|July 28, 2011|
Aura Silver Discovers New Bedrock Gold-Silver Targets, Phase II Drilling Initiated At Greyhound Project, Nu
|Aura Silver Resources Inc. (TSX-V:AUU) ("Aura Silver" or the "Company") is pleased to announce that it has uncovered a new area of bedrock gold and silver targets in the northeastern part of its Greyhound claim group. Limited prospecting of the area in 2010 located two outcroppings of sulphidized iron formation with up to 4.09 g/t Au and 3.85 g/t Au. In May 2011, a ground geophysical survey (MaxMin HLEM) was completed over the area to quantify anomalies defined by an earlier GEOTEM® airborne survey. The MaxMin survey defined numerous conductive zones. In July, these were evaluated with soil sampling, prospecting and rock sampling. Soil values greater than 2,000 ppb Au (2.0 g/t) and 5.98 g/t Ag were delineated. Surface sampling of bedrock returned samples up to 6.49 g/t Au. To date, four targets have been defined for drill testing.|
The northeastern prospects include the JohnPaul showing where anomalous gold values have been traced across a zone 300 metres wide overlying banded iron formation. Values ranging up to 2,000 ppb Au (2.0 g/t) have been collected from soils in this zone. This showing was first identified in 2010. Follow-up work in 2011 extended the sulphide zone a further 450 metres to the north where a surface showing assayed 6.49g/t Au. The Bandit Prospect, 1,500 metres southwest of JohnPaul, has subcropping sulphidized iron formation assaying up to 4.09 g/t Au, contiguous with a MaxMin conductive zone. The North Gossan Prospect is located two kilometres north of JohnPaul in an area where a pair of one kilometre long MaxMin conductors coincide with magnetite iron formation. Geochemical values in soils across the conductive zones range up to 1,020 ppb gold (1.02 g/t). The Silver Prospect lies 1,500 metres south of JohnPaul. Two exposed massive pyrite and massive pyrrhotite outcrops are coincident with MaxMin conductors. Rock samples assayed up to 39.6 g/t silver and soils across the area run up to 12.4 g/t silver. Additional samples of all the northeast prospects are pending.
In addition, a new zone, referred to as the Jackpot Prospect, has been traced 4.5 kilometres along gossanous zones in soils and subcrop by prospecting and sampling. Sampling is continuing with results to date of up to 1,650 ppb Au (1.65 g/t Au) and 12.6 g/t Ag. One quartz rich sample from bedrock assayed 3.85 g/t silver. Newly sampled sulfide-rich rocks have been forwarded for assay.
Phase 1 of the 2011 program was completed in late June; 2,055 metres were drilled to test a number of geophysical and geochemical targets. Anomalous gold was intersected in several holes with the best value of 11.7 g/t Au over 15 centimetres occurring in an arsenopyrite-bearing vein (Hole G-11-29).
Phase 2 of the summer drill program, comprising 2,000 metres of drilling, has commenced. During this phase of work two holes in the South Aura Lake area will test an area of sulphidized quartz veining in a structurally complex portion of banded iron formation which returned values up to 4.0 g/t Au in grab samples. The banded iron formation is associated with a 1,600 metre long geochemical soil anomaly containing multiple soil values greater than 2 g/t Au. A third hole will target a structure at the south end of Aura Lake which the Company believes may represent the source of previously reported 5,380 g/t silver and 28 g/t gold in glacial erratics. Following holes will test the new targets defined in the northeastern area as well as additional structural and gold anomalous zones in the area of Aura Lake.
Mineralization on the Greyhound property is hosted by Archean volcanic-sedimentary sequences with intermittent banded iron formation. In places, the iron formation is conductive and sulphidized. This geological combination is similar to that of Agnico Eagle Mines' Meadowbank gold mine which was discovered in outcrop and followed up by diamond drilling of MaxMin conductors. Aura Silver recently extended its claim holdings along the northeastern part of its property boundary to cover geologic extensions of the zones hosting the new gold prospects in this area.
Robert Boaz CEO and President of Aura Silver states that, "We have long hoped to discover bedrock mineralization in the areas of our high grade boulders. The Company is excited about initiating drilling immediately on these targets. Further, our new discovery at south Aura Lake appears to be the possible source of the high grade silver assays. Lastly, the new Jackpot prospect south of Aura Lake indicates the untapped potential of the Greyhound Property extending our arsenal of potential targets."
All samples have been processed by Activation Laboratories Ltd. in Ancaster, Ontario. Soils were analyzed by multi-element Ultratrace-6 four acid digestion with analysis by ICP. Rocks and core were assayed for gold by 1A2 (Au Fire Assay-AA).
Paul Pitman, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) for this press release and is Project Manager for the Greyhound project exploration.
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 87,853,590 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 firstname.lastname@example.org. 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.
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