Agoracom: Small Cap Investment - AuEx Ventures Inc. - Drill Results Confirm and Extend Gold Zones at Long Canyon

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Drill Results Confirm and Extend Gold Zones at Long Canyon

posted on Jan 26, 2009 02:10AM

January 26, 2009

AuEx Ventures, Inc.: Drill Results Confirm and Extend Gold Zones at Long Canyon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU) is pleased to report new gold drill intercepts, including hole LC160C returning 83.5 feet (25.4 meters) at 0.155 ounces per ton (5.32 grams per tonne) and hole LC161C returning 48 feet (14.6 meters) at 0.267 ounces per ton (9.15 grams per tonne), that infill and extend shallow, oxide gold mineralization 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 23 additional holes completed during the 2008 drilling program. The combination core and reverse circulation drilling program totaling 164 holes was completed in early December and assays for a number of holes are still outstanding. Commenting on the results, Ronald L. Parratt, President and CEO, stated, "These results continue to demonstrate the size potential and continuity of the Long Canyon gold system. Mineralization continues to be oxidized, shallow and is still open. The 2009 drilling program will start with numerous mineralized holes to offset, initial drilling of the large southwest extension of the original soil anomaly and of course, extension drilling to the northeast. Several new exploration targets outside of these will be drill tested as well". The following table summarizes the new reportable assay results:

---------------------------------------------------------------------------
                      Intercept    Au   From     To Intercept
           From     To   Length   (oz/  (met-  (met-   Length    Au
Hole ID   (feet) (feet)   (feet)  ton)   ers)   ers)  (meters) (gpt) Zone
---------------------------------------------------------------------------

---------------------------------------------------------------------------
LC139C      227    282       55 0.117   69.2   86.0      16.8  4.02  NE
---------------------------------------------------------------------------
including 241.5  243.2      1.7 1.183   73.6   74.1       0.5 40.53    
---------------------------------------------------------------------------
            267    272      5.0 0.376   81.4   82.9       1.5 12.87    
---------------------------------------------------------------------------
LC142C      287    306       19 0.080   87.5   93.3       5.8  2.74  NE
---------------------------------------------------------------------------
including   302    306      4.0 0.176   92.1   93.3       1.2  6.02    
---------------------------------------------------------------------------
LC146C      177    187       10 0.033   54.0   57.0       3.0  1.12  Shadow
---------------------------------------------------------------------------
LC148C      202    217       15 0.017   61.6   66.2       4.6  0.58  Shadow
---------------------------------------------------------------------------
LC153C      291    306       15 0.025   88.7   93.3       4.6  0.87  Shadow
---------------------------------------------------------------------------
LC157C       62    77        15 0.012   18.9   23.5       4.6  0.41  NE
---------------------------------------------------------------------------
          115.5   136.5      21 0.036   35.2   41.6       6.4  1.23    
---------------------------------------------------------------------------
LC159       420   435        15 0.024    128  132.6       4.6  0.81  Shadow
---------------------------------------------------------------------------
            455   475        20 0.033  138.7  144.8       6.1  1.13    
---------------------------------------------------------------------------
            490   535        45 0.022  149.4  163.1      13.7  0.74    
---------------------------------------------------------------------------
            645   655        10 0.033  196.6  199.6       3.0  1.12    
---------------------------------------------------------------------------
LC160C       76 159.5      83.5 0.155   23.2   48.6      25.4  5.32  Shadow
---------------------------------------------------------------------------
including    81   106      25.0 0.446   24.7   32.3       7.6 15.29    
---------------------------------------------------------------------------
          675.6   796     120.4 0.060  206.0  242.7      36.7  2.05  NE
---------------------------------------------------------------------------
including 684.4   693       8.6 0.225  208.7  211.3       2.6  7.70    
---------------------------------------------------------------------------
LC161C        5    53        48 0.267    1.5   16.2      14.6  9.15  NE
---------------------------------------------------------------------------
including    23    38        15 0.519    7.0   11.6       4.6 17.78    
---------------------------------------------------------------------------
LC162       395   450        55 0.100  120.4  137.2      16.8  3.42  Shadow
---------------------------------------------------------------------------
including   400   405         5 0.211    122  123.5       1.5  7.24    
---------------------------------------------------------------------------
            580   605        25 0.018  176.8  184.5       7.6  0.62    
---------------------------------------------------------------------------
            615   625        10 0.012  187.5  190.5       3.0  0.39    
---------------------------------------------------------------------------
            630   650        20 0.011  192.1  198.2       6.1  0.38    
---------------------------------------------------------------------------
            660   725        65 0.033  201.2    221      19.8  1.14    
---------------------------------------------------------------------------
            775   785        10 0.015  236.3  239.3       3.0  0.53    
---------------------------------------------------------------------------
LC163C       31   106        75 0.029    9.5   32.3      22.9  0.98  NE 
---------------------------------------------------------------------------
including    66    70         4 0.253   20.1   21.3       1.2  8.67    
---------------------------------------------------------------------------
LC164C      462   482        20 0.049  140.8  146.9       6.1  1.69  Shadow
---------------------------------------------------------------------------
LC165C     72.5    88      15.5 0.037   22.1   26.8       4.7  1.26  NE 
---------------------------------------------------------------------------
LC166C       42    52        10 0.030   12.8   15.9       3.0  1.04  NE
---------------------------------------------------------------------------
LC171C       10    28        18 0.015      3    8.5       5.5  0.53  NE
                                                                     south
---------------------------------------------------------------------------
LC175       285   310        25 0.057   86.9   94.5       7.6  1.96  Shadow
---------------------------------------------------------------------------
            435   450        15 0.043  132.6  137.2       4.6  1.47   
---------------------------------------------------------------------------
LC176       175   205        30 0.118   53.4   62.5       9.1  4.04  Shadow
---------------------------------------------------------------------------
including   185   190         5 0.219   56.4   57.9       1.5  7.49   
---------------------------------------------------------------------------
            195   200         5 0.204   59.5     61       1.5  6.98    
---------------------------------------------------------------------------

Drill holes LC143C, LC155C, LC168C, LC169C, LC170C and LC174C had no reportable intercepts. Drill hole ID numbers ending with a "C" indicate core holes with all others being reverse circulation holes.

Gold mineralization is present at Long Canyon in a series of multiple, parallel northeast directed zones aggregating 800 to 1,000 feet in width with a strike length of approximately 1.1 miles (1.7 kilometers) hosted within a sequence of eastward dipping 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. The 2009 exploration and development drilling program is expected to begin in April or May.

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 is being generated for Long Canyon and is expected to be completed in late February 2009. In addition to further drilling, plans for 2009 are expected to include metallurgical testing, preliminary engineering evaluation and environmental baseline studies.

As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by either American Assay Laboratories, Inc. of Sparks, Nevada or ALS Chemex of Reno, 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 one exploration projects in Nevada, one project in Spain and two 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.

AuEx Ventures, Inc.

Ronald L. Parratt, President and CEO

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