Aura Silver DrillS High-Grade VMS Targets at Greyhound, Nunavut
OTTAWA, ONTARIO -- (Marketwire) -- 06/11/10 -- Aura Silver Resources Inc. (TSX VENTURE: AUU) ('Aura Silver' or the 'Company') is pleased to announce that it has initiated a 1,600 to 2,000 meter drill program on its Greyhound property north of Baker Lake in Nunavut. The Company received a Land Use Permit for its Greyhound drill program from the Ministry of Indian and Northern Affairs Canada (INAC) on Friday, May 7, 2010.
Bradley Brothers Limited has been contracted to conduct the diamond drilling program and has commenced drilling the first hole of the Phase 1 program at Aura Lake. The Aura Lake area is considered a prime target zone where a recent VTEM survey indicated exceptionally anomalous conductivity. These conductors are within a few hundred meters of the Company's base metal and gold discoveries made in 2008.
As previously reported, samples taken in the Greyhound project area contain up to 9.2% copper, 18.5% zinc, 8.2% lead, 2,700 grams per tonne (g/t) silver and 28 g/t gold. Furthermore, samples collected in 1998 on the west shore of Aura Lake contained 1,480 and 3,080 g/t silver. It is the view of the Company's geologists that Greyhound contains the elements of a classic volcanogenic massive sulphide (VMS) district as well as an orogenic gold system. All of the aforementioned base and precious-metal occurrences are within 1 to 2 kilometers of the all-weather road that leads to Agnico Eagle's Meadowbank Mine.
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 58,896,902 common shares outstanding.
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.
Contacts:
Aura Silver Resources Inc.
Robert Boaz
President and CEO
905-403-8010
boaz@aurasilver.com
www.aurasilver.com