|August 17, 2011|
Aura Silver Stakes 20,848 Hectares on Jackpot Prospect South of Greyhound, NU
|Aura Silver Resources Inc. (TSX-V:AUU) ("Aura Silver" or the "Company") is pleased to announce that it has uncovered additional bedrock gold and silver targets east of Whitehills Lake and south of its wholly-owned Greyhound claim group. Limited prospecting of the area in 2011 has located extensive gossan and massive sulphides containing highly anomalous gold and silver values. The Company recently staked 20 claims comprising 20,848 hectares (51,495 acres) to cover this new target area. The addition of these new claims brings the Company's total Nunavut claim holdings to over 55,000 hectares (135,850 acres). Additional prospecting and sampling of the new claims will take place before winter sets in.|
The Jackpot Prospect, which was mentioned in an earlier press release (see press release of July 28, 2011), lies in the central part of the new claims. It has now been traced over 20 kilometres in strike length by following surface gossanous zones and outcropping of massive sulphides. Results to date of surface sampling include up to 1,650 ppb Au (1.65 g/t Au) and 12.6 g/t Ag in one sulfide-rotted gossan. In one area, massive pyrite in quartz veining is intermittently exposed over a strike length of 5 kilometres. One quartz rich sample from bedrock assayed 3.85 g/t silver. Recent samples of sulfide-rich rocks including massive pyrite have been submitted for assay.
Since the initial Jackpot discovery, a second extensive gossanous area has been located. This target area is comprised of a sulphidic gossanous unit that has been traced for 15 kilometres. This gossan is hosted in strongly schistose biotitic pelite with local thin iron formations and dark cherty horizons. This unit is very similar to gold bearing banded iron formations in the Northeast part of the Greyhound property where Aura Silver is currently drilling. Samples of massive pyrrhotite have been selectively taken and assay results are pending.
Robert Boaz CEO and President of Aura Silver states that, "the potential of the Jackpot Project is enlarging as we prospect further. We continue to believe that simple but persistent prospecting and the breaking of rocks leads to new discoveries. Aura Silver is very proud to have an exceptional prospecting team in the field".
All samples have been processed by Activation Laboratories in Ancaster, Ontario. All rocks and gossanous material were analyzed by multi-element Ultratrace-6 four acid digestion with analysis by ICP and 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 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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