AuEx Ventures, Inc.: Santa Cruz, Argentina-Initial Drill Results and Exploration Update
25 Febrero 2010 - 6:00AM
Marketwired
AuEx Ventures, Inc. (TSX: XAU) ("AuEx" or the "Company") is pleased
to announce the results from its first drill program conducted in
Argentina and update its overall exploration activities in Santa
Cruz Province. The first drill program was conducted at the
Meridiano project where 13 out of 15 reverse circulation drill
holes encountered broad zones of shallow gold mineralization
grading better than approximately 0.10 g/t. Selected intercepts
included RCM06 with 27 meters of 0.31 g/t gold including 2 meters
of 1.1 g/t gold, RCM08 with 10 meters of 0.58 g/t gold, RCM10 with
10 meters of 0.68 g/t gold including 6 meters of 1.1 g/t gold,
RCM11 with 8 meters of 0.58 g/t gold including 3 meters of 1.38 g/t
gold and RCM13 with 22 meters of 0.29 g/t gold including 1 meter of
1.44 g/t gold. The initial phase drilling has confirmed and helped
to define recessive breccia zones. Geophysics is currently underway
to give a better three dimensional view of these structural
corridors and to help plan the second phase drilling scheduled to
commence in March. Commenting on the Project, Richard Bedell,
Executive Vice President says, "This project is particularly
exciting because we have identified broad zones of gold
mineralization over multiple square kilometers and appear to be
high in the epithermal mineral system. We appear to have good
tonnage potential and now need to find the higher grade."
At the La Rosita Project near the Mina Martha Mine, geophysics
will be carried out in March to help define the first drilling
program planned in April. La Rosita has undergone extensive
mapping, surface sampling and reinterpretation. The project
contains multiple gold and silver targets, some with elevated
copper values that will be the targets for exploration.
The Gertrudis Project, located in the eastern portion of the
province, contains multiple veins in structural corridors within an
andesitic dike complex. The prospect was initially identified using
Thematic Mapper satellite imagery that was processed by AuEx.
Detailed surface sampling and geologic mapping have been conducted
to define drill targets that are planned to be tested later in 2010
once appropriate permits have been granted.
At the Covadonga Project located in the central part of the
province, continued surface mapping and sampling has located a gold
anomalous area within an extensive, but generally barren, vein
field. Recent reconnaissance work has identified an area of the
vein field that has returned up to 7 g/t gold and 145 g/t silver in
grab samples. These results have led Agnico-Eagle to formally
accept Covadonga as a project. Depending on the results of
continuing field work, this project may also have initial drilling
completed before the end of the year.
Encouraging results from 2009 field work and drilling has
resulted in a significant budget increase for 2010 to over $1.5
million for Santa Cruz Province. AuEx as operator will continue to
find new prospects, develop the current land package up to the
project level, and do detailed work and drilling on the 4 projects
that are being funded by Agnico Eagle at the 100% level.
Exploration by AuEx in Santa Cruz is being conducted under an
exploration agreement with Agnico-Eagle Mines Limited
("Agnico-Eagle"). Under the agreement, Agnico-Eagle and AuEx share
70:30 respectively in generative exploration expenditures with work
activity conducted by AuEx. Agnico-Eagle has the option to take on
projects identified by the generative program and has exercised the
option on four projects (Meridiano, La Rosita, Gertrudis and
Covadonga). Agnico-Eagle is required, but not committed, to expend
US$1,000,000 within 4 years on each project to vest an initial 60%
interest. Agnico-Eagle then has the option to earn an additional
10% interest by carrying all further costs through feasibility
capped at $10,000,000. The exploration venture now controls
exploration rights to 14 parcels that total almost 90,000 hectares
within Santa Cruz Province.
In January Richard Bedell, Executive Vice President presented a
full day course in spectroscopy and remote sensing in Rio Gallegos,
the capital of Santa Cruz Province. This was held at the offices of
Formicruz, the Provincial mineral company and was attended by
various mining and exploration companies working in the Province in
addition to Formicruz staff. Richard Bedell comments: "The province
is expanding rapidly for mineral development and AuEx intends to be
an active participant. We want to be good neighbors and to help
discover and develop precious metal resources in Santa Cruz."
Generative activity is continuing to develop new prospects and
to bring other existing properties to a project stage for
presentation to Agnico-Eagle. Properties not accepted by
Agnico-Eagle remain the property of AuEx with no further
obligations to Agnico-Eagle.
All drill samples were collected following standard industry
practice and assayed by Alex Stewart Laboratories, Inc. of Mendoza,
Argentina. Gold results were determined using standard fire assay
techniques on a 30 gram sample with an atomic absorption finish.
Samples exceeding 5 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. A table containing all drill results
to date using a 0.3 gram/tonne cutoff is posted on the Company's
website. Drill intervals are reported as drilled thickness and
insufficient data exists to estimate true thickness. All data, as
reported by the Company and as disclosed in this press release,
including sampling, analytical and test data, have been reviewed by
the Company's qualified person Mr. Richard L. Bedell, M.Sc., and
Certified Professional Geologist as recognized by the American
Institute of Professional Geologists. Further details concerning
the AuEx Argentina exploration program are posted 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. Twelve 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 Chief Executive Officer
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.
This news release contains information about adjacent properties
on which we have no right to explore or mine. We advise U.S.
investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt President and
Chief Executive Officer 775-337-1545 rparratt@auex.com
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