Aura Silver Resources Inc. is pleased to report on the 2014 exploration program on its 100% owned Greyhound property in Nunavut, Canada. These programs were conducted by Agnico Eagle Mines Limited and included prospecting and rock assay results, as well as an initial drill program.
In June 2014, Agnico Eagle was granted an option to earn a 51% ownership interest in the Greyhound property by incurring $1.75 million in expenditures and making $250,000 in cash payments to Aura Silver over a 3-year period.
Aura Silver geologists explored the project area from 2006 to 2011 outlining numerous high-grade gold and silver prospects. A full delineation of exploration activities on the Greyhound project may be found on the Company's web site at www.aurasilver.com under "Investors/Presentations" at the link "Greyhound Project, Nunavut, Review of Exploration, 2006 to 2014".
The 2014 field program consisted of surface sampling, collection of 328 rock samples as well as a drill program designed to explore coincident structural and conductive targets. Agnico Eagle staked additional claims enlarging the Greyhound project area as a result of their assessment of the potential of this area. The 2015 program expenditures, estimated to be $500,000, will form part of the expenditure requirements under the Option Agreement.
The highlight of Agnico Eagle's 2014 exploration programs was the confirmation of the presence of high-grade gold, silver and copper sulphide occurrences located within the Greyhound property. Exploration consisted of a preliminary 10-day examination of coincident structural/lineament/conductive targets collecting grab samples from rusty boulders, outcrops, sampling of quartz veins and a geological appraisal of these targets. Approximately 20% of the samples collected were anomalous with the highest gold sample returning 15.5 g/t; the best silver sample encountered 3,850 g/t; and, copper samples assayed up to 3.3%. Lead is also present with sampling returning up to 38,700 ppm (3.9%). The highest gold, silver and lead values occurred around and approximately one kilometre to the south of Aura Lake while the highest copper value was centered to the northeast of Aura Lake at the Dingo zone. Sampling in the Dingo zone was much more extensive in 2014 than in previous exploration programs in the area. The above gold and copper values are both consistent, and in some instances, better than previous prospecting conducted by Aura Silver.
The 2014 prospecting campaign supports the Company's conclusion that drill targets for gold and silver exist close to Aura Lake while gold/copper targets are present in the Dingo area (see press release of February 28, 2014, entitled "Coincident Geochemical and Geophysical Data Pinpoint Drill Targets, Greyhound, NU").