Source
MARKET NEWS
Date 11/24/2015
Time 06:14:09 AM
Company
Aura Silver Resources Inc.
Title New
Gold Intercepts Drilled At Greyhound Project
CDNX Symbol: AUU
Press Release
AURA SILVER RESOURCES INC ("AUU-V")
- New Gold Intercepts Drilled At Greyhound Project,
- Nunavut/Follow-Up Work To Continue
Aura Silver Resources Inc. ("Aura Silver" or the "Company") is
pleased to report the results of this year's exploration program on its
100% owned Greyhound property in Nunavut, Canada. The Greyhound
property remains subject to an option earn-in agreement with Agnico
Eagle Mines Limited (NYSE:AEM)(TSX:AEM) who is operator of the project.
Highlights include prospecting and drilling discoveries that re-confirm
untested auriferous (gold) targets and newly discovered gold drill
intercepts that will be the subject of additional prospecting and
drilling programs in 2016.
One hole (GHD15-017) located east of Aura Lake discovered a
potential porphyry system with an intersection of greater than 25
metres of a stockwork zone of quartz-carbonate veining hosted within
mafic volcanics. Of particular note is that the last 1.5 metres of the
195 metre length of core assayed an impressive 6.41 g/t gold. This hole
will be deepened in the 2016 drill program to determine the extent of
gold mineralization at deeper levels. In addition, one other hole
(GHD15-012) located in the Dingo area intersected 3.31 g/t Au over 2.7
metres (including 1.5 metres of 5.68 g/t Au). This interval corresponds
to a medium grained intermediate intrusive, which is weakly foliated.
The dyke is injected with 2% of white quartz carbonate veinlets
cross-cutting the foliation and contains traces of pyrite finely
disseminated or related to veining. This dyke is injected in an
intermediate to felsic volcanic unit, strongly sheared, sericitized,
ankeritized and injected by up to 5-15% of millimeter to decimeter
milky quartz ankerite veins over a few metres. It's the only dyke of
that kind within the drill hole.
No other significant mineralization was intersected in other holes
drilled.
The 2015 summer drilling program was completed from August 8th to
September 3rd and focused on two sectors, the Aura Lake area and the
Dingo area. A total of 8 diamond drill holes were drilled, four in each
area within the claim area. A total of 1,557 metres was drilled with
drill hole lengths varying from 111 to 270 metres.
The final report of the 2015 campaign summarizes the final results
of the drilling program and has recommended for 2016 an I.P. (induced
polarization) survey to be carried out to the east and north of
GHD15-017 to confirm the extent and strength of this potentially highly
mineralized stockwork zone. The mineralization and drill target is
close to a Spatiotemporal Geochemistry anomaly discovered by Activation
Laboratories (Actlabs) which used detailed soil survey samples
collected by Aura Silver in 2011. This target was given the "highest"
rating of probability for intersecting gold mineralization. Depth of
the gold mineralized intersection in hole GHD15- 017 is less than 200
metres which is consistent with Actlabs analysis.
Prospecting Results
Almost all of the surface sample grades identified from 2015
prospecting were located in the Dingo Area (located north east of Aura
Lake). Grab samples varied with up to 14.6 g/t gold identified in one
sample associated with a quartz vein within mafic volcanic rocks. A 2.9
g/t gold sample was also assayed and is associated with an intrusive
rock carrying 5% chalcopyrite (copper mineral) and pyrite which is
consistent with a previously discovered copper target at the south end
of Dingo.
Drilling Highlights
The most significant highlight of this summer's exploration effort
is the discovery of a potential quartz-carbonate vein stockwork system
which, at the bottom of drill hole GHD15-017 assayed 6.41 g/t over 1.5
metres. The size and extent of the veining remain unknown but was in
fact intersected over a 25+ metre drill interval. Associated with the
quartz-carbonate veining are porphyric felsic dykes carrying abundant
(35-40%) feldspar phenocrysts in a fine silica-sericite matrix. The
felsic porphyry textures illustrates that the melt is fractionating,
which means the melt is getting richer in incompatible elements, that
is, elements that do not crystallize into common rock forming crystal
structures. This would include precious and base metals which would
appear to be the case in portions of the stockwork. Of interest is that
both copper and gold have been found at felsic intrusive/mafic volcanic
contacts, both in the Dingo area and in the Aura Lake area. Previously,
the significance of this was underappreciated.
The Greyhound property is ideally situated just 50 kilometres
south of the Meadowbank Mine, and lies along an all-weather gravel road
to the mine from the Hamlet of Baker Lake which lies some 40 kilometres
to the south of Greyhound. Agnico Eagle entered into an option
agreement with Aura Silver in June, 2014 in order to further
exploration efforts on the property. The project consists of 15 claims
which have been surveyed and are ready to be registered as a mining
lease. Support for the exploration of the property is provided from the
Meadowbank Mine site. Aura Silver was able to attract interest from its
partner as the project area lies within the same Archean volcanic
sequences as the Meadowbank Mine and has on site, prospecting samples
assaying up to 28.2 g/t gold and 5,380 g/t silver.
In summary the 2015 exploration campaign concluded with
recommendations for continuance of the project in 2016. Prospecting,
I.P. geophysical work and further diamond drilling are some of the
warranted field work programs to be carried out in 2016 based on
"significant" 2015 results as well as to continue to explore additional
areas of the property. Robert Boaz, CEO of Aura Silver reports "these
are the best results we have seen in drill core from inception of
exploration at Greyhound. At Aura Lake, it is exciting to learn of the
discovery of a potential porphyry-style (quartz-carbonate vein
stockwork) system which was intersected with the hole bottoming in
exceptional gold mineralization grading better than 6 g/t. The system
is at least 25m core width as it bottomed in veining. It is also
exciting that future exploration will be expanding the zone on surface
by conducting an I.P. geophysical survey in order to outline the size
and strength of the sulphide mineralization further to the east and
north of our Aura Lake porphyry discovery. At Dingo, one hole cut a
1.5m core length grading 5.68 g/t Au in a weakly foliated intermediate
intrusive."
Paul Pitman, P. Geo. is Aura Silver's qualified person (as defined
by National Instrument 43-101) and has reviewed and approved the
scientific and technical information in this press release.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the
acquisition, exploration and development of precious metal prospects in
Canada (Greyhound) and Mexico (East Taviche in Oaxaca State) with a
focus on precious metals. The Company has 112,830,844 common shares
outstanding.
Aura Silver's web site is located at www.aurasilver.com.
FORWARD-LOOKING STATEMENTS:
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.
TSX Venture closing price for AUU-V
Date: 2015/11/23
Closing Price: 0.02
TEL: (905) 403-8010 Robert Boaz, President and CEO
Aura Silver Resources Inc.
EMAIL: boaz@aurasilver.com
INTERNET: www.aurasilver.com
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