Highgrade Extension at Long Canyon West Zone
VANCOUVER, BC - AuEx Ventures Inc. reported 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
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
- 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 holes LC262, LC264C, LC266C, LC268C, LC271C, LC274C-LC279C, LC281C-LC283C, LC287C-LC288C, LC294C, LC296C-LC297C, LC301C, LCM09 and LCM15-LCM16 had no reportable intercepts.
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 to the west and a joint venture with Golden Dory to the southwest in the Pequop Gold District.
The company’s address is