Aura Silver Resources Inc.
TSX VENTURE : AUU

Aura Silver Resources Inc.

May 03, 2007 08:45 ET

Aura Silver: Sampling at Taviche Project, Mexico Confirms High Precious Metals and Prepares Way for Drill Program

BRAMPTON, ONTARIO--(CCNMatthews - May 3, 2007) - Aura Silver Resources Inc. (TSX VENTURE:AUU) (the "Company" or "Aura Silver") is pleased to provide recent results from a sampling program conducted over the Taviche Property in Oaxaca, Mexico. The program was carried out as an initial evaluation of the property and to confirm and follow-up on work done by Pan American Silver Corporation in 2002.

Sampling of exposed vein systems and areas of historical workings confirms the presence of high silver and gold on the Taviche Property. Table 1 outlines selected silver and gold assays for samples collected from several abandoned mines and pits developed along vein systems within the West Taviche Concession. Sampling was carried out by Pan American Silver (PanAm) in 2002 and by Aura Silver and Intrepid Mines (AUU/IAU) from December 2006 through March 2007.

Table 1. Summary of Results from Dumps and Pits along the West Taviche Vein Systems


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Sample Assay
Prospect/Vein Company No. Comments
Au (g/t) Ag (ppm)
---------------------------------------------------------------------
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El Portillo - Pit PanAm EP28 5.21 11.6 Massive to
banded
quartz vein
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El Portillo - Pit PanAm EP29 13.73 17.8 Colloform-
banded
quartz vein
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El Portillo Mine PanAm EP30 8.01 22.8 Massive to
banded
quartz vein
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El Portillo Mine PanAm EP37 8.17 26.6 Massive to
banded
quartz vein
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El Portillo Mine AUU/IAU 565 18.20 23.7 Banded to
colloform
quartz vein
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San Martin Mine PanAm M-4 17.43 800 Banded to
colloform
quartz vein
---------------------------------------------------------------
San Martin Mine PanAm M-5 5.00 46 Banded to
---------------------------------------------------------------------
colloform
quartz vein
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San Martin Mine PanAm M-6 18.20 715 Banded to
colloform
quartz vein
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San Martin Mine PanAm M-10 5.09 488 Banded to
colloform
quartz vein
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San Martin Mine AUU/IAU 541 94.70 1,845 Sucrosic to
colloform-
banded
quartz vein
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San Martin Mine AUU/IAU 542 31.90 792 Sucrosic
quartz
vein;
variable
base metals
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San Martin Mine AUU/IAU 543 11.00 467 Banded to
colloform
quartz vein
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San Martin Mine AUU/IAU 544 23.50 1410 Banded to
colloform
quartz vein
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La Noria Shaft AUU/IAU 77305 17.10 751 Quartz vein
& silicified
andesite
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La Noria Shaft AUU/IAU 509 2.05 164 Banded
sucrosic
quartz vein
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La Noria Shaft AUU/IAU 511 4.42 283 Vein
breccia;
locally
banded
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La Noria Shaft AUU/IAU 512 5.18 329 Sucrosic
quartz vein
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San Antonio
Shaft AUU/IAU 521 1.85 39.8 Vein
breccia
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San Antonio
Shaft 1 PanAm SA18 5.28 53 Vein
breccia
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San Antonio
Shaft 2 PanAm SA19 3.57 123 Vein
breccia
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Au (g/t) - Gold (grams/tonne)
Ag (ppm) - Silver (parts per million)


A summary of all geochemical data (513 samples) collected from both West and East Taviche Concessions is presented in Table 2 (including samples from Pan American Silver taken in 2002). Samples collected by Aura Silver/Intrepid Mines were sent to ALS Chemex in Guadalajara, Mexico for multi element geochemical analyses by ME-ICP41 and for gold by fire assay and AAS finish (0.005-10ppm). Samples over 10 ppm were assayed by gravimetric technique. Every 10th sample included a blank and every 25th sample included a known standard.

