Aura Silver Sharpens High-Grade Gold Target at Aura Lake, Greyhound Project, NU
OTTAWA, ONTARIO -- (Marketwire) -- 12/13/11 -- Aura Silver Resources Inc. (TSX VENTURE: AUU) ('Aura Silver' or the 'Company') is pleased to announce that it has re-interpreted, sharpened and increased the width of the high-grade gold target on its wholly-owned Greyhound property. This target was identified previously by Activation Laboratories Ltd.'s (Actlabs) proprietary SGH geochemical analysis. As previously reported (see press release Oct. 26), possible sources of high-grade gold (up to 28 g/t) and high-grade silver (up to 5,300 g/t) surface samples have been found in close proximity to Aura Lake. Further analysis of 115 additional soil samples has increased the definition, size and quality of the previously reported gold target. In addition, the Company's geophysical consultant stated, 'there is a corresponding I.P. (induced polarization) anomaly correlating with the gold target. Due to the linearity of the I.P. response it would appear to be a structure'.
Actlabs' SGH technology is a deep penetrating 'organic geochemistry' that involves the analysis of surficial samples prospected over potential mineral or petroleum targets (see: http://www.actlabs.com/files/SGH_-_NEW_.pdf). The analysis involves the testing for 162 hydrocarbon compounds in the C5-C17 carbon series range. These hydrocarbons result from bacterial activity associated with a variety of minerals such as gold, silver and petroleum deposits, among others. The observation of a specific set of hydrocarbon classes provides a forensic signature of mineral identification related to the hydrocarbons synthesized by bacteria that are in contact with the mineral target at depth. The geochromatographic dispersion of the SGH classes in the overburden has been successful in delineating mineral targets found at over 700 metres in depth. Over 14 years of research, Actlabs has conducted over 800 SGH surveys with an 85% repeat client base including some of the worlds' largest mining companies.
The Aura Lake SGH analysis has defined a separate gold (see Figure: http://file.marketwire.com/release/aura-fig.pdf) and two distinct silver targets. The targets identified reside to the east and south east of Aura Lake in areas where no previous drilling had been focused. These targets are sufficiently definitive to outline drill targets and have been rated by Actlabs as high-priority targets; with gold receiving one of the highest ratings of the gold pathfinder class maps and silver the very highest confirmation level. The results of the SGH analysis are also consistent with our current model indicating that gold and silver samples originated from two different mineralizing systems.
An overlaying of past geophysical and geochemical results on the Actlabs targets provides us with confidence that we are finally zeroing in on priority targets. All our analysis now suggests that our next drill program will target the east and southeast of Aura Lake.
Robert Boaz CEO and President of Aura Silver states that, 'We are excited and feel that our hard work is paying off. The presence of such high-grade surface samples at Aura Lake gave us confidence that we were close to a potentially sizeable deposit close to surface. We now have comfort that we are closing in on the source of this high-grade mineralization.'
Drilling of these targets is planned to commence in the spring of 2012.
Paul Pitman, 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 97,680,844 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:
Robert Boaz
President and CEO
(905) 403-8010
boaz@aurasilver.com
www.aurasilver.com