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AuEx Ventures, a Reno, Nevada-based enterprise with fewer than 10 employees, went public in mid-2005 at $0.50 a share. The company’s mission? To find new precious metals deposits in Nevada.
Thanks to the use of high technology, combined with detailed knowledge of the local geology, AuEx was able to locate not only a major new gold deposit, but also a completely new mining district in Nevada. Management used sophisticated processing of satellite imagery to look for traces of gold — helping to quickly survey thousands of square miles of barren desert and identify high-potential zones.
For AuEx, the result was the discovery of the Long Canyon gold deposit, in a place where large deposits of this kind had never before been found.