Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX:
ORAAF) (“
Aura” or the
“
Company”) is pleased to provide an update on
exploration activities to date and advancement plans across its
portfolio in 2023. Readers are encouraged to read the Company’s
most recent Annual Information Form dated March 30, 2023 (the
“
2022 AIF”), which is available on www.sedar.com
and the Company’s website, which includes current mineral resources
and mineral reserves (“
MRMR”).
Highlights:
Evolving Exploration Strategy to Support
Future Growth
- Since 2018, Aura’s exploration
strategy has focused on replacing depleted ounces across its core
operating assets and increase LOM, while expanding production.
During this time, combined proven and probable mineral reserves
increased by 59% and combined measured and indicated mineral
resources have increased by 194% as result of investment in
exploration increasing from about US$8 million in 2018 to US$22
million in 2022, taking advantage of over 650,000 hectares of
under-explored mining rights across its portfolio.
- In 2022, Aura’s exploration
initiatives played an increasing role in its capital allocation
strategy, forming a solid basis for future growth including:
- 123,895 meters drilled across
greenfield and brownfield projects.
- Increased mineral reserves and
mineral resources, with over 100% conversion of inferred mineral
resources into measured and indicated mineral resources.
- New targets identified both
surrounding mine workings and regionally across the portfolio,
through soil sampling, mapping, and geophysics.
- Important mineral rights
acquisitions at EPP Mines to potentially expand the mineral
footprint, and at Matupá to test the regional potential.
- New projects were added to the
exploration pipeline including the Borborema Project (located in
Rio Grande do Norte, NE Brazil), and Serra da Estrela Copper
Project in the prolific Carajás region, to support future growth in
mineral resources and mineral reserves and new discoveries.
2023 Objectives
- With a strong foundation and
increased confidence in the exploration pipeline as result of
successful exploration programs particularly especially in the last
2 years, Aura has increased its exploration budget for 2023 to
between US$22 million and US$26 million and is planning an
additional 110,000 meters of diamond drilling.
- The strategy for 2023 and beyond
includes work intended to increase mineral resources and mineral
reserves, developing earlier stage targets, drill testing the
regional potential of several assets and allowing for future
production expansion. The targeted programs for 2023 for select
assets include:
- EPP: Increase mineral reserves
through conversion of measured and indicated and inferred mineral
resources so as to expand its LOM.
- Aranzazu: Testing the continuity of
mineralization of GH at Aranzazu to expand LOM and drilling in new
potential deposits to build the foundation for a potential future
increase in annual production.
- Matupá: Advancing regional targets
in order to increase mineral resources inventories through the
development of nearby deposits, mainly at Serrinhas.
- Aura Carajás: Conducting an initial
exploration program at the newly acquired Serra da Estrela Copper
Project to understand its potential and build a basis for a focused
exploration program in 2024.
- Borborema: Feasibility Study
currently underway, with and expected to be published in Q3
2023.
Rodrigo Barbosa, President, and CEO of Aura
commented, “We are excited to share for the first time, a
comprehensive update on our exploration initiatives and growth
plans across our portfolio. Exploration continues to play a
significant part in our capital allocation strategy, with
investments increasing significantly since 2018 to up to US$26
million budgeted for 2023. Our priority over the years has been to
more than replace our depleted ounces and generate cash flow, which
we have successfully and consistently done. We believe we are now
in a strong position to focus on growth for future years, by
aggressively developing immediate and regional targets and
exploring our robust pipeline.”
Mr. Barbosa continued, “We are proud of the
unmatched exploration potential across our portfolio, with over
650,000 hectares and several new projects added to the pipeline.
Many of our projects are located in prolific jurisdictions,
including several productive mineral belts that have seen little to
no modern-day exploration. We are excited about the prospect of
using our strong cashflows to replace, define and discover new
ounces. We have several immediate targets particularly at the
Aranzazu and EPP Mines that are expected to contribute to resource
and reserve growth and regional exploration across various projects
to contribute to future new discoveries.”
