|November 24, 2010|
Aura Silver Discovers Second Gold Zone, Stakes New Claims, Greyhound Project, Nu
|Aura Silver Resources Inc. (TSX-V:AUU) ("Aura Silver" or the "Company") is pleased to report that it has discovered a new and potentially large gold zone approximately 25 kilometers to the west of Aura Lake, the current area of previously reported high-grade gold and silver mineralization. The new prospect is a 5-6 kilometer long zone of discontinuous units of iron formations adjacent to a thrust fault that juxtaposes Paleoproterozoic or Archean quartzite and conglomerate with the Archean metavolcanic/metasedimentary sequence. Where sulphidized, the iron formation contains anomalous contents of gold. Samples from a total of ten occurrences contain from 0.1 to 4.09 g/t Au. Snow cover prevented extensive sampling, however the presence of individual zones of strongly gossanous soils extended from a minimum of several hundred meters to over a kilometer indicating that the potential for gold mineralization is extensive and characterized by a robust sulphidization event. Our airborne EM geophysical data indicate conductive zones that correlate with the sulphide zones. |
This area is comprised of similar geological attributes as at the Meadowbank mine, as evidenced by the presence of a probable thrust fault, complex tight folds and highly strained rocks of amphibolite grade, intermittent but multiple parallel magnetite-iron formations and pyrrhotite dominated sulphides with quartz veins and quartz-vein stockworks. The two highest assays of 3.85 and 4.09 g/t Au come from two showings on separate units of iron formation roughly one kilometer apart (see attached figure which illustrates the extensive nature of the iron formation and multiple gold and/or sulphidized prospects).
The highest value is from highly altered bedrock with irregular quartz veins containing massive pyrite, pyrrhotite and minor arsenopyrite. The second value is a grab sample from a broad gossanous iron formation measuring 150 meters in width and traced over 1,200 meters in strike length in contact with sheared amphibolite gneiss. Lateness of the season precluded more detailed sampling, but Aura Silver will add this to the planned program of intense exploration next summer.
"A major portion of the 2010 summer work included prospecting, soil and IP geophysical surveys and has resulted in fast-tracking our gold and silver exploration efforts around Aura and Greyhound Lakes. The newly discovered gold prospects at the eastern end of the greenstone belt will be a focus for further exploration in the summer of 2011. We hold all necessary permits to test these new targets, said Robert Boaz, CEO. He added, "Advanced work on the high grade copper-zinc VMS district, 1.4 km to the east of the all-weather road to the Meadowbank mine will also be contemplated. Our geologists have increased their understanding of the potential of this Archean greenstone belt very rapidly and we now approach the drill phase to test for gold and silver, as well as base metal mineralization".
The Company's Greyhound property currently comprises 25,333 hectares located approximately 38 kilometers north of the community of Baker Lake and 46 kilometers south of Agnico-Eagle's Meadowbank mine. Additional staking has recently been completed to provide additional coverage of the new prospects. The Meadowbank Mine contains proven and probable reserves of 3.7 million ounces of gold at an average grade of 3.5 g/t (www.agnico-eagle.com). Infrastructure is excellent; the all-weather road from Baker Lake to the Meadowbank mine crosses through the Greyhound property, lying within one kilometer of the original gold/silver zone discovery.
Dr. James M. Franklin, 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. Rock and soil samples collected by Aura Silver have been analyzed by ALS Canada Inc. in Vancouver and Yellowknife, Canada.
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. Aura Silver has 76,962,790 common shares outstanding.
For further information regarding this press release contact: Robert Boaz, President and CEO at (905) 403-8010 or by e-mail at email@example.com. Aura Silver's web site is located at www.aurasilver.com.
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.
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