AuEx Ventures, Inc.: Long Canyon Drilling Extends Strike
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AuEx Ventures, Inc. (AuEx) is pleased to announce the results from the recently completed round of reverse circulation drilling completed by joint venture partner NewWest Gold USA, Inc. ("NewWest") at the Company's Long Canyon gold exploration property located in Elko County, Nevada. The program produced a 45 foot intercept of 0.585 ounces gold per ton and extended the strike length of the gold-bearing zone to 3,000 feet.
The NewWest program followed up on past exploration by Pittston Nevada Gold Corporation in 2000 and AuEx in 2005 that outlined a Carlin-style gold target, defined by geologic mapping, grid soil geochemistry and rock chip sampling. A total of 14 reverse circulation drill holes had been drilled along the northern 1,200 feet of the gold anomaly, encountering significant gold mineralization. Recent analysis of these data sets and new data indicates that the target area is now approximately 4,800 feet long.
NewWest's 2006 Phase One program consisted of 16 reverse circulation drill holes totaling 6,610 feet, continued surface sampling, and construction of access roads. The program produced 13 holes with reportable intercepts, as shown in Table 1 below and on the attached map. All intercepts are reported as drilled; investigations to determine true widths are ongoing. All drill intercepts from the current program consist of visually oxidized material. Preliminary cyanide amenability tests and check assays are in progress for all intervals.
Hole LC-018 contains the best intercept drilled to-date at Long Canyon. However, as is relatively common in reverse circulation drilling it seems possible that the results from below 160 feet may have been contaminated from higher grade intercepts above that depth. For this reason, the table shows the average grade of the interval 160 to 275 feet as a separate calculation. Similarly, the table includes an interval for LC-020 below the downhole depth of 120 feet. Further tests of the Long Canyon prospect will include core drilling to address this matter.
Table 1.
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The seven holes drilled by AuEx in the fall of 2005 on the large Long Canyon gold exploration target were successful in confirming a new geologic interpretation that resulted in the discovery of new Carlin-style gold mineralization (NR05-8 October 25, 2005). The NewWest drilling continues to confirm that interpretation and extends mineralization both to the northeast and southwest over a cumulative strike length of approximately 3,000 feet. The zone is still open on strike and at depth. Intercepts in LC-029 and LC-030 suggest that multiple prospective zones of gold mineralization exist.
All drill samples were collected following standard industry practice and were assayed by American Assay Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream. All data, as disclosed in this press release including sampling, analytical and test data have been verified by the Company's qualified person Mr. Ronald L. Parratt, 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.
AuEx Ventures, Inc. is a Nevada focused, precious metals exploration company that has a current portfolio of 13 exploration projects in Nevada and controls over 40,000 acres of unpatented claims and fee land. 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.
The Company currently has 13 projects under active exploration and continues to seek new exploration opportunities focused mainly on Nevada. Ten of the projects are in joint venture agreements with seven companies who provide exploration funding. Six of AuEx's projects have drilled mineralization including: West Pequop (Agnico Eagle), Long Canyon (NewWest Gold), Bunce (North Range Resources), Fireball Ridge (Tournigan Gold Corporation), Trinity Silver (Piedmont Mining) and Swiss Bank (Hawkeye Gold and Diamonds).
The Company's 2006 field season includes reverse circulation rotary drilling at Long Canyon and Bunce and core drilling at Trinity Silver. Additional reverse circulation drilling is planned at West Pequop, Leonid, Fireball Ridge and Trinity Silver. Geologic mapping and sampling is ongoing on several projects.
AuEx Ventures, Inc.
By: Ronald L. Parratt, President and CEO
Contact:
Ronald L. Parratt
775-337-1545
Deborah Thiel Manager, Investor Relations 604-541-9655
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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