Press Release # 10-22 TSX-V: AUU October 4, 2010
AURA SILVER CONTINUES WORK AT TAVICHE, MEXICO WITH RENEWAL OF EXPLORATION PERMIT
Aura Silver Resources Inc. (TSX-V:AUU) (“Aura Silver” or the “Com pany”) is pleased to report that it has been granted a renewal of the permit to continue expl oration work at our Taviche and Alma Delia concessions located in Oaxaca, Mexico (earn-in agreement with Intrepid Min es (TSX:IAU; ASX:IAU) and Pan American Silver (TSX:PAA; NASDAQ:PAAS)). The Company previously reported the discovery of a zone of high grade silver extending over 300 meters carrying exceptional grades of silver over wide intervals. Untested strike length of similar geology is over 1.1 kilometers. For exam ple, the discovery hole HBET-03 contains 269.7 grams per tonne (g/t) silver equivalent over 34.2 meters and a 50 meter step-out hole (HBET-16) graded 303.9 g/t over 36.6 meters. In addition to this potential silver resource, the Company has discovered a gold zone which will require further drilling to determine whether gold grades increas e with depth (see Press Release “Aura Silver Drills Deeper and Discovers Gold Below Near-Surface Silver, Higo Blanco”, July 19, 2010). A detailed summary of Higo Blanco silver and gold assay results is available at the Company’s website ( www.aurasilver.com, see Taviche Project – Summary of Silver / Gold Assays under Investors / Presentations).
“We are extremely pleased with the renewal of our exploration permit. We are also proud of the work our people have been doing with the local communities including providing employment; help on reforestation projects; involvement with local schools and infrastructure, as well as support for the local church and local traditions. Support of the communities has always been at the fore front of our business model for all of our exploration activities”, said CEO, Robert Boaz.
The next phase of exploration at Higo Blanco will concentrate on:
- 1. Extending the gold-bearing stockwork zone to the northwest and establishing the contact with the underlying high grade silver mineralization;
- 2. Continuing to define the shallow plunging, cylindrical Mezcal silver deposit to both the northwest and southeast; and,
- 3. Exploring the down-dip extension of both the gold and silver mineralization along the Mezcal structure, hydrothermal breccias and andesite dikes.
The Company will also continue reconnaissance at the West Taviche concession which adjoins and surrounds Fortuna Silver’s (TSX:FVI) developing San Jose mine. Sa n Jose contains an indicated mineral resource of 37.6 million ounces with a grade of 435 g/t silver equivalent and an inferred resource of 30.4 million ounces with a grade of 392 g/t silver equivalent (San Jose Project NI 43-101 report, December 10, 200 9). Aura Silver believes that San Jose’s Trinidad deposit may extend onto the nor thern extent of the Company’s West Taviche property which Aura Silver has yet to drill test. The Company’s geologists also believe that San Jose’s Bonanza Vein may extend onto the Company’s property to the south.
Dr. James M. Franklin, P. Geo. is Aura Silver's qualifi ed person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in 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. Aura Silver has 59,102,402 common shares outstanding.
For further information regarding this press release contact: Robert Boaz, President and CEO at (905) 403- 8010 or by e-mail at [email protected]. Aura Silver’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, the private placement financi ng activities of the Company, plans and references to the Company’s future successes with its busin ess and the economic environment in wh ich 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.se dar.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.
