In 2018, Aura Resources entered into an option agreement to acquire a 100% interest in the Gold Chain project located in Mohave County, Arizona (See Press Release, June 30, 2018). The project is comprised of 100 Bureau of Land Management lode mining claims in western Arizona where work conducted by prior operators has indicated widespread gold mineralization over the project area.
The Gold Chain project consists of several mineralized exposures over five kilometres, composed of epithermal-style gold mineralization. Some of these exposures were mined on a limited scale prior to 1940 and were explored by several companies during the 1980’s. Mineralization occurs along a low-angle unconformity or detachment fault where mid-Tertiary volcanic rocks rest directly on Precambrian rocks. The gold-bearing rock is characterized by quartz-calcite veinlets or stockwork in silicified and hematized volcanics in the hanging wall of the detachment fault. Several analogous deposits have been productive in the region. Historical records reveal that drilling identified oxidized conditions extending to at least 100 metres below the surface, a condition favorable for gold recovery by leaching. Aura’s next steps include compilation of the historical data and the conduct of field studies necessary for the construction of geologic and geochemical models, required for the design of a drill program.
An area map of the Gold Chain claim block locating the Gold Chain, Black Dyke and Roadside Mine areas is as follows:
A photo of Gold Chain Hill and summary of significant historical drill intercepts is as follows: