MEXICO – AUR RESOURCES of Toronto plans to drill five exploration projects in Latin America in 2005 including its latest discovery, La Verde in Mexico, company CEO James Gill said on Friday. “Our La Verde project in Mexico and four other exploration projects have us excited about Aur’s future growth,” Gill said during a first quarter results presentation.
Aur expects to start drilling three new copper exploration projects in Chile this June and to advance a gold project in southern Argentina to that stage by year-end, Gill revealed.
Meanwhile at La Verde, 300 km west of Mexico City, two drill rigs are already conducting a program of 15,000 m in 40 holes, with the next set of results due July, he said. Nine recent drill holes by Aur at La Verde have confirmed known near-surface copper mineralization at two zones on the property, where previous owners outlined a resource of 72.6 million t averaging 0.7% Cu.
“Perhaps more significant is the large IP geophysical anomaly that underlies the property at a depth of 200 m,” said Gill. “We believe that a large copper deposit may lie at depth below 200 m at this property.”
The only hole to test the anomaly to date, hole 9, returned 426 m grading 0.49% Cu and 0.12 g/t Au and bottomed in mineralization at 681 m. Exploration at a rate of 50 m/d per rig is focusing around hole 9 and also below the East zone, 500 m east of hole 9, where the bulk of near-surface breccia mineralization is located.
“The intention will be to continue to evaluate the mineralization in the near-surface breccia material at East zone but at the same time penetrate through that level to test the IP anomaly below a depth of 200 m,” he said. There has been no previous drill hole below 200 m at the East zone but the IP anomaly “does go right through there, indicating a copper mineralization related to the type in hole 9.”
Aur has the right to earn 100% interest in the La Verde property by making cash payments totalling Cdn$6.8 million, of which Cdn$800,000 is payable by October 2008, and by paying a 0.5% net smelter return royalty to the vendor.
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