Mining News: Northern Neighbors: Agnico set to earn stake in Aura's Greyhound

Aura Silver Resources Inc. March 20 said Agnico Eagle Mines Ltd. plans to resume drilling at Aura’s Greyhound gold-silver property in Nunavut this year. Slated to begin in April, this roughly 1,500-meter drill program will follow up on a hole completed by Agnico in 2015 that cut 1.5 meters averaging 6.41 grams per metric ton gold. “The potential for success of future work following up on the discovery of high-grade gold (multiple one ounce per ton gold samples) and silver boulders (some in excess of 5,000 grams per metric ton silver) is exciting,” says Aura Silver President and CEO Robert Boaz. Agnico has the option to earn an initial 51 percent interest in a portion of Greyhound, which lies some 35 kilometers (22 miles) south of its Meadowbank gold mine, by paying Aura C$250,000 and investing C$1.75 million in exploration by the end of May, a stake that can be raised to 70 percent with additional expenditures. This spring drilling is the third completed by Agnico and should satisfy the initial earn-in requirements.

-Shane Lasley