Perseverance Paying Off for Aura Silver at High-Grade Gold / Silver, VMS Project in Nunavut
Aura Silver Resources Inc. is pleased to report the results of the Company’s analysis of airborne geophysical data which was undertaken during 2007 and 2008 by Fugro Airborne Surveys Corporation on the Company’s 100% owned Greyhound Lake property in Nunavut, Canada. The geophysical analysis was performed by L.E. Reed Geophysical Consultant. This assessment supplements our geochemical analysis performed by Dr. James Franklin and moves Aura Silver further ahead with respect to our understanding of the potential of the property and selection of drill targets.
The new analysis of the airborne geophysical data indicates that there are numerous anomalies over a strike length of 25 kilometers, with specific linear targets, each at least 800 meters in length. Last August, our team prospected the Greyhound property with the intention of supplementing past sampling in order to better define exploration targets (Figure 1: http://media3.marketwire.com/docs/aura_fig1.pdf). The results were successful with samples previously announced (Aura Silver press release # 09-01 of February 9, 2009) that contain up to 4.1% copper (Cu), 13.4% zinc (Zn), 8.2% lead (Pb), 2,700 grams per tonne (g/t) silver (Ag) and 28g/t gold (Au). Additional data on samples obtained later indicate that the massive sulfide occurrence on the northeast of the property contains up to 18.5% Zn and 9.2% Cu. Furthermore, samples collected in 1998 contained 1,480 and 3,080 g/t silver. It is the view of our geologists that Greyhound contains the elements of a classic volcanogenic massive sulphide (VMS) district as well as an orogenic gold system. This association of gold with banded iron formation (BIF) is similar to that observed in many major gold districts in Canada, including the Meadowbank Mine owned by Agnico-Eagle Mines Limited (located 32 kilometers north of Greyhound), Geraldton and Pickle Lake, Ontario.
As shown on Figure 1 (in Figures 1 to 3 the red line running through the center of the map indicates the all weather road which extends to Agnico-Eagle’s Meadowbank Mine), we previously defined at least nine anomalies, based on assay results from our summer field programs. The analysis of the airborne geophysical data (Figure 2: http://media3.marketwire.com/docs/aura_fig2.pdf) has added a significant amount of detail as to the location of specific anomalous zones, and has provided us with a new understanding of the structure of the region. This latter information is vital for establishing an effective drilling program in the west-central part of the area. For example, the analysis of the geophysical data from near Aura Lake, one of our high priority target areas, indicates a series of discreet anomalies extending in an arc over a strike length of more than 5 kilometers (Figure 3: http://media3.marketwire.com/docs/aura_fig3.pdf). The westernmost (blue) line corresponds to an extensive iron-rich exhalite, and the red and yellow lines to possible discrete sulfide zones. Distinctly anomalous zinc, copper and gold samples were collected from this area (see Figure 1). Figure 4 (http://media3.marketwire.com/docs/aura_fig4.pdf) is a three dimensional representation of the same region, illustrating the numerous EM anomalies and the prominent east dip associated with the magnetic anomaly. This indicates that the strata are overturned, ensuring that the planned drilling program will be oriented properly.
In summary, the new interpretation of the geophysical data indicates distinct conductors that are coincident with previously described geochemical anomalies and high-grade assays (Figure 1 and 2). Given the aerial extent of the geophysical targets, associated banded iron formation and the presence of high-grade surface samples it is believed by our geologists that a sizeable target could be fairly shallow and of significant size. For these reasons the exploration potential within our Greyhound claims is thought to be exceptional. Several additional conductive zones have been identified on the Greyhound property. These will be followed up with further prospecting and geochemical analysis.
Robert Boaz, President and CEO of Aura Silver said, “We are pleased that the geophysical data lends additional support to our original contention of a potential VMS system. Because of the shape and strength of the conductors we will focus our continuing program on areas where the highest correlation exists between our geochemical and geophysical anomalies”.
Aura Silver expects that a ground geophysics program of Induced Polarization (IP) and Max/Min plus additional prospecting during the summer will better define potential drill targets. There will also be a focus on prospecting the northwest end of the property, where significant conductive responses may indicate a separate mineralized system.
