Aura Silver Resources Inc.
TSX VENTURE : AUU

Aura Silver Resources Inc.

August 14, 2009 08:30 ET

Aura Silver Drills Silver Rich Discovery Hole - 12.1 Meters of 533 g/t Including 1.3 Meters of 2.5 Kilograms/t Silver Equivalent at Shallow Depth

OTTAWA, ONTARIO--(Marketwire - Aug. 14, 2009) - Aura Silver Resources Inc. (TSX VENTURE:AUU) ("Aura Silver" or the "Company") is pleased to report results of recently received assays from the first three drill holes of a 1,500 meter program at Oaxaca, Mexic/. The first phase is focused on the Higo Blanco silicified limestone-volcanic complex. This complex is a sizeable geologic structure with a gold (Au)- silver (Ag)- antimony (Sb) anomaly coincident with the entire structure. Much of the silver mineralization occurs in a brecciated silica replacement of limestone, but a more gold-rich part of the system is associated with extensive quartz veining in the overlying volcanic strata. The Higo Blanco anomalous area extends approximately seven kilometers along strike and is approximately two kilometers wide. The drilling program conducted by the Aura Silver/Intrepid Mines joint venture ("Taviche JV") has discovered consistent mineralization across the first three holes drilled to date with HBET-03 demonstrating much higher grades of silver at reasonably shallow depths with large tonnage potential.

Drill holes HBET-01 and HBET-02 were designed to determine the geologic structure of Higo Blanco with special attention given to the Mezcal vein, a potential 'feeder'-structure. This structure contains Au-enriched veins at surface, and seems to be confined to the section where the structure intersects the volcanic rocks. The vein system was confirmed to at least 100 meters in depth, and in addition, HBET-02 encountered a silicified limestone breccia unit containing much higher precious metal content at 62 meters with 11.6 meters averaging a silver equivalent 166.3 grams per tonne (g/t) including 1.2 meters grading 754.4 g/t silver equivalent. HBET-03, which was designed to intersect the silicified unit to the east of the Mezcal structure, encountered high Ag grades at a depth of 85 meters with 34.2 meters averaging 219.5 g/t silver equivalent including 1.5 meters grading 1,116.2 g/t silver equivalent. At a depth of 107 meters, 12.1 meters averaged a grade of 533.4 g/t silver equivalent with 1.3 meters grading 2,466.8 g/t silver equivalent.

Hole HBET-01 was drilled entirely into the vein system in the volcanic strata in an area identified from surface sampling to be primarily a gold-bearing part of the system. However, holes HBET-02 and HBET-03 were drilled to intersect both the silicified limestone-hosted, Ag-enriched part of the section (to the northeast) and the volcanic-hosted quartz-vein part of the system (Au-bearing) to the southwest. The contact between these is a major fault. The data are thus separated in the table into the silicified limestone and volcanic-dominant zones for holes HBET-02 and HBET-03.



-------------------------------------------------------------------------
Hole Sample From To Length(i) Au Ag AgEq(ii)
(m) (m) (m) (g/t) (g/t) (g/t)
-------------------------------------------------------------------------
HBET-01
-------------------------------------------------------------------------
Au Zone 2522-2542 0.00 29.55 29.55 0.50 15.39 45.50
-------------------------------------------------------------------------
Including 2534-2543 19.45 31.10 11.65 0.70 20.13 62.13
-------------------------------------------------------------------------
2542 28.05 29.55 1.50 1.89 108.00 221.40
-------------------------------------------------------------------------
-------------------------------------------------------------------------
HBET-02
-------------------------------------------------------------------------
Ag Zone 2581-2607 14.90 73.05 58.15 0.07 65.05 69.25
-------------------------------------------------------------------------
Including 2593-2607 59.50 73.05 13.55 0.13 137.50 145.30
-------------------------------------------------------------------------
2596-2607 61.50 73.05 11.55 0.15 157.30 166.30
-------------------------------------------------------------------------
2597 61.50 62.15 0.65 0.14 667.00 675.40
-------------------------------------------------------------------------
2607 71.85 73.05 1.20 0.19 743.00 754.40
-------------------------------------------------------------------------
Au Zone 2642-2668 107.65 158.75 51.10 0.54 12.20 44.70
-------------------------------------------------------------------------
Including 2642-2649 107.65 117.45 9.80 0.87 12.39 64.30
-------------------------------------------------------------------------
-------------------------------------------------------------------------
HBET-03
-------------------------------------------------------------------------
Ag Zone 2679-2711 85.00 119.20 34.20 0.13 211.70 219.50
-------------------------------------------------------------------------
Including 2701-2711 107.10 119.20 12.10 0.24 519.00 533.40
-------------------------------------------------------------------------
2701-2705 107.10 111.80 4.70 0.15 1,077.00 1,086.00
-------------------------------------------------------------------------
2683 88.05 89.50 1.45 0.27 1,100.00 1,116.20
-------------------------------------------------------------------------
2701 107.10 107.90 0.80 0.12 646.00 653.20
-------------------------------------------------------------------------
2703 108.90 110.20 1.30 0.28 2,450.00 2,466.80
-------------------------------------------------------------------------
Au Zone 2715-2727 135.00 149.10 14.10 0.56 3.44 37.18
-------------------------------------------------------------------------

(i) Intervals shown are downhole intervals. True widths are not yet known
in the initial phase of drilling.
(ii) Silver equivalent for the purposes of this drilling program is defined
as silver grade plus 60 times gold grade. Metallurgical recoveries
and net smelter returns are assumed to be 100 per cent for the silver
equivalent value. Base metal values are not included in the silver
equivalent


Core samples collected by the Taviche JV have been analyzed by SGS Labs in Durango, Mexico for multi element geochemical analyses by ICP-OES (40 element), gold by fire assay and AAS finish (greater than 0.005 g/t) and silver by AAS (greater than 0.3 g/t). Silver values in excess of 300 g/t are re-run by fire assay. Every 10th sample, a blank is included while every 25th sample is a known standard.

Based on this preliminary assessment of the Higo Blanco property, there are two distinct and adjacent targets: a gold-enriched vein and breccia system (as observed in the three holes drilled to date) and a substantial silver-rich target hosted in multistage, silicified limestone breccias hosting minor, but significant, proustite, pyrargyrite and native silver (HBET-02 and HBET-03).

Robert Boaz, President and CEO of Aura Silver stated, "We are pleased with these results especially so early in our drilling program. This initial drill testing of the Higo Blanco jasperoid zone supports the potential for discovery of a large deposit with large tonnages. Further drilling of this structural corridor to the southeast is underway".

In addition, during February 2008, the Taviche JV obtained the Social License to operate in the area and is pleased to announce that on August 9, 2009, the community renewed its support for our project. The recent signing of this agreement allows the Taviche JV to enjoy access to the community lands which encompass the entire Higo Blanco project. This agreement includes a significant corporate social responsibility component whereby the Taviche JV has supported and will continue supporting projects selected by the community including road maintenance, design and engineering of water projects, support for local schools and clinic, reforestation and small business development. All projects are designed to promote the community's sustainable development, increasing their productivity, improving the environment and strengthening its social fiber.

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 (Greyhound Lake) and in Oaxaca, Mexico. The Company has 38,208,902 common shares outstanding.

FORWARD LOOKING STATEMENTS

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

Contact Information