Aranzazu Mine, Mexico
Aranzazu is an underground copper mine in
operation, producing gold as a by-product, located in a world-class
polymetallic district where Aura controls approximately 11,000
hectares of mineral rights (Figure 1). To date, only 5% of the
mineral claims have been drilled. Mining activity in the area dates
almost 500 years and it hosts multiple world class deposits
including Tayahua (Minera Frisco SAB de CV), Camino Rojo (Orla
Mining Ltd.) and Peñasquito Mine (Newmont Corporation). The
Aranzazu deposit is characterized as an Endo-skarn and Exo-skarn
deposit replaced in Mesozoic limestone strata.
Figure 1. Aranzazu location map, Zacatecas State,
Mexico. https://www.globenewswire.com/NewsRoom/AttachmentNg/0e94ee1b-57af-46ac-ad7b-4a13934619a3
Since the restart of operations in 2018,
exploration efforts have focused on (i) extending the life of mine
(“LOM”) and (ii) building the basis to allow for an increase in
production capacity. As a result, Aura has been able to increase
LOM from five years at the time of the restart to currently more
than seven years based on mineral reserves only. In addition,
production capacity was expanded by 30% during 2021.In 2022, Aura
invested approximately US$7.5 million in exploration at Aranzazu,
with 37,685 meters drilled, resulting in:
- Substantial increase in MRMR.
- Current Measured and Indicated
Mineral Resources (as of December 31, 2022, inclusive of Mineral
Reserves) includes 1.59 MGEO1, an increase of 12% (170 kGEO)
compared to 2018.
- Proven and Probable Mineral
Reserves of 852 kGEO, an increase of 61% (325 kGEO) compared to
2018.
- Production capacity increased by
30% in 2021.
Current exploration initiatives include multiple
targets being advanced near existing mine infrastructure to support
further increases in LOM (Figure 2). Aura has also made important
advances in finding new deposits. The priority targets include:
- Initiatives to increase LOM in the
short term, such as at GHFW Zone, where skarn mineralization was
intercepted in a deeper hole indicating that the ore body is still
open down dip.
- Initiatives to allow expansion of
mineral resource and reserve and potential increase in production
in the medium term, such as:
- Several small skarn pipes
identified with surface exposures in NW of Aranzazu mine and may be
a continuation of Aranzazu structure and possible connection zone
towards NW.
- Drilling below historical
underground workings at Cabrestante SW, Cata-Arroyo, Esperanza,
Limestone Bridge and El Cobre tested the continuity and potential
of mineralization downdip below mined areas. Drilling confirmed
skarn alteration with low occurrence of sulfides. The drill holes
demonstrated important geological information in all targets, with
indications that there may be economic mineralization, information
which will be used for future targeting.
- Regionally, geological mapping and
sampling generated several early-stage targets including new
copper-gold skarns, manto type polymetallic mineralization, and
high-grade gold/silver veins. Low grade Au-Cu porphyry
mineralization could possibly occur as well.
Figure 2. Aranzazu detailed map showing all the
near mine exploration
targets. https://www.globenewswire.com/NewsRoom/AttachmentNg/d0514d6b-ec3e-434f-943b-f2046ba43f0d
For 2023, Aura intends to complete 29,400 meters
of drilling which will focus on testing the continuity of GH and
Cabrestante areas, with the goal of increasing mineral resources
and mineral reserve of existing deposits. In parallel, drilling is
planned for El Cobre and Aranzazu extensions, a potential
connection zone to find and delineate new skarn mineralization
near-mine workings.
Ernesto and Pau-a-Pique Mines,
Brazil
EPP is located on the prolific Guapore Belt in
Mato Grosso, Brazil (Figure 3), and previously owned and operated
by Yamana Gold. The belt has several historic mines but has seen
very little modern-day exploration. Aura acquired EPP in 2016 and
its land package includes 296,796 hectares along a 200 km trend,
which represents a dominant land position controlling most of the
belt, and an excellent opportunity for growth.
Figure 3. Guapore Gold Belt, Mato Grosso,
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/5a0d7edf-cf99-487b-b579-8862b2b411ca
EPP is located near Pontes e Lacerda (Figure 4)
and consists of multiple gold deposits: the Lavrinha open-pit mine
(“Lavrinha”), the Ernesto open-pit mine (“Ernesto”), the
Pau-a-Pique underground mine (“Pau-a-Pique” or “PPQ”), the Japonês
open-pit mine ("Japonês") and the Nosde open pit-mine (“Nosde”).
