|January 29, 2015|
Aura Silver Identifies Potential Major Extensions Of Its Existing Silver/Gold Resource At East Taviche, Mexico
|Aura Silver Resources Inc. (TSX-V: AUU) ("Aura Silver" or the "Company") is pleased to report that recent exploration has defined major gold and silver trends comprising untested definitive drill targets adjacent to, and on strike with its defined silver/gold resource in Mexico. These results are based on the 2014 exploration program carried out on its 73% owned East Taviche property in Oaxaca State, Mexico. Results are based on a Spatiotemporal Geochemical Hydrocarbon analysis (interpreted by Activation Laboratories Inc. or "Actlabs") of a soil sampling survey conducted during this program. Results have identified several possible extensions to the current silver/gold resource (refer to 2011 NI 43-101 Technical Report available under the Company's profile at www.sedar.com). Diagrams depicting the Spatiotemporal Geochemical Hydrocarbon anomalies relative to the current defined resource are as follows (also available at www.aurasilver.com under 'News'):|
The new prospects illustrated in the attached diagrams reflect both gold and silver targets; however, as stated in the Actlabs report, "the data predicts that mineralization is very much dominated by silver over that of gold." Out of a total of 22 compound class maps for gold and silver identified as significant in this analysis, a full 15 define and support the signature directly associated with silver mineralization and are interpreted by Actlabs as their "highest" possible rating.
One of the pods identified lies directly coincident with Aura Silver's previously defined silver resource. The trend which hosts the resource and the other identified drill targets (pods) is approximately 1,500 metres in length and runs along the southwestern flank of the Higo Blanco mineralized jasperoid zone. Both gold and silver targets overlap within this trend. Two other sizeable anomalies, along with several smaller pods, are located along the northwestern edge of the jasperoid zone. These anomalies are related to a SE-NW gold trend. These newly discovered anomalies significantly dwarf in size Aura Silver's current resource as identified in the attached diagrams.
In addition to the above mentioned anomalies for gold and silver in the south, at the northern end of the Higo Blanco trend located 3 kilometres from the resource, there is a strong gold anomaly with an adjacent and overlapping silver target but both are interpreted to be deeper. Neither has been mapped, trenched or drill tested likely due to the fact that the interpretation for the mineralization does not reach the surface.
As mentioned above, this latest analysis suggests that the importance of silver in the Higo Blanco trend far exceeds that of gold, although Actlabs ranks both mineralized occurrences highly with silver achieving the highest possible ranking for probability of occurrence at 6.0 out of 6.0, while gold is still ranked at an exceptional level of 5.0 out of 6.0.
Not mentioned in the described mineralized trends is a possible structural zone running in N-S direction from the resource to a strong silver target. The Company believes that this N-S silver trend is defined by a structural zone where historic pits have been mapped but not sampled. These pits lie within silicified limestone breccias or "jasperoid" and, on surface, are locally mineralized with stibnite crystals (antimony) and occasional pyrargyrite (silver sulfosalt) clots. Aura Silver's defined resource lies to the immediate south of this jasperoid body and is hosted by silicified limestone breccias cut by quartz veins and stockworks. In the standard epithermal column, antimony mineralization is known as a pathfinder to both silver and gold. Several other sizeable individual anomalies are also identified along the northwestern flank of the jasperoid body. The two northerly zones located 3 kilometres north of the defined resource appear to be deeper structures and coincide with a sizeable higher elevation stibnite complex. The NW-SE gold trend may equally be defining a geological-structural zone.
The identification of these potentially mineralized structures is the result of a Spatiotemporal Geochemical Hydrocarbon analysis which is a strictly organic geochemical identification of gold and silver mineralization resulting from the bacterial activity associated with these minerals. This analysis was also used extensively on the Company's Greyhound property in Nunavut during 2013 and will form the basis of a drill program at Greyhound in the spring of 2015.
President and CEO, Robert Boaz states: "We are extremely excited about this latest analysis since it has identified and zeroed in on extensive overlapping gold and silver zones, both of which are correlated with our current resource. This is particularly definitive as the interpreters of the geochemical data were totally unaware of the location of our silver/gold resource in the central Higo Blanco zone yet their analysis has proven itself reliable by identifying this resource as one of the 4 new highly rated silver/gold targets."
During June of 2014, Aura Silver initiated an extensive soil sampling program across the 5 kilometre long Higo Blanco trend. Sample lines were spaced at 400 metre intervals with a sample being collected every 100 metres. A total of 151 samples were collected. Analysis of these samples yielded sizeable, north-south trending anomalous zones related to silver in the central part of the survey area and additional zones to the north of the jasperoid. A wider gold zone was seen to overlap these central silver trends. The individual zones in the central area ranged in size from approximately 700 metres to 1,500 metres in length. Several other smaller anomalous zones were also detected throughout the survey area. During August and September of 2014, an infill sampling program was conducted across the main anomalies to better define their shape and extent. Sample lines were spaced at 100 metre intervals with a sample being collected every 50 metres. This resulted in an additional 283 samples being collected. All samples, from phase 1 and 2, were then analyzed resulting in the above mentioned anomaly selections.
About East Taviche, Mexico
The East Taviche property is located in the State of Oaxaca, Mexico, in a mineral rich area which encloses over 60 historic mines and is in close proximity to Fortuna Silver's San Jose mine a short distance to the west of East Taviche. Aura Silver currently holds a 73% interest in the East Taviche property while the Company's joint venture partner, Intrepid Mines holds the remaining 27%. There are a number of targets on the property but our primary target, the Higo Blanco prospect, is situated in the southern portion of the property.
Beginning in 2008, Aura Silver conducted extensive mapping, geochemical surveys (soil, surface and trenching samples), ground-based geophysics (magnetics and Induced Polarization) and a series of drilling programs. This work culminated in the identification of a high-grade, shallow silver resource with grades up to 2,500 g/t silver and associated values of up to 2.0 g/t gold.
Mr. Patrick Toth, B.Sc., P.Geo., a qualified person as defined by NI 43-101 has reviewed and approved the contents of 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 (100% owned Greyhound project under option to Agnico Eagle Mines) and in Oaxaca, Mexico (73% owned East Taviche project). Aura Silver has 101,680,844 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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