AuEx Ventures Inc. Updates Nevada Exploration Projects
NR05-2
Mon Jul 18, 2005
AuEx Ventures Inc. (AuEx) is pleased to report that exploration activity is moving forward aggressively on several of the company's projects. Highlights of the 2005 summer field season include drilling on three projects; Thunder Mountain, Pequop and Leonid. A minimum of $ 400,000 USD will be spent in 2005 by AuEx's partners and, in addition, AuEx will spend a further $500,000 USD on its wholly owned properties with the objective of advancing them to the joint venture stage.
Thunder Mountain
Drill access and pad construction is currently underway at the company's Thunder Mountain joint venture project located in Nye County northeast of Tonopah, near the Midway gold deposit. The property contains a low sulfidation epithermal gold/silver style mineralization. AuEx has completed geological mapping, surface sampling and geophysics on behalf of the joint venture. Reverse circulation drilling should commence within a week. The project is being funded by Alaska Gold Company (AGC) who can earn up to an 80% interest in the project by funding the first $2 million USD in exploration expenditures.
Pequop
Drill site and pad construction is also underway at the company's 100% owned Pequop project located in Elko County east of Wells. The large Pequop property contains several areas of Carlin style gold mineralization, some of which were partly explored by Pittston Nevada Gold in the period extending from 1995 through to 2001. Drilling by the previous operator returned several potentially ore grade intercepts (as reported in the company's 43-101 report) that warrant further exploration. Reverse circulation drilling is planned at Long Canyon, Acrobat and Juggler targets and is expected to commence by mid-August.
Leonid
Nevada Superior Inc. (NSI), a private Nevada company, continues to conduct mapping and sampling at the Leonid joint venture property located south of Carlin in Elko County on the southern part of the Carlin trend. NSI can earn an undivided interest in the Leonid property by expending the first $ 1.5 million USD in exploration expenditures. NSI has indicated that they plan a reverse circulation drilling program at Leonid in late August or early September. Leonid contains a Carlin style exploration target.
Fireball Ridge
Newcrest Resources Inc. recently completed a reverse circulation drilling program on claims leased from AuEx at the Fireball Ridge property located in Churchill County. Assay results will be reported upon receipt from Newcrest.
AuEx is a newly listed, Nevada focused, precious metals exploration company that began trading on Tier 2 of the TSX Venture Exchange on June 30, 2005. AuEx controls over 40,000 acres of unpatented claims and fee land, and has a current portfolio of 11 exploration projects, two of which are under joint venture agreements. The company intends to continue to leverage the extensive in-house Nevada exploration experience and high-end technical skills of its founders to execute its joint venture business model. AuEx will continue to grow its property portfolio and offer projects it has advanced to select partners under joint venture arrangements.
AuEx Ventures, Inc.
By: Ronald L. Parratt, President and CEO
Contact Ronald L. Parratt
Telephone: 775-337-1545
E-mail: rparratt@auex.com
auexventures.com |
