Aura Silver Resources Inc. (TSX-V: AUU) (“Aura Silver” or the “Company”) is pleased to report that grab sample assays for 2017 have been completed for the Greyhound property located in Nunavut, Canada. This project has been optioned to and operated by Agnico Eagle Mines Limited (“Agnico Eagle”) since 2014. The following sections discuss the prospecting results from 2017 field work as well as the more significant surface results sampled by Agnico Eagle since the inception of the option agreement on June 1, 2014.
Northwest Aura Lake Overview
The 2017 rock sampling program, as shown on map 1, was conducted on a small area to the northwest of Aura Lake and confirmed the presence of the gold anomaly found in previous prospecting campaigns. Samples taken in this area have returned anomalous Au values with one sample returning 2.1 ppm Au and two samples returning 0.55 ppm and 0.59 ppm Au respectively. An iron formation has been mapped in the area which has been affected by the presence of a major fold hinge and faulting. This is highly encouraging for the program going forward. This northwest zone deserves more work during 2018 such as, detailed mapping and an Induced Polarization geophysical survey, followed by drilling if warranted.
Map 1: Grab Samples Northwest of Aura Lake
Greyhound Historic Results 2014 to 2017
Quartz veins/breccias and silicified zones have been mapped across the property and are associated with ankerite veinlets within altered zones. The reported mineralization is open laterally at surface and close to the Meadowbank road. There is a potential for good grade and near surface tonnage because of the continuous and wide mineralized envelopes identified.
Tables 1, 2 and 3 show all samples assaying better than 3 grams per tonne Au (being equivalent to 3.0 ppm Au) (2.9 ppm Au to 103.04 ppm Au), 300 grams per tonne Ag (up to 852 ppm Ag) and better than 1% Cu/Zn (up to 9.26% Cu and 18.48% Zn), all of which have been interpreted as anomalous. Many grab samples with substantial gold values and multi-element till anomalies associated with different geophysical patterns, are showing great potential for regional discovery. We are also encouraged that there is a continuity of major structures on the property. Map 2 displays historic sample locations with Au values as well as the claim boundary on a topographic base.
Map 2: Historic Grab Samples Aura Lake
Aura Silver’s Program Expectations for 2018
In the Aura Lake area, a thorough compilation and modeling with both recent and historical holes (Aura Silver holes) will be done during the winter months by the Greyhound team. This will provide for a better comprehension of the known mineralization in this area and to vector in on future drill hole locations. Agnico Eagle has suggested that further drilling and surface sampling will be carried out in the spring in order to extend or discover further polymetallic quartz veins found during earlier campaigns with a focus on near-surface and wider intercepts. A budget with more detailed reporting on planned activity is expected to be released to Aura Silver before March, 2018.
Untested geophysical anomalies and till anomalies will be tested by prospecting then followed up with ground based geophysics and drilling in the vicinity of known mineralized grab samples. It has been discussed by the operator that the geophysical survey along the east shore of Aura Lake should be extended northwards. Final acceptance of the application for a mining lease related to the core Greyhound claims is anticipated by mid-2018.
Mr. Robert Boaz states, “Table 1 illustrates that the Greyhound project hosts substantive potential for discovery of a gold/silver deposit given the extraordinary number of significant mineralized showings on the property. Each prospecting campaign conducted over the years has returned with further exciting samples of precious metal mineralization. We look forward to another season of prospecting and drilling by our field manager. It is interesting to note that successful mines in Nunavut, achieved commercial production at an estimated grade of approximately 3.0 grams gold/tonne. Aura Silver considers any surface discovery on the property as highly prospective at a grade of over 3 grams/tonne.”
Table 1: Greyhound Significant Gold and Base Metals Values
Mr. Patrick Toth, B.Sc., P.Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the Greyhound project.
About Aura Silver
Aura Silver is a TSX Venture Exchange listed company engaged in the acquisition, exploration and development of precious metal prospects in Canada (44.2% interest in the Greyhound project) and in Oaxaca, Mexico (100% owned East Taviche project). A joint venture partner is being sought to continue drilling of a silver zone previously located on the East Taviche concession. Aura Silver has 128,116,558 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.