August 5, 2020 – Aura Resources Inc. (TSX-V: AUU) (“Aura” or the “Company” or “Gold79”) is pleased to announce that pursuant to a resolution passed by its board of directors on July 28, 2020, the Company has changed its name to “Gold79 Mines Ltd.”. There is no consolidation of capital associated with the name change. Effective at the opening on Wednesday, August 5, 2020, the common shares of Gold79 will commence trading on the TSX Venture Exchange and the common shares of Aura Resources Inc. will be delisted. The trading symbol “AUU” will remain unchanged.
In connection with the name change and rebranding to Gold79, the Company has launched a new website accessible at www.gold79mines.com. Shareholders, investors and other interested parties are invited to visit the website for further information on Gold79 and its gold projects.
New Chairman Mr. Gary R. Thompson stated, “I am excited to take on the Chairman role and become a significant shareholder of Gold79. Our focus is to create shareholder value by growing our strong technical team and following up on previous exploration success at all three of our priority projects.”
Gold79’s New Strategy
The new focus for Gold79 Mines Ltd., is to acquire, explore and develop gold projects located in the Southwestern USA initially focusing on its Jefferson Canyon, Tip Top and Gold Chain projects. Gold79 plans to monetize its minority interest in the Taviche project in Oaxaca, Mexico and continues to hold a diluting interest in the Greyhound project under JV with Agnico Eagle Mines Limited located in Nunavut, Canada.
Jefferson Canyon Gold-Silver Project
- Extensive Au-Ag mineralization over 1.4km by 1.8km with coincident QSP alteration and supporting geophysics
- Historical drill hole GJ81 returned 41.2m of 6.4 g/t Au and 402 g/t Ag, including 1.5m of 88.7 g/t Au and 2,021.7 g/t Ag (CR Exploration Co., 1985)
- A large volcanic-hosted epithermal Au-Ag system 7.5km east of Kinross’ Round Mountain Mine, Nevada
- Same age as the Round Mountain deposit, which is a world-class low-sulfidation (LS) epithermal deposit (>17M oz. Au) https://www.kinross.com/operations/default.aspx#americas-roundmountain
- Both are hosted in felsic ash-flow tuffs along the margins of calderas and both contain a strong northwest-trending structural control to veins
- Detailed rock sampling and mapping in 2019 identified new anomalies to be drill tested
- Permitting and further detailed geochemical work is underway in preparation for drilling
Figure 1. Jefferson Canyon Claim Map, Nevada
Tip Top Gold Project
- Located in highly prospective area of Nevada, Walker Lane
- Widespread alteration indicative of uppermost levels of a precious-metal epithermal system with 154 historical drill holes
- High-grade oxide gold hosted in mineralized veins and breccia associated with altered felsic dike
- Over 3km of strike has been identified with several parallel veins with little or no exploration and remains open in several directions
- Previous drilling includes 26.9 g/t Au over 1.6m and 19.8 g/t Au over 2.4m (Hecla)
- Permitting and further geochemical surveys and mapping are underway in preparation for drilling
Figure 2. Tip Top Geology
Figure 3. Tip Top Long-Section and Cross-Section
Gold Chain Project
- Located 20km Northwest from Bullhead City, Arizona, on BLM lands
- Historical 1980’s data from RC drilling, have identified broad zones of oxide gold mineralization of 0.5 to 1.6 g/t Au, like 2m of 1.2 g/t Au (oxide) and 16.8m of 1.0 g/t au (oxide)
- Historic workings of gold in quartz-calcite stockwork and breccia are at the intersection of a regional detachment-type structure with steeper, northeast-trending normal faults
- Permitting is underway in preparation for drilling in the fall of 2020
Figure 4. Gold Chain Historical Drill Results
Continuance to British Columbia
The Company also announces that it has concluded the continuance of the Company out of the federal jurisdiction under the Canada Business Corporations Act into the provincial jurisdiction of the Province of British Columbia under the Business Corporations Act (British Columbia). The continuance was approved by shareholders of the Company at the annual and special meeting of shareholders held in Ottawa, Ontario, on June 30, 2020.
Shares for property payment
Additionally, the Company announces that it intends to issue 1,060,422 common shares of the Company at a deemed value of $0.076 per common share in connection with the anniversary payment due under the terms of the Gold Chain, Arizona property option agreement in an amount of US$60,000 (CDN$80,592). The common shares issued will have a statutory hold period of four months and one day from the date of issuance. Prior to the proposed shares for debt transaction noted in this press release the Company has 87,479,283 common shares outstanding. This shares for debt transaction remains subject to TSX Venture Exchange approval.
Qualified Person / Quality Control and Quality Assurance
Gary Thompson, P.Geo. is a qualified person (“QP”) as defined by NI 43-101 has reviewed and approved the technical content of this press release. The QP has not verified the historical analytical data or the quality control or quality assurance procedures of previous operators related to drill hole intercepts from the Tip Top Gold project; Jefferson Canyon or Gold Chain projects. The mineralized intervals reported are drilled intercepts and true widths can not be determined at this time.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in the Southwest USA. Gold79 Mines holds 100% earn-in option and or purchase agreements on three gold projects. The two priority projects are located in Nevada, USA, Jefferson Canyon Gold Project and Tip Top Gold Project. The third is located in Arizona, USA called Gold Chain Project. The Company holds two projects with minority interest. Gold79 has a 37.1% interest in the Greyhound Project Nunavut, Canada under JV by Agnico Eagle Mines Limited. Gold79 holds 20% interest in the Taviche Project in Oaxaca, Mexico which is operated by Minaurum Gold Inc.
For further information regarding this press release contact: Gary Thompson, Chairman at (403) 870-1166 or by email at GT@gold79mines.com or Robert Johansing, President and CEO at (805) 455-4775 or by e-mail at RJ@Gold79mines.com. Gold79’s website is located at www.gold79mines.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, the shares for debt transactions, 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, 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. Gold79 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.