Neither the TSX Venture Exchange nor its Regulation Services Prov ider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
AUU-TSX-V 1
Aura Silver (AUU.V) Gold and Silver Zones at Taviche
AUU-TSX-V 2
Hole Sample From To Length Au Ag AgEq** (m) (m) (m) (g/t) (g/t) (g/t) HBET-02
Ag Zone 2581-2607 14.90 73.05 58.15 0.08 66.8 71.4
Including 2593-2607 59.50 73.05 13.55 0.13 137.5 145.4
2596-2607 61.50 73.05 11.55 0.15 157.3 166.2
2596 61.50 62.15 0.65 0.14 667.0 675.3
2607 71.85 73.05 1.20 0.19 743.0 754.3
Au Zone 2642-2649 107.65 117.45 9.80 0.87 12.4 64.3
2652-2659 119.50 130.25 10.75 0.43 12.2 38.1
11.6 Meters – 166.2 g/t Silver Equivalent ** Defined as silver grad e plus 60x gold grade AUU-TSX-V 3 Hole Sample From (m) To (m) Length* (m) Au (g/t) Ag (g/t) AgEq** (g/t) HBET-03
Ag Zone 2679-2711 85.0 119.2 34.2 0.13 261.8 269.7
Including 2701-2711 107.1 119.2 12.1 0.24 519.0 533.1
2701-2704 107.1 111.8 4.7 0.16 1,076.7 1,086.3
2683 88.05 89.5 1.45 0.27 1,100.0 1,116.2
2701 107.1 107.9 0.8 0.12 646.0 653.0
2703 108.9 110.2 1.3 0.28 2,450.0 2,466.5
Au Zone 2715-2727 135.0 149.1 14.1 0.54 3.8 36.3
12.1 Meters – 533.1 g/t Silver Equivalent ** Defined as silver grad e plus 60x gold grade AUU-TSX-V 44 Hole Sample From To Length Au Ag AgEq** (m) (m) (m) (g/t) (g/t) (g/t) HBET-11
Ag Zone 3164 160.6 161.6 1.00 0.19 334.0 345.3
Ag Zone 3138 114.5 115.7 1.15 0.38 243.0 265.6
AU Zone 3138-3145 114.55 123.50 8.95 0.50 62.3 92.4
Hole-13 3226 38.85 39.35 0.50 3.37 3,730.0 3,932.2
Hole 16
Ag Zone 3299-3323 103.70 140.30 36.60 0.19 292.3 303.9
Including 3314-3319 123.25 135.2 11.95 0.06 474.9 478.4
3319 133.70 135.20 1.50 0.01 1,860.0 1,860.4
36.6 Meters – 303.9 g/t Silver Equivalent ** Defined as silver grad e plus 60x gold grade AUU-TSX-V 55 5 Hole Sample From (m) To (m) Length* (m) Au (g/t) Ag (g/t) Ag Eq** (g/t) HBET-22
Ag Zone 3511-3536 74.00 100.25 26.25 0.12 67.3 74.8
Including 3511-3515 74.00 78.85 4.85 0.11 178.1 184.6
3511 74.00 74.60 0.60 0.23 669.0 682.9
3515 77.75 78.85 1.10 0.13 339.0 346.7
3535 98.05 99.15 1.10 0.3 230.0 248.1
Au Zone 3561-3568 136.7 152.2 15.5 0.69 18.0 59.4
Including 3562-3563 138.7 142.7 4.00 1.15 7.8 76.5
HBET-23 3718-3732 130.4 149.7 19.3 0.09 233.3 238.7
26.25 Meters – 74.8 g/t Silver Equivalent ** Defined as silver grad e plus 60x gold grade AUU-TSX-V Si Hole Sample From (m) To (m) Length*(m) Au (g/t)
HBET-01 2522-2542 0.00 29.55 29.55 0.50
HBET-02 2642-2649 107.65 117.45 9.80 0.87
HBET-03 2715-2727 135.00 149.10 14.10 0.54
HBET-11 3138-3145 114.55 123.50 8.95 0.50
HBET-15 3283-3289 173.75 184.30 10.55 0.51
HBET-22 3561-3568 136.70 152.20 15.50 0.69
HBET-24 3803-3807 148.65 157.00 8.35 2.05
HBET-26 4099-4117 96.60 118.60 22.00 0.64
HBET-27 4174-4189 246.60 269.75 23.15 0.93
Significant Gold Intervals