GOLD: Aura Resources to acquire Territory Metals

NEVADA - Aura Resources has entered into a definitive amalgamation agreement to acquire Territory Metals, an unlisted private company based in B.C. In a press release, Aura said its interest in Territory focuses on the company’s Tip Top gold project in Nevada. Tip Top is subject to an agreement of purchase and sale with Territory having the right to acquire a 100% interest in the project. The property consists of 22 unpatented mining claims covering approximately 1.73 sq. km. It is located in Esmeralda County, at the north end of the White Mountains, 8 km south of Montgomery Pass. According to Aura Resources, Tip Top contains several low-sulfidation oxide gold-silver epithermal veins with low base metal contents which are peripheral to an altered rhyodacite intrusion emplaced into Jurassic-Cretaceous intrusive and a bimodal package of volcanic rocks. “Two of the veins historically produced a total of 6,900 oz. of gold and some silver,” the miner’s statement reads. “Since 1980, the property has been drilled by five companies, with 143 drill holes totalling over 7,315 metres. Historical drilling along the Tip Top vein, and particularly around the Tip Top adit, has identified gold-bearing veins and there is a good possibility of expanding the known mineralization along strike and to depth.”