Aura Commences Field Activities and Data Compilation for the Gold Chain Project, Mohave County, Arizona
Aura Commences Field Activities and Data Compilation
for the Gold Chain Project, Mohave County, Arizona
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 km
2
.
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.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5717/41520_map1final.jpg
About Aura
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.
For further information regarding this press release contact:
Robert Johansing, President and CEO at (805) 455-4775 or
by e-mail at
. Aura's web site is located at
www.aurasilver.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
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.
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.