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Aura Resources Announces Letter Agreement for Jefferson Canyon Project, Nye County, Nevada
Ottawa, Ontario--(Newsfile Corp. - March 4, 2019) - Aura Resources Inc. (TSXV: AUU) ("Aura" or...
About this update from West Point Gold Corp.
[{"type":"text","content":"Aura Resources Announces Letter Agreement for Jefferson Canyon Project, Nye County, NevadaOttawa, Ontario--(Newsfile Corp. - March 4, 2019) - Aura Resources Inc. (TSXV: AUU) (\"Aura\" or the \"Company\") announces that it has entered into a non-binding letter agreement (the \"Letter Agreement\") with Thorsen-Fordyce Merchant Capital Inc. and TF Minerals (USA) Inc. (the \"TF Parties\") relating to the Jefferson Canyon gold-silver project (\"JCP\") in southern Nevada. The agreement covers 57 unpatented claims located about 9 km northeast of Kinross' Round Mountain gold mine. Following a review of the project's historical data base, Aura entered into the Letter Agreement with the TF Parties which provides for an exclusivity period extending to May 31, 2019 in order to conclude a definitive agreement to acquire a 100% interest in the JCP over a period of up to six years. During the exclusivity period, Aura has the right to complete its due diligence on the JCP including an on-site inspection and sampling.The JCP contains a large volcanic-hosted epithermal Au-Ag system that is essentially the same age as the nearby Round Mountain deposit, a world-class low-sulfidation (LS) epithermal deposit. Both are hosted in felsic ash-flow tuffs along the margins of calderas and both contain a strong northwest-trending structural control to veins.The Ag:Au ratio at the JCP is highly variable with a Ag- and base-metal rich core and outer ring hosting strong Au-As-Sb-Hg values. This outer ring is more akin to classic LS systems, like Round Mountain. The core area is more typical of intermediate sulfidation (IS) epithermal vein systems in which Au is coincident with high Ag, Cu, Pb, Zn and Mn. Extensive areas of gold and silver values were identified in historical drilling but have not been confirmed: Central Ag-rich Zone: 47.2m @ 78.8 g/t Ag; 42.7m @ 54.5 g/t Ag; 48.8m @ 80.7 g/t Ag; and, 27.4m @ 0.88 g/t Au. Results from the Peripheral Au-rich Zone include: 19.8m @ 0.99 g/t Au; 25.9m @ 8.63 g/t Au; 44.2m @ 1.13 g/t Au; 32m @ 0.85 g/t Au; and, 56.4m @ 0.63 g/t Au.Modern exploration in the JCP area began in the late 1960's when drilling of at least 134 holes comprising 17,979 m (58,985 ft) was completed in several campaigns between 1969 and 1986; nearly all of this drilling was reverse circulation. Since that time, geophysical studies were conducted...