Posted in | Copper | Zinc

Aura Silver Resources Encounters High Grade Copper-Zinc at Greyhound Project in Nunavut

Aura Silver Resources Inc. (TSX VENTURE:AUU) has reported that recent data acquired in late 2010 from surface and soil sampling surveys, in combination with earlier airborne MEGATEM geophysical survey results, has delineated a possible source for the high grade copper-zinc float samples grading 9.2% copper and 18.5% zinc found 850 meters northeast of Aura Lake on its Greyhound property approximately 41 kilometers north of Baker Lake, Nunavut.

The initial discovery of high grade base metal-bearing angular float boulders led to an interpretation that these may have been derived from the volcanic rocks to the southwest. Subsequent drilling in 2010 revealed a much more complex structure in this area, with a predominance of graphitic argillite in what appears to be a fault-bounded block. This argillite sequence proved to be the cause of the numerous VTEM geophysical anomalies under Aura Lake. Additional mapping uncovered a previously unknown 2 kilometer long N-S trending unit of felsic volcanic strata about 1.7 kilometers northeast of the base metal discovery. The felsic volcanic rocks are profoundly sodium (Na) depleted for about 400 meters along strike; Na depletion is a key indicator of proximity to volcanogenic massive sulfide (VMS) deposits. Dr. J. Franklin, Aura Silver's Chief Scientist states, "Highly sodium depleted and copper-zinc enriched felsic volcanic rocks (which contain less than 0.5 % Na2O) likely indicate the proximity to a volcanogenic massive sulfide system". While not defining a drill target, the lithogeochemical results point to a broad area of highly hydrothermally altered felsic rocks, a locus for potential copper-zinc deposition.

The soil geochemical contents further refine the target area by defining a 600 meter-long copper-zinc anomaly (up to 323 ppm Cu and up to 185 ppm Zn) encompassing an area west of the Na depleted rocks. The soil samples in the area underlain by anomalous base metals are also depleted in Na. This soil anomaly is adjacent to two distinct MEGATEM anomalies which are located under an unnamed lake and will be a prime target for additional ground geophysics surveying and drilling as part of the 2011 exploration program on the Greyhound property.

Robert Boaz, CEO of Aura Silver stated, "Our prime focus at Greyhound will remain the defined gold and silver targets around Aura Lake to the south-west of the property as well as the newly discovered Meadowbank-like prospect to the north-east (see Press Release #10-27, November 24, 2010). However our geologists have been intrigued by the high copper-zinc values since they were found in 2008. We have confirmed through our soil sampling program that there is a high potential for discovery of buried base metal mineralization within the vicinity of Aura Lake. In addition to drilling for precious metals in the spring of 2011 a concerted effort will be directed toward the high value copper target."

The Company's Greyhound property comprises 25,333 hectares located approximately 38 kilometers north of the community of Baker Lake. Infrastructure is excellent. An all-weather road from Baker Lake to the Meadowbank Mine crosses through the Greyhound property and is located less than one kilometer from this high grade copper-zinc 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.

Source: Aura Silver Resources Inc.

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