AuEx Ventures, Inc. report that new reverse circulation drilling results confirm the presence of high-grade oxide gold mineralization 1,312 feet (400 meters) northeast of previously announced drill intercepts at the Long Canyon Venture gold exploration project located in Elko County, Nevada. Fronteer Development Group Inc. (Fronteer), the project operator and 51% interest holder in the Long Canyon Venture, provided gold assays from eleven holes completed recently in the northeastern part of the Long Canyon gold system. The northern-most hole, LC129, returned:
- 110 feet (33.5 meters) at 0.074 ounces per ton (2.53 grams per tonne), including 15 feet (4.6 meters) at 0.385 ounces per ton (13.18 grams per tonne) from a depth in-hole of 305 feet (93 meters).
LC129 is a northwest-directed angle hole located in the southwest quarter of Section 21. Nine of the eleven mineralized holes reported herein confirmed and extended gold mineralization in the Shadow Zone first described in NR08-14 of August 19th. Most notably, LC113 intersected:
- 240 feet (73.2 meters) at 0.049 ounces per ton (1.68 grams per tonne), including 10 feet (3.1 meters) at 0.389 ounces per ton (13.33 grams per tonne) from a depth in-hole of 245 feet (74.7 meters).
The Shadow Zone lies northwest of and parallel to the Northeast Zone also described in NR08-14. The remaining hole reported, LC126, intersected shallow oxide mineralization in the Northeast Zone.
These new drill holes extend and confirm the presence of gold mineralization in multiple, parallel northeast directed zones over a strike length of approximately one mile (1.6 kilometers). Drilled mineralization remains open on strike and at depth. The strike extent of gold mineralization, known from drilling, rock chip, and soil samples, is now about 7,000 feet (2,133 meters). This span includes the sparsely drilled southwestern extension of mineralization and the undrilled southwestern area of highly anomalous soil and outcrop samples targeted for drilling later this season. A Plan of Operations and bond under final review by the U.S. Bureau of Land Management will accommodate the expansion of the drilling program on the Long Canyon project particularly to the southwest area.
This news release and the three others released since late July have now reported a total of 44 of the 84 holes that have been collared in the 2008 program to date. Approximately 43,600 feet (13,300 meters) of drilling has been completed at Long Canyon this year. The combination core and reverse circulation drilling program continues with the goal of drilling until the onset of winter conditions. An initial NI 43-101 compliant resource estimate is planned for Long Canyon at the conclusion of the 2008 exploration program.
At the current pace, Fronteer will exceed significantly the original amount of drilling planned for 2008. The Long Canyon Venture partners are planning, in addition to drilling, additional detailed geological mapping and prospecting to identify new targets and to evaluate more thoroughly this large 15,000 acre (6070 hectare) property.
Fronteer has earned a 51% interest in the Long Canyon Venture, subject to AuEx’s confirmation that Fronteer has met its spending obligation of $5,000,000. The Company has elected to participate in pro-rata joint funding at its 49% interest. However, Fronteer has an ability until December 10th, 2008 to earn an additional 14% interest by electing to carry all further costs to advance Long Canyon through a feasibility study to be completed within five years.
Drill holes LC095C, LC097C, LC108, LC109, and LC110 had no reportable intercepts. An updated drill hole map and drill hole assay table are posted on the Company’s website.
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. 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 nineteen exploration projects in Nevada, one project in Spain and five projects in Argentina. The Company controls over 80,000 acres of unpatented mining claims and fee land in Nevada. Nine of the projects are in joint venture or exploration earn-in agreements with five companies who provide exploration funding. 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.