Aura Silver Resources Inc.

Aura Silver Resources Inc.

March 02, 2009 08:30 ET

Aura Silver Targets Silver-Gold Rich, High Tonnage Potential at Taviche (Mexico)

MANOTICK, ONTARIO--(Marketwire - March 2, 2009) - Aura Silver Resources Inc. (TSX VENTURE:AUU) ("Aura Silver" or the "Company") is pleased to present the results from exploration conducted at its Higo Blanco project located in the southern Taviche district of Oaxaca, Mexico following an aggressive integrated program of surface geochemistry, trenching, geologic mapping (see Aura Silver Press Release August 27, 2008) and the recent completion of IP/Resistivity and magnetic intensity surveys. The Taviche property is operated as a joint venture between Aura Silver and Intrepid Mines Limited (TSX:IAU)(ASX:IAU).

Sampling at Higo Blanco (approximately 715 rock samples) reveals a very large Au-Ag-As-Sb (gold, silver, arsenic, antimony) anomaly coincident with the distribution of the jasperoid (replacing the carbonate sedimentary strata) and quartz veining in the volcanics to the west of a major 7.5 kilometre long NW-trending structural zone. Geochemical studies suggest that metals are vertically zoned; gold (Au), arsenic (As), and antimony (Sb) are most abundant in veins at higher structural elevations while silver (Ag) is enriched in an underlying jasperoid unit. Sulphide contents in the silicic jasperoid rocks appear to increase with depth and, in general, are most abundant adjacent to the 'feeding' structures.

Mapping demonstrates a NW-trending structural corridor consisting of a well developed Au-rich vein system in the Cretaceous volcanic, epiclastic and sedimentary rocks, underlain by intensely silicified (jasperoid) and mineralized (Ag) Cretaceous limestone beneath these volcanics. The jasperoid deposits may pass beneath volcanics to the southeast and into the joint venture's Alma Delia concession (Figure 1).

The joint venture's geochemical analysis and interpretation suggest the following geologic constraints:

1. The best gold and silver zones are close to the main structural break, defined in part by the Mescal vein system; the gold-bearing veins are in the break, whereas the silver is in jasperoid adjacent to it.

2. The geochemical signatures of jasperoid-hosted silver mineralization and vein-hosted gold mineralization are distinct and separate. There is some overlap along the western margin of the Cerro La Mina jasperoid (close to the Mezcal vein), indicating that the depositional processes of the Au and Ag were likely related.

3. Silver was probably precipitated through reaction with the carbonate. Consequently, the bottom of the jasperoid unit(s) may be of higher grade than their top (current surface).

4. Gold precipitated in the vein systems where they cut the volcanic strata, and are structurally above the silver-rich jasperoid units. Thus the Mescal vein system (as well as other) may overlie a silver-bearing jasperoid zone.

5. The best gold and silver zones are reflected in the geophysical results.

In the lowest elevations of the project area (less than 1,600 m above sea level) we observe higher grades in the silicified carbonates (i.e. South Cerro La Mina/Mezcal vein and Santo Nino). In the 300,000 m2 area of jasperoid at the Cerro La Mina prospect, 189 well spaced jasperoid samples (approximately 50 m centers) contain an average of 50 grams per tonne (g/t) Ag with 10% of the samples containing over 200 g/t Ag. For 1.2 km along the western contact of the jasperoid with the overlying volcanics, the jasperoid (86 samples) contains an average of 90 g/t Ag of which 10% of the samples grade at an average of 175 g/t Ag. Closest to the Mezcal vein system, the jasperoid contains an average of 130 g/t and 10% of the samples exceed 200 g/t Ag with individual sample grades up to 685 g/t Ag. Overall, the jasperoid margin has potential for the discovery of a large-tonnage bulk mineable silver resource. Gold is distinctly anomalous (greater than 0.40 g/t) in three exposed areas along the Mezcal vein, immediately west of the aforementioned jasperoid.

Mapping and sampling at Higo Blanco reveal that much of the 7.5 km strike length of the surface mineralization is favourable for the development of bulk tonnage, surface mineable silver and gold deposits. The general geological environment is "carbonate-hosted, sulphide-rich" manto-like deposits with a pronounced structural fabric. Given the continuity of the IP targets, the potential for discovery of several semi-continuous zones of mineralization along the entire length of the structural zone is excellent. An example of this would be Silver Standard's Pitarrillo property in Durango State, Mexico (235 million tonnes reserves and resources, average grade less than 100g/t Ag).

In October, 2008, the Taviche joint venture decided to postpone drilling and conduct IP/Resistivity and magnetic intensity surveys over the Higo Blanco project area to better prioritize drill targets given the enormity of the project area. The objectives of these surveys were to:

- Determine if there was subsurface continuity in the extensive jasperoids via resistivity;

- Establish if the Mezcal and Mota veins were recognizable in the subsurface in light of their elevated sulphide contents at the surface; and

- Characterize the sulphide-bearing rocks (generally silver-gold bearing) at depth and determine if there is vertical continuity.

The IP/Resistivity survey was successful in recognizing that the jasperoids are both continuous to depth and laterally, indicating that the several distinct mineralized prospects are most likely connected over several kilometres of strike length. The combination of IP and Resistivity has clearly identified the structures that control the distribution of the jasperoid. Continuous chargeability highs associated with these structures support that surface silver-gold anomalies extend to depth.

The combination of our geochemical analysis and the IP/Resistivity/Magnetometry surveys has provided us with numerous well defined drill targets. We expect to initiate a drilling program at the end of March 2009 to test for the extent of these zones.

The Taviche joint venture continues to work closely with the communities in this area and they assure us that we will have their support for this program, as well as a dedicated work force.

Aura Silver President and CEO Robert Boaz said, "We have now confirmed a case for concentrating our resources and efforts on Higo Blanco given the results of our sampling, geochemical analysis and geophysics. While we still believe that West Taviche and other prospects in the East Taviche concession are highly attractive, especially given their proximity to Fortuna's San Jose project, we feel the most prospective property in our Mexican property portfolio is the Higo Blanco jasperoid system. We believe that this is a silver, gold district play".

In order to conserve and re-direct capital to Higo Blanco, the Taviche joint venture has rationalized its Mexican property portfolio. The Santo Domingo concession located in western Oaxaca has been dropped, as well the Alma Delia concession has been reduced in size to drop non-essential ground from the concession holdings.

The geochemical analysis and interpretation was performed by Dr. James Franklin. Assay results were provided by ALS Chemex and SGS Lakefield. The geophysical surveys were interpreted by Dean Frazer (RDF Consulting). 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 Mexico (East and West Taviche and Alma Delia in Oaxaca State) with a focus on precious metals.

The Company has 38,208,902 common shares outstanding.

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.

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