AURA SILVER RESOURCES INC. : http://www.aurasilver.com/ : QwikReport
From 2006 to 2015, the Company has explored a section of an Archean greenstone belt located in the Churchill region of Nunavut. The project is called the Greyhound property and is currently under option to Agnico Eagle Mines Limited ("Agnico"). Initial project claims were staked in 2006 to cover historical silver prospects assaying up from 1,480 - 3,080 g/t Ag.
The Greyhound project is located 40 km north of the community of Baker Lake, Nunavut and about 32 km south of Agnico's producing Meadowbank gold mine. An all-weather road to the Meadowbank Mine from Baker Lake crosses the Greyhound property making exploration relatively inexpensive compared to other areas in the high arctic. Compared to the prolific Abitibi Belt in Southern Canada the Woodburn Lake group has not seen much exploration and is considered to have high potential for discovery of precious metal deposits. However, due to the perceived remoteness of the area, past exploration for gold and base-metals has been relatively minor, particularly compared to that of other greenstone belts in the world.
The prospective trend that was staked occurs along a 25 kilometre long, variably mineralized sulphide and iron oxide and carbonate iron formation where historic sampling of bedded, sulphide-mineralization returned silver assays along with significant base-metal content. Various airborne and ground surveys were conducted from 2006 to 2009 and in 2010 Aura Silver initiated its first drill program directed towards discovery of VMS deposits (volcanic massive sulphides). Samples collected by the Company's prospectors contained up to 4.1% Cu, 13.4% Zn, 8% Pb, 2,700 g/t Ag and 28g/t Au and to the northeast of Aura Lake a series of boulders contained up to 18.5% Zn and 9.2% Cu. In spite of numerous surface showings drilling failed to locate the sources of these metals by drilling of EM conductors. In 2011 exploration switched to locating gold and silver drill targets and the belts VMS potential was dropped.
Prior to a re-focus of the Company's efforts, Aura Silver announced assay results from surface rock samples in late 2010 with gold grades as high as 28.2 g/t and silver assays of up to 5,380 g/t. Seven samples contain an average grade of 14.8 g/t Au (range from 0.3 to 28.8 g/t) and in the same area an average grade of 1,472 g/t Ag (range from 21 to 5,380 g/t). The boulder and subcrop assays lie within a 4km long gold/silver geochemical trend with high corresponding arsenic values.
The 2011 fieldwork consisted of a multi-phase exploration program including prospecting and geological mapping, detailed soil sampling, ground geophysical surveying and diamond drilling. Initial results were not encouraging and no significant assay results were encountered.
The difficulty in finding the source of the high-grade gold and silver samples and spectacular inorganic soil anomalies through traditional geophysical and geochemical techniques prompted the Company to employ deep-penetrating organic geochemistry analysis referred to as organic geochemisty conducted by Activation Laboratories Ltd. (Actlabs) to unravel anomalous trends in the entire area and to pinpoint drill targets. This reanalysis of soil data led to the outlining of several gold and silver targets. Drilling of the organic geochemical and coincident geophysical targets will be the focus of future drilling programs. In fact, one drill hole in 2015 intersected 6.41 g/t Au over 1.5m within a 25 metre quartz-carbonate stockwork to the extremity of one such targeted area. Drilling will continue in 2016 by the Company's option partner Agnico Eagle Mines.
For more information about the Greyhound Project please refer to the Company's presentations located at 'Investors / Presentations' on this web-site.