Aura Silver Resources (AUU-V) Aug 16, '16 is excited to report results of its summer prospecting and mapping program to its shareholders and the investment community. An update on activities scheduled for the rest of the summer at Greyhound is also provided. The Greyhound project is located in Nunavut, Canada and is subject to an option agreement with Agnico Eagle Mines (AEM-T), who is the operator of the project.
The highlights of our program are delineated as follows:
1. The summer mapping and prospecting program returned multiple gold mineralized assays ranging from 0.65 g/t to 15.60 g/t (18.93 g/t fire assay, atomic absorption).
2. A new showing, the Gilmore occurrence which is located eight kilometres to the far northeast of Aura Lake (our primary gold/silver interest), returned the highest grades of gold from summer prospecting.
3. A ground magnetics survey has been completed. Results will be announced upon the completion of detailed interpretation by our geologists.
4. An application has been completed to convert the core Greyhound claims to a Mining Lease.
5. Exploratory drilling is planned to resume.
In total, 14 days were spent by project geologists who carried out further prospecting. A total of 365 grab samples (boulders as well as outcrops) were collected and a total of 488 outcrops were visited. A very high percentage of samples were taken from various occurrences indicating the high potential of the area with most samples taken from outcrops.
Results are positive, with eight assays over 2.0 g/t Au and three samples over 10.0 g/t Au. Values as high as 15.6 g/t Au (18.93 g/t fire assay, atomic absorption) were found in sulphide-rich quartz veins in mafic volcanics. In all, 10 assays reported grades in a range exceeding 1.0 g/t. The following map shows the location of all assays in excess of 1.0 g/t (map also available at www.aurasilver.com under 'News'): http://media3.marketwire.com/docs/Prospecting_Map.pdf
A new highly-anomalous gold showing was located by Agnico Eagle Mines Ltd. eight kilometres northeast of Aura Silver's main target which is at the south end of Aura Lake, named the Gilmore prospect. This anomalous gold area measures 500 by 360 metres in size. The highest grade of 15.6 g/t Au (18.93 g/t fire assay, atomic absorption) was sampled from a quartz vein containing copper and lead mineralization.
East of the Meadowbank road and northeast of Aura Lake on the Dingo prospect, another significant high-grade sample assaying 13.26 g/t Au was reported. This sample is located on a five kilometre southwest trend toward our original gold target at Aura Lake where samples assaying 1.19 g/t, 3.16 g/t and 10.02 g/t Au were found.
Ground Geophysics
The Company also reports that a large ground magnetic survey over an approximate 4 by 7 kilometre grid was completed in May for which final interpretation is pending. The results of this survey will complement the prospecting results to enhance the interpretation of structural features known to host gold ore deposits.
Progress towards a Mining Lease
The Company has submitted an application to Indigenous and Northern Affairs Canada to convert the core Greyhound claims to a Mining Lease. Final acceptance of the application is pending.
August Drilling Program
Aura Silver CEO, Robert Boaz states that, "The 2016 exploration program has progressed well beyond our expectations. Once we analyze the results of our mag survey and integrate this with the results from prospecting, we will be able to optimize targets and finalize the details for the 2016 drill program."
The 2016 drilling program will focus on the highest priority target located in close proximity to drill hole GHD15-17 (the most successful drilling discovery during 2015). This drill hole intersected mineralization of 6.41 g/t Au over 1.5 metres at the bottom of the hole at approximately 137 metres vertical depth. The first priority is to deepen hole GHD15-17 in order to determine the extent and depth of this high grade gold mineralization.
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, subject to option with Agnico Eagle Mines Ltd.) and in Oaxaca, Mexico (100% owned Taviche project). Aura Silver has 113,830,844 common shares outstanding.
Mr. Paul Pitman, B.Sc., P.Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the Greyhound project.
Robert Boaz
President and CEO
(905) 403-8010
boaz@aurasilver.com
www.aurasilver.com |
