AuEx Ventures, Inc.
TSX : XAU

AuEx Ventures, Inc.

March 04, 2010 07:00 ET

AuEx Ventures, Inc.: West Pequop Final 2009 Drill Results and Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - AuEx Ventures, Inc. (TSX:XAU) ("AuEx" or the "Company") is pleased to announce the final 2009 drill results and an important new target developing in the core of the mountain from the West Pequop project in joint venture with operating partner Agnico-Eagle (USA), Limited. The 2009 drill program at West Pequop consisted of 57 core and reverse circulation drill holes totaling 51,359 feet. This release reports on the results from the final 23 holes including holes.

  WN195 with 40 feet at 0.061 ounces per ton ("opt") gold,
  WN202 with 40 feet at 0.083 opt gold,
  WN203 with 45 feet at 0.058 opt gold, and
  WN205 with 80 feet at 0.043 opt gold.

An updated table of all drill results for 2009 is posted on the Company's website. The 2009 drilling program has provided better definition of mineralization in the Acrobat/Juggler, Section 34 and Mountain Top deposits and more data on the Range Front Target and on a new target named Trapeze. An initial resource estimate is currently underway for the three deposits at West Pequop and should be released during the second quarter of 2010.

In addition to drilling, trenching across the structure at the Mountain Top deposit included 85 feet at 0.141 opt gold. The trenching will constrain the geometry of grade shells being developed for the first resource estimate.

In 2009, exploration outside the previously drilled areas expanded in scope throughout the West Pequop Joint Venture's area of interest. A soil survey of over 9,800 samples was carried out over an area of four by eight miles on a variable grid of 800 by 200 feet down to 200 by 100 feet. In addition, reconnaissance mapping in select areas was completed and more than 1,300 new rock chip samples were taken. The findings of this work lead to the recognition of significant anomalism along the range front, more mineralization between previously drilled areas, and anomalies associated with faults and karst features in a north-south-trending graben that comprises the crest of the Pequop Mountains between the Mountain Top Zone and Long Canyon. The graben preserves favorable calcareous host rocks of Ordovician Pogonip Group and the Cambrian sequence beneath the Eureka Quartzite, which has been relatively impermeable to ascending hydrothermal fluids. The soil analyses (ranging from below the detection limit of 1 ppb to up to 6.2 grams per ton gold) outline considerable leakage around and within the graben structure.

The ground between Long Canyon and West Pequop is highly prospective and received only preliminary surficial exploration. Drilling in 2010 will for the first time, begin to step out from the known drilled mineralization and start to evaluate the numerous other targets that include multi-gram gold surface samples. Systematic exploration in this new gold district and exciting new results highlight the promise of further discovery and resource expansion for years to come. Importantly, the secondary and tertiary targets defined by anomalous gold, trace elements, geophysics, structural and lithologic extrapolation have not begun to be tested.

As reported to AuEx by Agnico-Eagle, 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 assaying over 3 parts per million gold are routinely re-assayed using standard fire assay techniques on a 30 gram sample with a gravimetric finish. 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 and true widths have not been calculated. All data, as reported to the Company by Agnico-Eagle and disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company's qualified person Mr. Ronald L. Parratt, M.Sc., and Certified Professional Geologist. Further details concerning the West Pequop property are described in the Company's National Instrument 43-101 report filed on Sedar and are on the Company's website at www.auex.com.

AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada/Utah, one project in Spain and four projects in Argentina. The Company controls about 167,000 acres of unpatented mining claims and fee land in Nevada. Fourteen of the projects are in joint venture or exploration earn-in agreements with seven 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

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.

Contact Information

  • AuEx Ventures, Inc.
    Ronald L. Parratt
    President and CEO
    775-337-1545
    rparratt@auex.com