.8 0.083 2.85
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LC227 10.7 15.2 4.5 0.066 2.28
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LC228C 15.1 21.6 6.5 0.065 2.23
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LCMW3 99.1 138.7 39.6 0.106 3.63
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including 111.3 114.3 3.0 0.265 9.08
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117.4 120.4 3.0 0.185 6.34
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122 126.5 4.5 0.178 6.08
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True widths of the mineralized intervals are interpreted to be between
70-100% of the reported lengths. Results less than 1 g/t not reported in
this table. Holes LC146, 148, 164, 180, 182-45, 187-88, 191-196, 198, 200,
204, 207, 209-11, 213-215, 217-222, 225-26, 229 and LCMW44 had no
reportable intercepts. Results include new, additional intercepts from
previously reported holes LC146C, 148C, 160C, and 164C. Drill hole ID
numbers ending with a "C" indicate core holes with all others being reverse
circulation holes.
As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by either American Assay Laboratories, Inc. of Sparks, Nevada or 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 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 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.
The Long Canyon mineral resource estimate is as of February 9, 2009 and was completed by Mine Development Associates (MDA) of Reno, Nevada. The resources were modeled and estimated by evaluating the drill data statistically and utilizing three-dimensional lithologic solids provided by Fronteer to interpret mineral domains on cross sections spaced at 50-meter intervals throughout the extent of the Long Canyon mineralization. The mineral domain interpretations were then rectified on cross sections spaced at 10-meter intervals. The modeled mineralization was analyzed statistically to establish estimation parameters. Gold grades were estimated by inverse-distance methods into a block model with 5 meter (width) x 10 meter (length) x 3 meter (height) blocks that were coded to the mineral domains by the 10-meter mineral domain polygons. All modeling of the diluted resources was performed using Gemcom Surpac(R) software. Quality-control data generated during the various drill programs conducted at Long Canyon were independently reviewed by MDA as part of the resource study. The person responsible for the resource estimate on behalf of MDA is Michael Gustin, Ph.D., P. Geo, a Qualified Person as defined by National Instrument 43-101. Further details of the estimation procedure will be available in an updated NI 43-101 report, which will be posted on SEDAR (http://www.sedar.com/), no later than 45 days from March 13, 2009. In addition, the Company has retained the services of SRK Consulting to undertake an audit of the resource estimation process results performed by MDA. SRK will independently confirm the resource estimate and confirm that the resource reported herein is consistent with that provided by the independent QP responsible for the resource estimate, Mr. Michael Gustin of MDA. Ronald L. Parratt, M.Sc. and Certified Professional Geologist, is the Company's designated Qualified Person for this resource data and has reviewed the information contained in this release and confirmed that it is consistent with that provided by the independent QP responsible for the resource estimate, Michael Gustin of MDA.
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.
Ronald L. Parratt, President & CEO |
