2017 Spring Drilling at Greyhound Property Completed: First Phase of Option Agreement Finalized
OTTAWA, ONTARIO--(Marketwired - Jun 23, 2017) - Aura Silver Resources Inc. (TSX VENTURE:AUU) ("Aura Silver" or the "Company") is pleased to report that the Spring 2017 drilling program has been completed on our Greyhound property located in Nunavut, Canada. Agnico Eagle Mines Ltd. ("Agnico Eagle") completed the program to follow up on 2015 results where mineralization of 6.41 g/t gold (check assay resulted in 7.4 g/t gold) was intersected over 1.5 metres at the bottom of drill hole GHD15-017 at a vertical depth of approximately 137 metres.
This spring campaign was completed at the end of May 2017 with 8 holes totaling 2,058 metres on the Greyhound property. All assays are pending and we expect the results by July 2017.
Agnico Eagle Completes First Phase of Option Agreement
Agnico Eagle has completed phase one of the option agreement to acquire a 51% interest in Aura Silver's Greyhound property in Nunavut, Canada. Agnico Eagle has completed the aggregate of $1,750,000 of expenditures required by the end of May 2017 and has made aggregate option payments to Aura Silver of $210,000. Agnico Eagle now has the option to increase its ownership in the property to 70% by providing a Preliminary Economic Assessment or by spending $5.0 million in further exploration.
Mr. Robert Boaz, CEO states, "Management is pleased with Agnico Eagle's execution of the drill program and eagerly awaits positive confirmation of assay values." Drilling is expected to resume after assays are received.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in Canada (49% owned Greyhound project) and in Oaxaca, Mexico (100% owned East Taviche project). Aura Silver has 128,116,558 common shares outstanding.
Mr. Paul Pitman, B.Sc., P.Geo., is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the Greyhound project.
FORWARD-LOOKING STATEMENTS:
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Aura Silver Resources Inc.
Robert Boaz
President and CEO
(905) 403-8010
boaz@aurasilver.com
www.aurasilver.com