West Pequop Returns 141 Feet at 0.238 Ounces Gold Per Ton
RENO, NV - AuEx Ventures, Inc. reported additional assay results, including core hole WNC-144 reporting 141 feet grading 0.238 ounces per ton gold ("opt") from the Mountain Top zone at the Company's West Pequop gold exploration project located in Elko County, Nevada. These results confirm and extend gold mineralization in the Mountain Top target area with mineralization still open. This data was provided by the Company's joint venture partner Agnico-Eagle (USA), Limited ("Agnico-Eagle") from drilling completed in late 2008 on the 29,000 acre West Pequop Venture property. The 2008 program, completed in November 2008, comprised 40 drill holes totaling over 38,000 feet. Agnico-Eagle plans to continue to fund an aggressive exploration program for the West Pequop Venture in 2009 with a budget of approximately $4 million. Commenting on the results Ronald Parratt, President & CEO, stated, "The results from hole 144 at Mountain Top confirm values found earlier in hole 135 and extend those values deeper. The area is a complex zone of solution and cave collapse breccias and contains excellent grades making it attractive for further evaluation." New assay results for the West Pequop Venture are as follows:
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Drill Hole From To Thickness Grade
Number (feet) (feet) (feet) (oz/ton) Comments
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WNC-144 100 241 141.0 0.238 Mountain Top
(core)
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WNC-146 150 160 10.0 0.018 Section 34
(core) 465 485 20.0 0.029
534 544 10.0 0.033
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WNC-147 224 248.5 24.5 0.026 Section 34
(core) 307 317 10.0 0.024
638 649.5 11.5 0.042
686.5 727.5 41.0 0.076
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WNC-148 430.4 451.0 20.6 0.015 Section 34
(core)
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Drill holes WNC-140, 141, 142, 143 and 145 had no reportable intercepts.
Exploration drilling during 2008 at the West Pequop Venture was conducted in the Section 34, Mountain Top, Acrobat/Juggler and Range Front target areas. This work has expanded the extent of high grade gold mineralization at Section 34 and Mountain Top and established the presence of gold mineralization at the Range Front target. There were no reportable drill results from the Acrobat/Juggler area during 2008, however additional drilling is warranted and planned for this area in 2009. Gold mineralization at West Pequop has now been found in at least three distinct stratigraphic positions within the enclosing Cambrian and Ordovician limestone and dolomite assemblages. Mineralization remains open and will be further drill tested in 2009. Other exploration targets will be tested during 2009 as well.
Gold mineralization encountered has been typical of oxidized Carlin-type occurrences and is commonly associated with faulting, felsic dikes and solution collapse breccias. Although mineralized drill holes have commonly been oxidized, one hole drilled in 2008 encountered sulfide minerals including stibnite - a classic indicator of Carlin-style mineralization.
The companyÕs address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].