Aura Resources Commences Field Activities and Data Compilation for the Gold Chain Project, Mohave County, Arizona
TSX VENTURE: AUU
Ottawa, Ontario--(Newsfile Corp. - December 7, 2018) - Aura Resources Inc. (TSXV: AUU) ("Aura" or the "Company") is pleased to provide an update on its recently acquired Gold Chain project located in the San Francisco district, Mohave County, western Arizona. The project is about 7 km northeast of Bullhead City and about 120 km southeast of Las Vegas, Nevada (Figure 1). The acquired property consisted of 86 unpatented claims containing numerous exposures comprised of epithermal-style gold mineralization; these are contained within an area of about 10 km2. Limited mining occurred prior to 1940 and several companies explored the area during the 1980's including: Fisher-Watt, Anaconda, Western States, Ivy Minerals and American Copper and Nickel Corp. The gold-bearing rock is characterized by quartz-calcite veinlets or stockwork in silicified, hematized, chloritized and brecciated Tertiary volcanic/intrusive and Pre-Cambrian granitic rocks. Previous exploration has employed a 'detachment' structural model owing to a close spatial relation between gold mineralization and a fault breccia developed at the Tertiary/Pre-Cambrian contact at one of the historical mines. This structure dips at 25 to 50 degrees to the west (see Figure 1).
A large amount of technical data has been compiled and is currently being evaluated prior to the upcoming field program. These historical data reveal several phases of reverse circulation, air track and minor core drilling which have identified broad zones of low-grade gold mineralization, i.e. 0.5 to 1.6 g/t Au. Exploration drilling has focused on three areas, Roadside mine, Black Dyke and Gold Chain (see figure) which contain extensive exposures of mineralized quartz-calcite stockwork and breccia emerging above a broad pediment of Recent gravels. Analysis of Figure 1 suggests that gold mineralization may be focused at the intersection of a regional detachment-type structure with steeper, northeast-trending normal faults and rhyolite dikes. Similar structural intersections have been documented at the Mesquite Gold Mine located about 243 km to the south. Consequently, 14 additional claims have been located to cover new structural projections bringing the total number of claims comprising the Gold Chain project to 100.
Aura's President & CEO, Robert Johansing, shares his initial thoughts following his property visit and preliminary review of the Gold Chain data, "The geologic work conducted in the 1980s identified features consistent with a 'detachment-type' gold deposit similar to other deposits which were successfully explored in the eastern Basin and Range province during that time. Although the historic model may remain applicable, drill hole data suggests a steeper structural component and possibly representing the upper levels of epithermal veins spatially related to numerous rhyolite dikes and plugs in both the footwall and hanging wall of the detachment structure. I suspect that drilling in the 1990's did not sufficiently consider a steeper mineral conduit and many of the holes were terminated prematurely or entirely missed the gold zone. The existing resource, although not NI 43-101 compliant, may be readily expanded by testing the margins at slightly greater depths and different angles".
Aura's immediate goals for the Gold Chain project include mapping and sampling to commence in early 2019, which will be integrated with the historical drill data. Considering that the last exploration here was in 1990, several tools have evolved to provide higher resolution data on the area's prospectivity, including geophysics, geochemistry, alteration studies and advanced deposit modelling. Aura intends to apply most of these methods. Permitting for drilling will also commence in early 2019, with drilling possibly commencing in the Spring of 2019.
Aura is a TSX Venture Exchange listed company engaged in the acquisition, exploration and development of precious metal prospects in North America including: in Nunavut, Canada (45.17% interest in the Greyhound project under operation by our partner, Agnico Eagle); in Oaxaca, Mexico (100% owned Taviche project); and, in Arizona, USA (the Gold Chain project subject to option to earn a 100% interest). Aura has 27,490,128 common shares outstanding.
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, share consolidation, 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.
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