OTTAWA, ONTARIO -- (Marketwire) -- 07/19/10 -- Aura Silver Resources Inc. (TSX VENTURE: AUU) ('Aura Silver' or the 'Company') is pleased to provide results from its silver and gold exploration program at the Higo Blanco project located in the Taviche district, Oaxaca, Mexico. Additional results from holes HBET-26 and HBET-27 indicate that the gold zone first discovered in the Mezcal Vein structure in HBET-01 (0.68 grams per tonne (g/t) gold equivalent from surface to 38.75 meters; located 150 meters northwest) continues deeper, with grades increasing at depth. Hole HBET-26 returned grades of 0.64 g/t gold equivalent over 22 meters at a depth of 118.6 meters while HBET-27 which was drilled underneath HBET-26 returned 0.93 g/t gold equivalent over 23.15 meters at a depth of 246.6 meters. Both intercepts consist of broad haloes of clay-pyrite-marcasite altered andesite hosting quartz-pyrite-arsenopyrite stockwork and hydrothermal breccias; it is strongly suspected that these intercepts are contiguous over a vertical range of at least 150 meters. The increased gold grades identified in HBET-27 are associated with a probable andesite dike emplaced into the Mezcal structure.
A similar relationship was observed in HBET-24 approximately 650 meters to the northwest as described in an earlier press release (see Press Release #10-15, June 16, 2010). This hole traversed several silicified zones at the dike-carbonate contacts and contained anomalous gold values (e.g. from 148.65 to 157.0 meters, 8.35 meters with 2.05 g/t Au, including a higher grade intercept of 4.9 g/t Au over 2.25 meters). Collectively, these results suggest that gold grades are increasing with depth and associated with andesite dikes.
Drilling to date along the Mezcal structure has revealed that the gold mineralization is spatially associated with the previously reported high-grade silver mineralization; both styles have been emplaced into the Mezcal structure. The gold-bearing stockwork deposit is hosted by andesitic volcanic and dikes and both flanks and caps the silver-bearing silicified limestone breccias. The extension of the shallow (less than 100 meters) gold-silver mineralization to the northwest is a high priority target.
The next stage of exploration along the Mezcal vein complex will consist of:
1. Extending the gold-bearing stockwork zone to the northwest and establish
the contact with the underlying high grade silver mineralization;
2. Continue to define the shallow plunging, cylindrical Mezcal silver
deposit to both the northwest and southeast; and
3. Exploring the down-dip extension of both the gold and silver
mineralization along the Mezcal structure, hydrothermal breccias and
andesite dikes.
Two exciting targets have emerged at Higo Blanco: shallow high-grade silver flanked by a broad gold halo and deeper, high grade gold-silver hosted by dikes and hydrothermal breccias emplaced along the Mezcal structure.
'This broad zone of gold mineralization above and adjacent to the high grade silver mineralization greatly enhances the economics of a potential bulk tonnage deposit at Higo Blanco. Additionally, the identification of increasing gold grades with depth support our efforts to search for 'bonanza'-type grades beneath current levels of exploration', said CEO Robert Boaz.
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 Canada (100% owned Greyhound project) and in Oaxaca, Mexico. Aura Silver has 59,102,402 common shares outstanding.
FORWARD-LOOKING STATEMENTS
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, the private placement financing activities of the Company, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Aura Silver does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Aura Silver Resources Inc.
Robert Boaz
President and CEO
905-403-8010
boaz@aurasilver.com
www.aurasilver.com