Table 2: Summary of Gold and Silver Values for Sampling Conducted in the West and East Taviche Concessions



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Range (ppb Au) # Samples % of Population
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less than 50 ppb 251 48.9
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51 - 100 ppb 63 12.3
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101 - 1,000 ppb 129 25.1
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1,001 - 5,000 ppb 46 9.0
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5,001 - 10,000 ppb 13 2.5
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greater than 10,000 ppb 11 2.1
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Total 513 100
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Range (ppm Ag) # Samples % of Population
------------------------------------------------------------------
less than 10 ppm 362 70.6
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10.1 - 50 ppm 82 16.0
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50.1 - 100 ppm 25 4.9
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100.1 - 250 ppm 19 3.7
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250.1- 500 ppm 14 2.7
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greater than 500 ppm 11 2.1
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Total 513 100
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Geologic mapping of the vein systems by Aura Silver/Intrepid Mines personnel reveals that surface vein exposures are dominated by hydrothermal breccias with lesser amounts of massive to banded quartz-chalcedony veins. Historical mining occurred intermittently along the vein systems and appears to have been located at structural intersections of cross-cutting veins. As shown in Table 1, samples from the old mine dumps commonly contain in excess of 5 grams per tonne gold (g/t Au) and 200 grams per tonne silver (g/t Ag) with values up to 94.7 g/t Au and 1,845 g/t Ag. The geochemical and textural results suggest an epithermal vein environment that is exposed at relatively high-levels in the northern extent of the vein systems and at somewhat lower levels in the south. Gold and silver mineralization is hosted by quartz veins with variable adularia and amethyst. Ore-related minerals consist of pyrite, native gold, native silver, argentite and silver-bearing sulfosalts. Base metal contents are typically low but locally can be up to several percent.

The Taviche Property was acquired by Aura Silver and Intrepid Mines (TSX:IAU - TSX:IXN - ASX:IAU) in 2006 and is held under option from Plata Panamericana S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corporation (TSX:PAA). The Property comprises two concessions: West Taviche with 6,254 hectares and East Taviche with 7,494 hectares. The Concessions are located in central Oaxaca, Mexico about ten kilometres south of the City of Ocotlan. In this area, gold and silver production has occurred intermittently since Spanish colonial times and a few mines were active until 2000.

The West Taviche concession contains two significant, north-south trending, sub-parallel vein systems. A western system has been traced over seven kilometers and consists of four distinct veins: La Noria, El Viejo, San Antonio and San Martin. A second system, located about two kilometers east, can be followed along a series of anastamosing veins for about six kilometers and contains the Portillo, Donaji/Marias and San Jose/Corona Veins. The northern three kilometers of this system (the San Jose/Corona segment) is held by Fortuna Silver Mines and Continuum Resources. They have recently announced a 43-101 qualified resource comprising an indicated mineral resource of 1.47 million tonnes grading 262.6 grams per tonne silver (g/t Ag) and 2.19 grams per tonne gold (g/t Au) containing 17.7 million silver (Ag) equivalent ounces and an inferred mineral resource of 3.9 million tonnes grading 260.6 g/t Ag and 2.57 g/t Au containing 49.1 million silver equivalent ounces. Drilling along the northern boundary of the Fortuna/Continuum property indicates that the on-strike, down plunge extension potential for the San Jose vein system may lie on the West Taviche Concession (Aura Press Release, March 13, 2007).

In addition to the detailed studies along the two known vein systems, a reconnaissance program has been conducted over the remainder of the West Taviche Block where initial work has outlined several other large, prospective areas not previously identified in past work. A reconnaissance program has also been conducted over the East Taviche Block where the Mexican Government ("Consejo") has identified numerous gold-silver bearing vein prospects. Results of this work are being compiled and will be reported in a further press release.

Taviche is the flagship project for Aura Silver. "The Company, in concert with Intrepid Mines, will step up its exploration efforts in light of the very encouraging results from our recent reconnaissance mapping and sampling program," said Paul Pitman, President of Aura Silver. "We have initiated the permitting process for a proposed drill program and expect to commence this work in early summer".

About Aura Silver

Aura Silver Resources 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 28,524,687 common shares outstanding.

FORWORD 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 neither approved nor disapproved the information contained in this press release.

Contact Information

  • Aura Silver Resources Inc.
    Paul W. Pitman, P.Geo.
    President and designated QP
    905-456-5436
    paul@aurasilver.com
    or
    Aura Silver Resources Inc.
    Dani Wright
    Investor relations
    866-981-4588 ext. 242
    www.aurasilver.com