Agnico Eagle Commences Drill Program on Aura Silver's Greyhound Property, NU
OTTAWA, ONTARIO--(Marketwired - Jul 10, 2014) - Aura Silver Resources Inc. (TSX VENTURE:AUU) ("Aura Silver" or the "Company") is pleased to announce that Agnico Eagle Mines Ltd. (NYSE:AEM) (TSX:AEM) ("Agnico Eagle") has commenced an initial 1,000 metre drill program on Aura Silver's 100% owned Greyhound Property in Nunavut as part of the previously announced earn-in agreement. The agreement allows Agnico Eagle the right to earn up to a 70% interest in the Greyhound Property if certain conditions are met (see Press Release #14-02 of June 10, 2014).
The drill program will target three distinct areas around Greyhound's Aura Lake claim group. These areas include:
- South and south east Aura Lake where multiple one ounce gold samples and silver samples of up to 5,380 g/t were found by Aura Silver during soil sampling and the examination of sulphide-rich boulders;
- North Aura Lake where base-metal samples assaying up to 9.2% copper and 18.5% zinc were found during previous prospecting surveys by the Company's geologists; and
- The Dingo prospect to the North East where prior discoveries include copper mineralization in a 200 by 300m gossan zone and in the same general area a kilometre long quartz vein which assayed up to 9.1 g/t gold and 96.6 g/t silver.
During this initial drill program approximately 300 metres will be drilled for each area. All targets are located nearby the access road that connects Agnico Eagle's Meadowbank Mine to the Baker Lake community providing excellent access to develop the potential of the property.
Robert Boaz, CEO of Aura Silver stated "this is an exciting time for Aura Silver as we hope to realize the value of the work we have done to date and which our partner has evaluated by analyzing both the geochemical and geophysical anomalies in all three target areas. This is a highly prospective area of Nunavut and we are happy that Agnico Eagle has joined us in our exploration endeavors."
Mr. Paul Pitman, B.Sc., P.Geo., a qualified person as defined by NI 43-101 has reviewed and approved the contents of 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 (72% owned East Taviche project). Aura Silver has 101,680,844 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.
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