AuEx Ventures, Inc. report that reverse circulation drilling has commenced at the Company’s North Klondike gold/silver exploration project located about 10 miles south of Tonopah in Esmeralda County, Nevada. The exploration drilling project is being funded by Eldorado Gold Corp. (“Eldorado”) under an exploration earn-in agreement between the Company and Eldorado and will total approximately 15 drill holes totaling about 8,000 feet of drilling.
The North Klondike exploration project contains hydrothermal alteration and geochemistry indicative of a low sulfidation, epithermal gold system hosted in Tertiary volcanic rocks similar to those found in the nearby Tonopah Mining District and throughout the Walker Lane. During the past several months, AuEx staff and consultants, acting on behalf of Eldorado, have conducted surface geologic mapping, rock chip sampling, soil sampling and ground geophysics. This work has identified a number of exploration targets on the property that will be tested in the current drilling program. Surface exploration activities are continuing on the project and additional targets are expected to be identified.
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 is in an active joint venture on the Long Canyon project sharing costs 51%/49% with Fronteer Development Group, Inc. exploring and developing the newly discovered Long Canyon gold deposit in Elko County, Nevada. Eight other projects are in joint venture or exploration earn-in agreements with four companies who provide exploration funding. The Company controls approximately 80,000 acres of unpatented mining claims and fee land in Nevada. 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.