Aura Announces Name Change to Gold79 Mines Ltd., Continuance to British Columbia, Launches New Website and Provides Corporate Update
Aura Announces Name Change to Gold79
Mines Ltd., Continuance to British Columbia,
Launches New Website and Provides
Corporate Update
Ottawa, Ontario--(Newsfile Corp. - August 5, 2020) - Aura Resources Inc. (TSXV:
AUU)
("Aura" or the
"Company" or "Gold79") is pleased to announce that pursuant to a resolution passed by its board of
directors on July 28, 2020, the Company has changed its name to "Gold79 Mines Ltd.". There is no
consolidation of capital associated with the name change. Effective at the opening on Wednesday,
August 5, 2020, the common shares of Gold79 will commence trading on the TSX Venture Exchange
and the common shares of Aura Resources Inc. will be delisted.
The trading symbol "
AUU
" will remain
unchanged.
In connection with the name change and rebranding to Gold79, the Company has launched a new
website accessible at
www.gold79mines.com
.
Shareholders, investors and other interested parties are
invited to visit the website for further information on Gold79 and its gold projects.
New Chairman Mr. Gary R. Thompson stated, "I am excited to take on the Chairman role and become a
significant shareholder of Gold79.
Our focus is to create shareholder value by growing our strong
technical team and following up on previous exploration success at all three of our priority projects."
Gold79's New Strategy
The new focus for Gold79 Mines Ltd., is to acquire, explore and develop gold projects located in the
Southwestern USA initially focusing on its Jefferson Canyon, Tip Top and Gold Chain projects. Gold79
plans to monetize its minority interest in the Taviche project in Oaxaca, Mexico and continues to hold a
diluting interest in the Greyhound project under JV with Agnico Eagle Mines Limited located in Nunavut,
Canada.
Jefferson Canyon Gold-Silver Project
Extensive Au-Ag mineralization over 1.4km by 1.8km with coincident QSP alteration and
supporting geophysics
Historical drill hole GJ81 returned
41.2m of 6.4 g/t Au and 402 g/t Ag
, including
1.5m of 88.7 g/t
Au and 2,021.7 g/t Ag
(CR Exploration Co., 1985)
A large volcanic-hosted epithermal Au-Ag system 7.5km east of Kinross' Round Mountain Mine,
Nevada
Same age as the Round Mountain deposit, which is a world-class low-sulfidation (LS) epithermal
deposit (>17M oz. Au)
https://www.kinross.com/operations/default.aspx#americas-roundmountain
Both are hosted in felsic ash-flow tuffs along the margins of calderas and both contain a strong
northwest-trending structural control to veins
Detailed rock sampling and mapping in 2019 identified new anomalies to be drill tested
Permitting and further detailed geochemical work is underway in preparation for drilling
Figure 1. Jefferson Canyon Claim Map, Nevada.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5717/61070_53e5918c34148813_001full.jpg
Tip Top Gold Project
Located in highly prospective area of Nevada, Walker Lane
Widespread alteration indicative of uppermost levels of a precious-metal epithermal system with
154 historical drill holes
High-grade oxide gold hosted in mineralized veins and breccia associated with altered felsic dike
Over 3km of strike has been identified with several parallel veins with little or no exploration and
remains open in several directions
Previous drilling includes
26.9 g/t Au over 1.6m and 19.8 g/t Au over 2.4m
(Hecla)
Permitting and further geochemical surveys and mapping are underway in preparation for drilling
Figure 2. Tip Top Geology
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5717/61070_53e5918c34148813_002full.jpg
Figure 3. Tip Top Long-Section and Cross-Section
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5717/61070_53e5918c34148813_003full.jpg
Gold Chain Project
Located 20km Northwest from Bullhead City, Arizona, on BLM lands
Historical 1980's data from RC drilling, have identified broad zones of oxide gold mineralization of
0.5 to 1.6 g/t Au, like
15.2m of 1.2 g/t Au (oxide) and 16.8m of 1.0 g/t au (oxide)
Historic workings of gold in quartz-calcite stockwork and breccia are at the intersection of a
regional detachment-type structure with steeper, northeast-trending normal faults
Permitting is underway in preparation for drilling in the fall of 2020
Figure 4. Gold Chain Historical Drill Results
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5717/61070_53e5918c34148813_004full.jpg
Continuance to British Columbia
The Company also announces that it has concluded the continuance of the Company out of the federal
jurisdiction under the
Canada Business Corporations Act
into the provincial jurisdiction of the Province
of British Columbia under the
Business Corporations Act
(British Columbia). The continuance was
approved by shareholders of the Company at the annual and special meeting of shareholders held in
Ottawa, Ontario, on June 30, 2020.
Shares for property payment
Additionally, the Company announces that it intends to issue 1,060,422 common shares of the Company
at a deemed value of $0.076 per common share in connection with the anniversary payment due under
the terms of the Gold Chain, Arizona property option agreement in an amount of US$60,000
(CDN$80,592). The common shares issued will have a statutory hold period of four months and one day
from the date of issuance. Prior to the proposed shares for debt transaction noted in this press release
the Company has 87,479,283 common shares outstanding. This shares for debt transaction remains
subject to TSX Venture Exchange approval.
Qualified Person / Quality Control and Quality Assurance
Gary Thompson, P.Geo. is a qualified person ("QP") as defined by NI 43-101 has reviewed and
approved the technical content of this press release.
The QP has not verified the historical analytical
data or the quality control or quality assurance procedures of previous operators related to drill hole
intercepts from the Tip Top Gold project; Jefferson Canyon or Gold Chain projects. The mineralized
intervals reported are drilled intercepts and true widths can not be determined at this time.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the
acquisition, exploration and development of precious metal prospects in the Southwest USA. Gold79
Mines holds 100% earn-in option and or purchase agreements on three gold projects. The two priority
projects are located in Nevada, USA, Jefferson Canyon Gold Project and Tip Top Gold Project. The third
is located in Arizona, USA called Gold Chain Project. The Company holds two projects with minority
interest. Gold79 has a 37.1% interest in the Greyhound Project Nunavut, Canada under JV by Agnico
Eagle Mines Limited. Gold79 holds 20% interest in the Taviche Project in Oaxaca, Mexico which is
operated by Minaurum Gold Inc.
For further information regarding this press release contact:
Gary Thompson, Chairman at (403)
870-1166 or by email at
or Robert Johansing, President and CEO at (805) 455-
4775 or by e-mail at
. Gold79's website is located at
www.gold79mines.com
.
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, the shares for debt transactions, 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, 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
. Gold79 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/61070