These deposits are composed of metasediments from a foreland basin
folded and sheared under ductile-brittle conditions commonly in
tectonic contact with the basement. Strong hydrothermal alteration
associated with gold mineralization occurs in fault zones
associated with the lower contact of the Aguapeí Group with the
basement.
Figure 4. EPP location map, Mato Grosso State,
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/7dd465b3-b039-48d4-a4dc-c2c2eb504ae3
Current mineral reserves support a four-year
LOM, and Aura is carrying out exploration work with the goal of
extending the LOM in the short term as the ore bodies remain open
at depth and between the ore bodies. In 2022, Aura spent
approximately US$8.7 million on exploration at EPP, with 56,053
meters drilled. Results have supported the exploration strategy,
mainly:
- Continued increase in Resources,
exceeding depletion, of 91%.
- Recent exploration successfully
confirmed the connection between the Lavrinha and Nosde mines in
the schist and new areas around Ernesto pit (Figure 5) with further
exploration and potential conclusions to happen during 2023.
- Surface sampling and mapping was
completed further north of Pau-a-Pique, GP targets, the BP anomaly
to better define the regional potential.
- 107 km of a ground magnetic survey
and 10.5 km of IP ground survey were completed with results
indicating that the quartz veins associated with sulfides with
surface exposure has continuity at depth in the BP target anomaly.
This structure is similar to the PPQ mine structure and it is
interpreted as new ore shoot with the same strike continuity.
Figure 5. Ernesto mine complex showing open pits
and
targets. https://www.globenewswire.com/NewsRoom/AttachmentNg/a729f270-ffce-4358-a9ad-b6be5ac1c536
For 2023, a significant portion of the
exploration budget (US$8 million) is expected to be used for work
carried out at EPP, including 36,500 meters of drilling with the
goal of:
- converting inferred mineral
resources to indicated mineral resources and supporting increases
in mineral reserves from Nosde-Lavrinha and additional near mine
targets
- Drilling will also target Japonês
West, a recently acquired area that has surface indications of
similar mineralization as Lavrinha and Japonês mines (mylontic
schist). Of the regional targets, drilling is planned for 2023 at
the BP anomaly.
San Andres Mine, Honduras
San Andres is an open-pit heap leach gold mine
located in the highlands of western Honduras, in the municipality
of La Union, Department of Copan, approximately 150 km southwest of
the city of San Pedro Sula (Figure 6).
Figure 6. San Andres location map, Copan,
Honduras. https://www.globenewswire.com/NewsRoom/AttachmentNg/0bfac838-4a68-4842-ab58-de48e778a7ec
The San Andres deposit is classified as an
epithermal gold deposit associated with extension structures within
tectonic rift settings. Gold occurs in quartz veins predominantly
comprised of colloform banded quartz (generally chalcedony with
lesser amounts of fine quartz, adularia, dark carbonate, and
sulfide material). Aura’s district scale land package includes
6,162 hectares with most of the exploration focused near mine
(Figure 7).
Last year, Aura’s exploration efforts focused on
better understanding the alteration zones and recovery of
production areas.This involved a US$0.6 million budget with 5,966
meters drilled. Results were supported the exploration strategy,
and in particular:
- Infill drilling increased the
confidence and filled the structural gaps in the alteration models
at Esperanza and Banana Ridge targets.
- Drilling at Esperanza expanded both
measured and indicated mineral resources by 144k GEO.
- Geochemical sampling (soil and
rock) was performed in San Andres IV and geophysical work was in
progress during Q4 2022 in the San Andres concessions.
- In Q4 2022, a magnetic drone survey
commenced to better define the 2023 program for SAIV, SAV and SAVII
concessions. The survey concluded in late Q1 2023.
Figure 7. San Andres Regional
Map. https://www.globenewswire.com/NewsRoom/AttachmentNg/b948208d-f650-4297-bd8e-721f21a3ef87
For 2023, 14,000 meters of drilling is planned,
targeting:
- Infill and alteration models at
Esperanza with a focus on converting indicated mineral resources to
measured mineral resources.
- Additional work to better defines
oxide-sulfide limits and to verify the potential of old waste dumps
from areas that were mined historically with higher cut-off
grades
- Identify the continuity of
quartz-carbonate veins in the sulfide zone at depth, which was
identified in both in recent and historical drilling. The sulfide
zone is not part of current mineral resources and mineral reserves
estimate at San Andres and cannot be processed by the heap leach
method.
