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.
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. Aura Silver has 81,653,590 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 firstname.lastname@example.org. 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.
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