Aura Resources Inc. (TSX-V:AUU) (“Aura” or the “Company”) announces that it has entered into a non-binding letter agreement (the “Letter Agreement”) with Thorsen-Fordyce Merchant Capital Inc. and TF Minerals (USA) Inc. (the “TF Parties”) relating to the Jefferson Canyon gold-silver project (“JCP”) in southern Nevada. The agreement covers 57 unpatented claims located about 9 km northeast of Kinross’ Round Mountain gold mine. Following a review of the project’s historical data base, Aura entered into the Letter Agreement with the TF Parties which provides for an exclusivity period extending to May 31, 2019 in order to conclude a definitive agreement to acquire a 100% interest in the JCP over a period of up to six years. During the exclusivity period, Aura has the right to complete its due diligence on the JCP including an on-site inspection and sampling.
The JCP contains a large volcanic-hosted epithermal Au-Ag system that is essentially the same age as the nearby Round Mountain deposit, a world-class low-sulfidation (LS) epithermal deposit. Both are hosted in felsic ash-flow tuffs along the margins of calderas and both contain a strong northwest-trending structural control to veins.
The Ag:Au ratio at the JCP is highly variable with a Ag- and base-metal rich core and outer ring hosting strong Au-As-Sb-Hg values. This outer ring is more akin to classic LS systems, like Round Mountain. The core area is more typical of intermediate sulfidation (IS) epithermal vein systems in which Au is coincident with high Ag, Cu, Pb, Zn and Mn. Extensive areas of gold and silver values were identified in historical drilling but have not been confirmed: Central Ag-rich Zone: 47.2m @ 78.8 g/t Ag; 42.7m @ 54.5 g/t Ag; 48.8m @ 80.7 g/t Ag; and, 27.4m @ 0.88 g/t Au. Results from the Peripheral Au-rich Zone include: 19.8m @ 0.99 g/t Au; 25.9m @ 8.63 g/t Au; 44.2m @ 1.13 g/t Au; 32m @ 0.85 g/t Au; and, 56.4m @ 0.63 g/t Au.
Modern exploration in the JCP area began in the late 1960's when drilling of at least 134 holes comprising 17,979 m (58,985 ft) was completed in several campaigns between 1969 and 1986; nearly all of this drilling was reverse circulation. Since that time, geophysical studies were conducted over the extensive Au-Ag anomaly revealing strong alteration within the intra-volcanic package. Technological advances in mineral identification found in altered rocks, i.e. multi-spectral analysis, will provide Aura with the ability to ‘fine-tune’ the existing alteration model and, possibly, expansion of an emerging resource.
Robert Johansing, President and CEO of Aura, states, “We are very pleased to have the opportunity to fully review this large and exciting epithermal system. The project is located in an outstanding jurisdiction with extensive zones of apparent precious metal mineralization within broad envelopes of alteration. We look forward to confirming the historical results and expanding upon historical successes.”
Robert Johansing, M.Sc. Econ. Geol., P. Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical content of this press release.
Aura is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in Nunavut, Canada (43.54% interest in the Greyhound project under operation by our partner, Agnico Eagle Mines Limited), in Oaxaca, Mexico (Higo Blanco project recently optioned to Minaurum Gold Inc.) and in Arizona, USA (Gold Chain property). Aura has 27,490,128 common shares outstanding.
For further information regarding this press release contact: Robert Johansing, President and CEO at (805)455-4775 or by e-mail at firstname.lastname@example.org. Aura’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 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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