AuEx Ventures, Inc. report new gold drill intercepts, including hole LC149 returning 80 feet (24.4 meters) at 0.091 ounces per ton (3.12 grams per tonne), and hole LC147 returning 25 feet (7.6 meters) at 0.088 ounces per ton (3.01 grams per tonne) that extends shallow, oxide gold mineralization another 328 feet (100 meters) northeast along strike at the Company’s 49% owned Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Group Inc. (”Fronteer”), operator and 51% owner, provided these results to the Company from 12 additional holes completed since the 2008 drilling program commenced in May. A total of 58 holes from the 2008 program have now been reported from over 120 that have been drilled so far (to view the attached map please click on: http://media3.marketwire.com/docs/xau1118.pdf). The combination core and reverse circulation drilling program continues with two core drills and two reverse circulation drills active on the property. Work is expected to continue until late November before the 2008 program is concluded. Commenting on the results, Ronald L. Parratt, President and CEO, stated, “The Long Canyon gold system continues to grow and is still open. A number of additional holes will be completed this year, however it appears that the mineral system will still not be closed off keeping the door open to extend mineralization further in 2009.”

Gold mineralization is present at Long Canyon in a series of multiple, parallel northeast directed zones with a strike length of approximately 1.1.miles (1.7 kilometers) hosted within a sequence of Cambrian and Ordovician limestone and dolomite. Mineralization is oxidized, starts at the surface and is mostly, if not entirely, above the water table. The mineralization is still open to the northeast and 1,600 feet (480 meters) of surface anomaly on the southwest defined by gold soil chemistry and gold outcrop sample data is still undrilled. Access road and drill site construction is continuing in the southwest area however drilling is unlikely in 2008.

In addition to drilling, Fronteer continues to develop additional detailed geological mapping, soil geochemistry and geophysics as aids to understanding the distribution and controls of gold mineralization. This work is also developing new exploration targets on the large Long Canyon property. An NI 43-101 resource estimate will be generated for Long Canyon at the conclusion of the 2008 exploration program and is expected to be completed in late January or early February 2009.

As reported to AuEx by Fronteer, 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. 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 intercepts are reported as drilled using a 0.30 gram/tonne cut-off; true widths have not been determined. 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.

AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty exploration projects in Nevada, one project in Spain and five projects in Argentina. The Company controls about 80,000 acres of unpatented mining claims and fee land in Nevada. Eleven of the projects are in joint venture or exploration earn-in agreements with five companies. 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.

This entry was posted by Gold Mining on Tuesday, November 18th, 2008 at 9:29 pm and is filed under Gold, Gold Mining Companies. Tags: American Assay Laboratories Inc., Argentina, AuEx Ventures, Elko County, Eric M. Struhsacker, Fronteer Development Group Inc., geophysics, Inc., Long Canyon, Nevada, precious metal exploration projects, Ronald L. Parratt, Spain, Sparks, United States, unpatented mining claims. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.