In June 2019, Aura entered into a definitive option agreement with Thorsen-Fordyce Merchant Capital Inc. and TF Minerals (USA) Inc. to earn a 100% interest in the Jefferson Canyon gold-silver project (“JCP”) located in Nye County in southern Nevada (see Press Release, June 4, 2019). The Agreement covers 57 unpatented claims located about 9 km northeast of Kinross’ Round Mountain gold mine. The JCP contains a large volcanic-hosted epithermal Au-Ag system that is similar in age to the nearby Round Mountain deposit, a world-class low-sulfidation (LS) epithermal deposit. Both gold systems are hosted in felsic ash-flow tuffs, formed along the margins of calderas of about the same age (Round Mtn. = 25.1-26.6 Ma; Mt. Jefferson = 26.4 Ma) and contain a strong northwest-trending structural control to veins.
The JCP comes with an historical database obtained from several exploration campaigns between 1969 and 1986 including at least 134 drill holes comprising 17,979 m (58,985 ft). 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. Aura is now focusing on the compilation of this data and updating the geologic model. Despite the significance of past exploration work, the data base pre-dates the existence of current NI 43-101 standards. There has been insufficient exploration to define a mineral resource at JCP so the focus going forward will be to identify in the existing data where additional exploration, i.e. drilling, will have the greatest impact in the definition of a gold-silver resource. Additionally, 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, define extensions of previously identified mineralization.
Since the acquisition of the JCP, Aura has conducted two rock sampling campaigns over the property.
A Summary of Aura's 2019 rock sampling program is as follows.
Rock sampling results for gold (Figure 1) and silver (Figure 2) from Aura's 2019 program along with historical sampling results are presented in the map diagrams below.
An annotated map of the Jefferson Canyon project area showing historical aeromagnetic geophysical survey results is as follows: