Aura Silver Initiates Drilling of High Grade Gold-Silver Targets at Greyhound, NU
May 26, 2011
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Aura Silver Resources Inc. (TSX-V:AUU) ("Aura Silver" or the "Company") is pleased to announce that its 2011 field program focusing on high grade gold-silver targets at its Greyhound Project in Nunavut, Canada has begun.
Ground electrical - and magnetic surveys across three geologically distinct target areas were initiated in early May and are almost complete. This program compliments the Induced Polarization (IP) survey completed in 2010 to the east and southeast of Aura Lake. The 2010 IP survey identified drill targets for the current drilling program. As previously reported, grab surface samples around Aura Lake returned exceptional grades of over 5,300 g/t silver and 28 g/t gold which are now well constrained by geophysical and soil geochemical anomalies. The first stage of this program consisted of 40 kilometres of ground horizontal loop/magnetic surveying across defined airborne GEOTEM conductors at the north east end of the property which is approximately 20 kilometres from Aura Lake where surface samples returned up to 4.0 g/t gold in sulphidized iron formation. This area is best described as having similar geological characteristics as that of Agnico Eagle's Meadowbank mine which is just 40 kilometres north of Greyhound. The survey of the first target area is now complete with analysis of the data to be carried out.
Two smaller grids are currently testing GEOTEM airborne targets as potential high grade copper and zinc volcanic-massive sulphides (VMS) targets. Prospecting work undertaken in 2008 identified high grade copper (up to 9.2%) and zinc (up to 18.5%) surface rock samples in the area. Geology is defined by rhyolite which is significantly sodium depleted, a strong pathfinder for the formation of VMS deposits.
The drilling program is scheduled to commence in the next week in the area of defined high grade gold and silver targets. Over 2,000 metres of core in 20 drill holes is expected to be completed by mid-July. Follow up work will consist of prospecting and soil sampling in the area 20 kilometres to the northeast of Aura Lake with further drill testing in late summer.
Robert Boaz CEO and President of Aura Silver states that, "We have refocused our work due to surface discoveries of high grade silver-gold float made in 2010. The Company is hopeful of intersecting bedrock mineralization based on very positive geophysical-geochemical signatures".
Dr. James M. Franklin, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.
