About the CompanyAura Silver Resources Inc. is a Canadian exploration company engaged in the discovery of precious metal deposits with a focus on gold and silver. The Company has concentrated its search on precious metal districts in North America. Aura Silver is publicly listed on the Toronto Venture Exchange under the ticker symbol "AUU". Aura Silver has two significant precious metals projects -- Taviche, Mexico and Greyhound located in Nunavut, Canada.
Our Taviche Project is located in the State of Oaxaca, Mexico within the San Jose Mining District, reportedly one of the first historic silver-mining areas in the country. Mexico hosts some of the best silver hunting ground in North America and is a region that provides safe legal and political environments for mining companies. The geology has unbeatable potential for a major discovery. Mexico was the largest silver producing country in the world with 152.8 million ounces recovered from primary and base-metal mines in 2011 and has a long mining history with recorded and estimated historical production of silver in the billions of ounces.
The Taviche project is comprised of the East Taviche concession. During February 2016, Aura Silver acquired the 26.5% diluting interest held by its former joint venture partner Intrepid Mines Limited to consolidate a 100% ownership interest in the Taviche project. Since 2009, exploration has concentrated on the Higo Blanco jasperoid prospect, a 7 kilometre long trend of silicified limestones that are variably mineralized at surface with silver minerals with gold potential at depth. During the fall of 2011, an initial NI 43-101 resource estimate was completed for the Higo Blanco prospect which reported an Inferred silver resource of 865,000 tonnes at a grade of 119 g/t for 3.3 million ounces of contained silver and an Inferred gold resource of 3.3 million tonnes at a grade of 0.51 g/t for 54,000 ounces of contained gold.
The 100% owned Greyhound Project is located in Nunavut, Canada and is a highly prospective gold and silver property that lies within an unexplored Archean Greenstone Belt. In June 2014, Aura Silver entered into an option agreement with Agnico Eagle Mines Limited which allows Agnico Eagle to earn an interest in 15 claims comprising part of the Greyhound project. Over the first three years of the option agreement Agnico Eagle can earn a 51% interest in the Greyhound project by incurring a total of $1,750,000 in exploration expenditures and providing a total of $210,000 in cash option payments to the Company. Agnico Eagle will proceed with the third year of exploration during the summer of 2016 and is required to incur $1,000,000 in exploration expenditures. Following the initial earn-in, Agnico Eagle has a second option to increase their interest to 70% by funding additional expenditures of $5,000,000 and providing cash option payments totalling $250,000.
Past prospecting at the Greyhound project uncovered numerous subcrop rocks assaying up to 28 g/t gold and up to 5,800 g/t silver around an unnamed lake now referenced as Aura Lake. These showings lie adjacent to a discontinuous belt of BIF (magnetite iron formation) which have been hosts to other Canadian producing precious metal mines.
The Company has completed a comprehensive interpretation of geochemical data for its Greyhound property which enhanced the excellent potential of the property. Geochemical results have identified one gold and two silver targets located to the east and south-east of Aura Lake, as well as an untested silver target on the Greyhound north-east claims. Most recently a high quality gold target referred to as the Dingo prospect and an adjacent copper prospect have been outlined. In all, Aura Silver's extensive geochemical interpretation has clearly identified six drill-ready targets along an Archean greenstone belt stretching over twenty five kilometres from the southwest to the northeast.