Aura Silver Resources (AUU-V) May 7, '15 partner Agnico Eagle Mines (AEM-T) plans 2015 drilling.
Greyhound -- phase 2 drilling to initiate in summer 2015
Following the completion of phase 1 drilling in 2014, the company has had numerous strategic planning sessions with its partner Agnico Eagle Mines Ltd. to determine the year 2 drilling program. Total expenditures incurred by Agnico Eagle during phase 1 were approximately $262,000, which exceeded the first year spending requirement, and were focused on the drilling of eight holes and a rock sampling program.
Phase 2 expenditures required to comply with the continuing earn-in requirement under the existing option agreement (see June 10, 2014, press release) are required to be a minimum of $500,000. It is anticipated that the 2015 field program will be focused on the highest-priority targets identified. Details of the 2015 drill plan are currently being finalized and will be announced when available. It is anticipated that a drill rig and field crew will mobilize to the property no later than August.
The Greyhound property was first prospected by an exploration team led by Paul Pitman, manager of Canadian operations, and Eric Craigie, non-executive director of Aura Silver, in the mid-1990s. Subsequent work on the property by Aura Silver identified numerous high-grade gold and silver surface samples. With the expertise of Agnico Eagle's geologists, a drill program has been outlined to confirm the potential for both a gold and a silver resource at Greyhound.
Aura Silver's claims cover an Archean greenstone belt in the White Hills Lake area just 38 kilometres north of the town of Baker Lake. The property straddles the all-weather road, which extends from Baker Lake to Agnico Eagle's Meadowbank mine approximately 32 kilometres to the north of the property.
This Archean bimodal volcanic sequence is capped by a distinct and laterally extensive exhalite unit comprising chert and banded iron formation that is underexplored, with only minimal recent drilling. The company has determined that the geologic structure hosts drill targets that show the potential for significant success with the upcoming drill program.
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 under option to Agnico Eagle) and in Oaxaca, Mexico (73% owned East Taviche project). Aura Silver has 101,680,844 common shares outstanding.
Aura Silver Resources Inc.
Robert Boaz
President and CEO
(905) 403-8010
boaz@aurasilver.com
www.aurasilver.com |
