Aura Silver Resources Inc. (TSX VENTURE:AUU) has reported that it has discovered a new and potentially large gold zone approximately 25 kilometers to the west of Aura Lake, the current area of previously reported high-grade gold and silver mineralization.
The new prospect is a 5-6 kilometer long zone of discontinuous units of iron formations adjacent to a thrust fault that juxtaposes Paleoproterozoic or Archean quartzite and conglomerate with the Archean metavolcanic/metasedimentary sequence. Where sulphidized, the iron formation contains anomalous contents of gold. Samples from a total of ten occurrences contain from 0.1 to 4.09 g/t Au. Snow cover prevented extensive sampling, however the presence of individual zones of strongly gossanous soils extended from a minimum of several hundred meters to over a kilometer indicating that the potential for gold mineralization is extensive and characterized by a robust sulphidization event. Our airborne EM geophysical data indicate conductive zones that correlate with the sulphide zones.
This area is comprised of similar geological attributes as at the Meadowbank mine, as evidenced by the presence of a probable thrust fault, complex tight folds and highly strained rocks of amphibolite grade, intermittent but multiple parallel magnetite-iron formations and pyrrhotite dominated sulphides with quartz veins and quartz-vein stockworks. The two highest assays of 3.85 and 4.09 g/t Au come from two showings on separate units of iron formation roughly one kilometer apart.
The highest value is from highly altered bedrock with irregular quartz veins containing massive pyrite, pyrrhotite and minor arsenopyrite. The second value is a grab sample from a broad gossanous iron formation measuring 150 meters in width and traced over 1,200 meters in strike length in contact with sheared amphibolite gneiss. Lateness of the season precluded more detailed sampling, but Aura Silver will add this to the planned program of intense exploration next summer.
"A major portion of the 2010 summer work included prospecting, soil and IP geophysical surveys and has resulted in fast-tracking our gold and silver exploration efforts around Aura and Greyhound Lakes. The newly discovered gold prospects at the eastern end of the greenstone belt will be a focus for further exploration in the summer of 2011. We hold all necessary permits to test these new targets, said Robert Boaz, CEO. He added, "Advanced work on the high grade copper-zinc VMS district, 1.4 km to the east of the all-weather road to the Meadowbank mine will also be contemplated. Our geologists have increased their understanding of the potential of this Archean greenstone belt very rapidly and we now approach the drill phase to test for gold and silver, as well as base metal mineralization".
The Company's Greyhound property currently comprises 25,333 hectares located approximately 38 kilometers north of the community of Baker Lake and 46 kilometers south of Agnico-Eagle's Meadowbank mine. Additional staking has recently been completed to provide additional coverage of the new prospects. The Meadowbank Mine contains proven and probable reserves of 3.7 million ounces of gold at an average grade of 3.5 g/t. Infrastructure is excellent; the all-weather road from Baker Lake to the Meadowbank mine crosses through the Greyhound property, lying within one kilometer of the original gold/silver zone discovery.
Dr. James M. Franklin, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release. Rock and soil samples collected by Aura Silver have been analyzed by ALS Canada Inc. in Vancouver and Yellowknife, Canada.
Source: Aura Silver Resources Inc.