OTTAWA, ONTARIO, Nov 03, 2008 (MARKET WIRE via COMTEX) -- Aura Silver Resources Inc. ("Aura Silver") (CA:AUU: news, chart, profile) is pleased to announce results of a field program undertaken in August on the Greyhound Lake project in Nunavut. Samples collected during the field work contained up to 4.1% copper (Cu), 13.4% zinc (Zn), 8% lead (Pb), 2800 grams per tonne (g/t) silver (Ag) and 28g/t gold (Au). The mineralization occurs in a variety of geologic settings.
The Greyhound property comprises approximately 23,000 hectares in 25 mineral claims and is 100% owned by Aura Silver. It is located about 40 kilometres north of the community of Baker Lake and 30 kilometres south of Agnico-Eagle's Meadowbank Gold Mine which contains a probable gold reserve of 3.5 million ounces at an average grade of 3.7 grams per tonne ( www.agnico-eagle.com). The all-weather road to Meadowbank passes through the western part of the Greyhound property.
The Greyhound area has long been known to host highly anomalous metal values. As previously reported by Aura Silver, two samples collected in 1998 contained 1,632 and 3,400 g/t silver. In 2006, Aura Silver acquired mineral claims to cover the area of these high values and completed an airborne EM and magnetic survey. In 2007, prospecting and mapping of the claims resulted in the discovery of volcanogenic massive sulphide (VMS) style mineralization along an exhalite horizon with samples containing 2.4% Zn, 8.2% Pb, 1.0% Cu, 10g/t Au, and 51g/t Ag.
During June 2008, an additional airborne EM and magnetic survey was completed. Based on the results of this survey and the prospecting results from 2007, Aura's geological team completed a further investigation of the property. This work focused on prospecting the exhalite zone for base and precious metals and evaluating the potential of the area using lithogeochemical analyses. Fifty five (55) assay samples and 146 lithogeochemical samples were submitted to the Yellowknife laboratory of ALS Chemex to determine the extent and intensity of base and precious metal enrichment (assay) and footwall alteration (lithogeochemical). The results of the assays are summarized in Tables 1 and 2.
Several mineralized zones have been found (see map, Figure 1, available at the following address: http://media3.marketwire.com/docs/aura_map_1103.pdf); three occur within an area of 6.6 square kilometres. The first, discovered in 2007, consists of frost-heaved slabs up to several metres in width along the eastern shore of Aura Lake. These contain zinc, lead and silver-bearing sulfides in siliceous exhalite (Table 2). The second is at the southeast corner of Aura Lake and comprises dozens of sub-cropping slabs of arsenopyrite-bearing felsic volcanic rock that are enriched in gold and base metals (Table 2, available at the following address: http://media3.marketwire.com/docs/aura_table2_1103.pdf). The third occurs to the northeast of Aura Lake, and is a 20 metre long train of frost-heaved angular massive sulfide boulders consisting of sphalerite, chalcopyrite and pyrite in altered felsic volcanic rocks. All three discoveries are of locally transported material, consisting of numerous fragments, each up to 0.5 metres wide. Their angularity is indicative that they were transported only a short distance. The area surrounding and under Aura Lake is deemed highly prospective.
The overall metal tenor of these three occurrences is typical of a high-temperature VMS system, similar to those observed in the Sturgeon Lake and Manitouwadge districts, Ontario. The upper part of the system (west Aura Lake) is silver, zinc and lead-rich; the lower part is copper and zinc-rich. The highly anomalous gold near the southeast corner of Aura Lake, as well as the north-central gold occurrence, is strongly correlated with arsenopyrite, similar to the Meadowbank gold system. Overall, the area may have some similarity to the Malartic, Quebec, camp, where a VMS system appears to have been overprinted by a slightly later orogenic or magmatic gold system.
The other occurrences are mainly to the north, and are both VMS and orogenic gold in style. These indicate that both mineralizing processes were operative throughout the greenstone belt.
Robert Boaz, President and CEO of Aura Silver said, "These results are exciting for us. Greyhound contains many elements of a classic, but relatively unexplored, volcanogenic massive sulfide (VMS) district and now also appears to have good potential for orogenic gold deposits."
The next phase of exploration will include ground geophysical surveys in the Aura Lake area, followed by diamond drilling. These are planned for the spring and summer of 2009. All of the anomalous areas discovered in 2008 will be further prospected.
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Percentile Au g/t Ag g/t Cu % Pb % Zn %
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50.00% 0.01 0.6 .006 .002 .010
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60.00% 0.02 0.8 .008 .003 .016
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70.00% 0.05 2.0 .014 .008 .022
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75.00% 0.10 3.7 .030 .012 .036
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80.00% 0.12 7.0 .040 .026 .057
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90.00% 0.47 64.3 .094 .089 3.010
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95.00% 2.41 345.8 .621 .122 10.573
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99.00% 27.62 2595.4 4.008 .848 13.383
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Maximum 28.80 2700.0 4.080 .869 13.400
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Table 1: Summary of the entire 55 assay samples in the Greyhound area,
2008 sampling. Assay data are from ALS Chemex, using their ME-MS61 (4 acid
dissolution) method.
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.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 38,208,902 common shares outstanding.
FORWARD LOOKING STATEMENTS
This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this press release.
Contacts:
Aura Silver Resources Inc.
Robert Boaz, President and CEO
905-403-8010
boaz@aurasilver.com
www.aurasilver.com
SOURCE: Aura Silver Resources Inc.
mailto:boaz@aurasilver.com
http://www.aurasilver.com
Copyright 2008 Market Wire, All rights reserved.
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