Ottawa, Ontario--(Newsfile Corp. - April 30, 2019) - Aura Resources Inc. (TSXV: AUU) ("Aura" or the "Company") announces plans to drill a newly discovered base and precious metal target on the Greyhound project, a partnership with Agnico Eagle Mines Limited, the project operator. Initial drill targets have been defined on a previously untested area in the central part of the property (see Figure 1). The proposed drill holes will target conductive zones identified by the induced polarization ("IP") geophysical survey conducted in 2018 and are further supported by a review of data from a horizontal loop geophysical survey conducted by Aura in 2011 located just to the north. Drilling is planned to start in early May.
Figure 1: Central Greyhound project area illustrating the newly acquired IP anomalies (contour map), and the location of the EM conductor (2011 Survey). Proposed holes (GHD19-B and C) are subject to final positioning. Hole G-11-31 contains anomalous Zn and Cu (see text below). Lakes are shown in blue.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/5717/44401_1cf12d8be45ed8e6_002full.jpg
Data from Drill Hole G-11-31, drilled by Aura in 2011, revealed anomalous metal values for zinc (96-683 ppm, avg. 364 ppm) and copper (84-555 ppm, avg. 286 ppm). This hole appears to have been drilled in the conductor's footwall and slightly to the northeast of this potential VMS horizon identified in the 2018 IP survey (see Figure 1). These prior drill results indicate that anomalous base metal is present, adding to the importance of drilling the stronger IP anomalies to the southwest. The distinct electromagnetic ("EM") anomalies detected in the 2011 survey beneath the small lake to the north are also indicative of significant northward lateral continuation of the possible precious and base metal zone.
Robert Johansing, CEO of Aura, stated: "The new IP geophysical data, in conjunction with the historical EM data, have defined a package of stacked conductors extending over 1.5 kilometres in strike length. When viewed in context with the Na and Eu depletion in the likely footwall rocks along with the high-grade glacial boulders west of the conductor (see PR#19-02, Feb. 26, 2019), the coincidence is striking and strongly supports the May drilling program. We view this as a great opportunity for Aura to benefit directly from the outstanding technical guidance from Dr. Franklin and his decades of significant research on VMS deposits at a global scale."
This previously untested target area at Greyhound is in close proximity to the all-weather road to the Meadowbank Mine enhancing access and proximity to existing infrastructure.
Dr. James M. Franklin, PhD, FRSC, 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.
Extension of private placement closing date
The Company announces that it has applied for and received consent from the TSX Venture Exchange to extend the closing date for its private placement financing for an additional 30 days. The Company expects to close the private placement on or before May 29, 2019. As announced in a news release dated March 14, 2019, the Company intends to raise an aggregate of up to $500,000 by way of a non-brokered private placement of up to 10,000,000 Units of the Company ("Units") at a price of $0.05 per Unit (the "Offering"). Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant. Each warrant shall be exercisable into one common share at a price of $0.07 per common share for a period of three years from the closing date of the Offering. Eligible finders who source funds may earn a cash commission of up to 6% of the gross proceeds raised by such finder and may receive compensation options entitling the finder to purchase that number of Units at $0.05 per Unit equal to 6% of the number of Units sold by such finder.
Aura is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in Nunavut, Canada (43.54% interest in the Greyhound project under operation by our partner, Agnico Eagle Mines Limited), in Oaxaca, Mexico (20% owned Taviche project, operated by Minaurum Gold Inc.) and in Arizona, USA (Gold Chain property, subject to an option to earn a 100% interest). Aura has 27,490,128 common shares outstanding.
For further information regarding this press release contact: Robert Johansing, President and CEO at (805) 455-4775 or by e-mail at firstname.lastname@example.org. Aura's web site is located at www.aurasilver.com.
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 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.