Aura Silver Resources Inc. (TSX-V: AUU) ('Aura' or the 'Company') has reviewed a final exploration plan for 2016 at its Greyhound property. The Greyhound claims are located in an Archean greenstone belt in Nunavut some 35 kilometres south of the Meadowbank open pit gold mine.
Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM), the owner of the Meadowbank mine which is its largest producing gold mine is the operator and planned the exploration program with the support of its partner Aura. We are entering the third year of exploration, fully funded under the terms of the existing option agreement. A three pronged approach has been established to the next stage of developing the property and for determining the potential for discovery of an economic resource. This will be a follow-up to exceptional results from 2015. Field work has already commenced and will be comprised of:
1. A ground Magnetic Resonance (MAG) survey of the property is currently underway. This detailed survey will enable geologists to better interpret structural features known to host gold ore deposits elsewhere in greenstone terrain. Aura believes the geologic structure at Greyhound is much larger than previously interpreted. The survey is being conducted by snowmobile and will cover an area of approximately eight kilometres by three kilometres and will utilize 50 metre grid spacing. The MAG survey grid overlaps the past IP survey around Aura Lake and includes a broad area to the east of the all-weather Meadowbank road (running through the claims) which has not been explored extensively in the past but has known mineralized showings and boulders.
2. Extensive mapping and prospecting within the area of the MAG survey will determine the extent and range of surface mineralization as well as outline structural features.
3. The 2016 drilling program is scheduled to begin in August with the priority target to be located in close proximity to drill hole GHD15-17 (the most successful drilling discovery during 2015). This drill hole intersected greater than 25.0 metres of a stockwork zone of quartz-carbonate veining hosted within mafic volcanics in which the bottom 1.5 metres of core assayed an impressive 6.41 g/t gold at approximately 137.8 metres vertical depth. The first priority is to deepen hole GHD15-17 in order to determine the extent and depth of this high grade gold mineralization. Two additional holes are also proposed adjacent to either side of GHD15-17.
The drill program will continue with additional holes on a five kilometer trajectory to the Dingo zone depending on the success of initial DDHs at Aura Lake.
Robert Boaz, CEO stated, 'Hole 17 was drilled in close proximity to Aura's primary gold target defined by past exploration and I am thrilled that this target was confirmed. This opens up potential drilling to other similarly defined targets. The Company is excited to see how the concentration of 2016 drilling on our original gold target may further confirm the extent of this gold discovery.'
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 (100% owned Taviche project). Aura Silver has 113,830,844 common shares outstanding.
Mr. Paul Pitman, B.Sc., P.Geo. is a qualified persons as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the Greyhound project.
For further information regarding this press release contact: Robert Boaz, President and CEO at (905) 403-8010 or by e-mail at [email protected]. Aura Silver's web site is located at www.aurasilver.com.
FORWARD-LOOKING STATEMENTS:
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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