OTTAWA, ONTARIO–(Marketwired – Aug. 14, 2015) –
Aura Silver Resources Inc. (TSX VENTURE:AUU) (“Aura Silver” or the “Company”) is pleased to announce that Agnico Eagle Mines Limited (NYSE:AEM)(TSX:AEM) has initiated Phase 2 drilling at the Company’s wholly-owned Greyhound property in Nunavut, Canada. This drilling program will focus on the previously identified gold and silver rich zones around Aura Lake as well as the gold and base metal, copper rich area at the Dingo zone. The program will consist of a planned ten hole program at a minimum of 100 metres per hole with a budget of approximately $500,000. Drilling should be completed by the end of August or early September 2015.
The Company has recently undertaken a compilation of all new and existing geochemical and geophysical data for the East Taviche concession. This innovative compilation outlines drill targets exhibiting extremely high mineral potential based on a comparison of data overlying the known silver and gold zones at East Taviche and to similar properties found elsewhere.
The recent evaluation of exploration data has discovered several new target areas, some of which are much larger in size and require drill testing, as well as untested structural zones with associated mineralization found in historical pits. “The prognosis for further discoveries is excellent“, said Paul Pitman, P.Geo, long time geological consultant to the Company. These previously undetected drill targets are a consequence of an interpretation of results from a deep-penetrating geochemical tool called Spatiotemporal Geochemical Hydrocarbons along with co-incident I.P. (induced polarization) data, surface rock, trench sampling data and past drill results. This analysis is depicted in the attached diagrams which outline both the silver and gold zone anomalies (these diagrams are also available at the Company’s website: www.aurasilver.com under ‘News’).
The diagram titled “Silver Zone Anomalies” is available at the following address: http://media3.marketwire.com/docs/1021395e_Silver.pdf
The diagram titled “Gold Zone Anomalies” is available at the following address: http://media3.marketwire.com/docs/1021395e_Gold.pdf
The Company believes that these are the most definitive drill targets identified at the Taviche project to date. As with the current drilled resource, the new targets appear to be associated with strong chargeability anomalies and also appear to lie along or adjacent to major, known and interpreted structural trends and intercepts.
It is noteworthy that I.P. interpreted cross-faulting transects the known ore zone and elsewhere along the 2.5 km chargeability zone known as the Higo Blanco trend. Cross faults provide the pathways for upwelling pregnant solutions carrying gold and silver mineralization. In fact, previous drilling in areas of cross-faulting led to the discovery of high-grade silver and 0.5 to 2.0 g/t gold at the area containing the Company’s current silver and gold resource.
The East Taviche project was originally optioned by Aura Silver as surface veins in pits and old workings exhibited many of the classical characteristics pointing to the potential discovery of an epithermal silver/gold deposit. This distinct type of low sulphidization precious metal ore is a special class with a well-documented “exploration model” that eventually led the Company’s geologists to discover the first silver and gold zone.
Some major features recognized early on were: (i) the presence of a 7 km long by 300-metre wide continuous jasperoid zone which had brecciated and replaced limestone country rock demonstrating the action of broad hydrothermal activity; (ii) high antimony and arsenic values in rock and trench samples; (iii) textural features such as fine banding carrying disseminated sulphides; and, (iv) low-grade disseminated gold and silver in surface veins. Based on surface sample textures the geologists believed that higher grade ore would be found at depth closer to the boiling zone of the hydrothermal solutions.
The Company believes there is a very high probability of further discoveries based upon this new interpretation of exploration results.
Mr. Paul Pitman, B.Sc., P.Geo. and Mr. Patrick Toth, B.Sc., P.Geo., are qualified persons as defined by NI 43-101 and have reviewed and approved the contents of this press release regarding the Greyhound project and East Taviche project, respectively.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in Canada (100% owned Greyhound project) and in Oaxaca, Mexico (73% owned East Taviche project). Aura Silver has 112,830,844 common shares outstanding.
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, the private placement financing activities of the Company, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Aura Silver does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and CEO