Vancouver, British Columbia--(Newsfile Corp. - May 1, 2019) - Aura Resources (TSXV: AUU) announced plans to drill a newly discovered base and precious metal target on the Greyhound project, with drilling planned to start in early May. The Greyhound project, located 40 kilometers north of the community of Baker Lake, Nunavut and about 32 kilometers south of Agnico Eagle Mines' producing Meadowbank gold mine, is a partnership with Agnico Eagle Mines, the project operator.
For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Aura" in the search box.
Cannot view this video? Visit:
An all-weather road to the Meadowbank Mine from Baker Lake crosses the Greyhound property making exploration relatively inexpensive compared to other areas in the high arctic.
The proposed drill holes GHD19-B and GHD19-C, subject to final positioning, will target conductive zones identified by the induced polarization Geophysical Survey Conducted in 2018 and are further supported by a review of data from a horizontal loop geophysical survey conducted by Aura in 2011 located just to the north. Data from Drill Hole G-11-31, drilled by Aura in 2011, revealed anomalous metal values for zinc (96-683 ppm, avg. 364 ppm) and copper (84-555 ppm, avg. 286 ppm). This hole appears to have been drilled in the conductor's footwall and slightly to the northeast of this potential VMS horizon identified in the 2018 IP survey. These prior drill results indicate that anomalous base metal is present, adding to the importance of drilling the stronger IP anomalies to the southwest.
The distinct electromagnetic anomalies detected in the 2011 survey beneath the small lake to the north are also indicative of significant northward lateral continuation of the possible precious and base metal zone.
Robert Johansing, President and CEO, stated: "The new IP geophysical data, in conjunction with the historical EM data, have defined a package of stacked conductors extending over 1.5 kilometres in strike length. When viewed in context with the Na and Eu depletion in the likely footwall rocks along with the high-grade glacial boulders west of the conductor (see PR#19-02, Feb. 26, 2019), the coincidence is striking and strongly supports the May drilling program. We view this as a great opportunity for Aura to benefit directly from the outstanding technical guidance from Dr. Franklin and his decades of significant research on VMS deposits at a global scale."
The company is currently looking to raise gross proceeds of up to $500,000 from the placement of up to 10 million units priced at $0.05 per unit, with each unit consisting of one share and one warrant with each warrant exercisable at $0.07 for 36 months.
For more information on the Greyhound and the company's other projects, please visit the company's website at www.AuraSilver.com, contact Robert Johansing, President and CEO, at 805-455-4775 or email [email protected]
About InvestmentPitch Media
Investmentpitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Barry Morgan, CFO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44463