New Gold Intercepts At
VANCOUVER, BC - AuEx Ventures, Inc. reported new gold intercepts from step-out and exploration drilling completed at the Company's 49% owned Long Canyon gold exploration project located within the Pequop Gold District in Elko County, Nevada. This drilling includes hole LC388 with 0.271 ounces per ton gold over 115 feet - the highest grade times thickness intercept to date - and hole LC377C with 0.388 ounces per ton gold over 73 feet. Fronteer Development Group, Inc., operator and 51% owner, provided these results to the Company from new holes completed as part of the 2009 drilling campaign. Importantly, in addition to the above results, hole LC372 with 0.071 ounces per ton over 50 feet demonstrates that gold mineralization extends at least an additional 1,300 feet (400 meters) to the northeast of the existing resource model. Assays for numerous additional step-out and exploration holes in this area are still pending. All mineralization encountered in the 2009 drilling program continues to be oxidized and open to extension.
The Long Canyon gold deposit consists of multiple, sub-parallel north to northeast-directed zones of oxidized Carlin-style gold mineralization aggregating 800 to 1,000 feet (240 to 300 meters) in width with a current strike length of approximately 1.50 miles (2.4 km) that is still open to extension. Mineralization outcrops in the central portion of the deposit, plunges shallowly to the northeast and is amenable to open pit mining. Metallurgical testwork completed to date indicates that mineralization is treatable using conventional gold recovery techniques. In addition, significant untested exploration potential is still apparent within the 12,000 acre property based on geological mapping and surface sampling conducted as part of the 2009 exploration program. Other gold exploration targets will be subject to exploration as permitting and budgets allow.
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