Almas Project, Brazil
The Almas Project, which is located in the
municipality of Almas, in Tocantins State, Brazil (Figure 8), is an
open pit gold mine wholly owned by Aura. Almas is the first
greenfield project constructed by Aura. In April 2023, Aura
announced the commencement of operations and ramp-up phase, with
commercial production anticipated for Q3 2023.
Figure 8. Almas location map, Tocantins,
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/98be2609-c055-4404-8679-992e3caf3dd7
The Almas Project is located on the Almas
Greenstone Belt, which is one of the lesser explored greenstone
belts in Brazil, with less than 100,000 meters drilled, and has
approximately 1,500 km2 of greenstone belt rocks, a highly fertile
geological terrain for gold mineralization. Other greenstone belts
in Brazil with similar geology such as Crixás, Rio Itapircuru and
Iron Quadrangle host meaningful deposits that have been the subject
to considerable drilling campaigns (Figure 9). Aura believes that
it could potentially find new deposits in the belt to feed the
current plant in the upcoming years with regional exploration.
Figure 9. Almas Greenstone Belt one of the less
studied/drilled greenstone belts in
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/c9089e03-f349-46d2-b402-efbde40ccaf6
The three main gold deposits that comprise the
Almas Project include Paiol, Cata Funda, and Vira Saia and are
located along a 15 km long corridor on the Almas Greenstone Belt, a
Paleoproterozoic volcano-sedimentary sequence which hosts numerous
orogenic gold occurrences. The gold-mineralized zone occurs in the
core of hydrothermal alteration zones, generally associated with
variable amounts of quartz, carbonate, albite, sericite, and
sulphide minerals. The Almas Project’s claims consist, in addition
to current deposits, of multiple early-stage exploration targets,
including Nova Prata, Espinheiro, Jacobina, Morro do Carneiro,
Olavo, Vieira and Jacaré, in a total area of 224,141 hectares of
mineral rights (Figure 10).
In 2022, Aura invested approximately US$1.3
million in exploration activities at Almas, with 6,373 meters
drilled. Results of such exploration activities included:
- Nineteen targets defined targets
through mapping and surface sampling.
- Drilled five targets with positive
results including Morro do Carneiro, Ijuí, Nova Prata, Quirino and
Lagartixa.
- Ijui target located between Cata
Funda and Paiol deposits in the same host rock context (chlorite
schist) intercepted hydrothermal alteration zones. Differently than
observed at Paiol Deposit, hydrothermal alteration zones in
Ijucontain pyrite, chalcopyrite, galena and sphalerite.
- Drilling was also completed at
three new potential targets, all of which have similar
characteristics to the Paiol-Cata Funda deposits, which require
further follow up.
Of the numerous targets defined, Aura believes
that the most compelling is the Morro do Carneiro target, located 2
km east of the Cata Funda deposit. The gold mineralization is
associated with shear zones in a meta chert rock. Delineation
drilling was carried out in the main ore shoot identified during
previous work, with 9 drill holes concluded, totaling 2,321 meters.
The drilling campaign confirmed the continuity of 4 mineralized
lenses with an average of 100 meters length in strike and 160
meters down dip, real thickness varying from 1 to 16 meters.
Geological modeling and preliminary resource estimation exercise is
underway to better define mineralized zones and future step out
drilling in the target.
Figure 10. Almas detailed map showing several
near mine exploration
targets. https://www.globenewswire.com/NewsRoom/AttachmentNg/e7ae2bd6-93bc-49c2-ab26-3cd59f8e359a
The 2023 exploration plan for Almas includes
12,600 meters of drilling with a focus on infill drilling at Paiol
to convert inferred mineral resources to indicated mineral
resources. Step-out drilling will also be conducted at least other
three regional targets
Borborema Project, Brazil
The Borborema Project is a greenfield open pit
gold project, located in the municipality of Currais Novos, Rio
Grande do Norte state, in the northeast of Brazil. Aura acquired
the project in September 2022, and is currently completing a
Feasibility Study. Upon completion of the FS, Aura expects to
convert 1.87 million ounces of gold of JORC-Compliant Measured and
Indicated Mineral Resource and additional 0.57 million ounces of
gold of Inferred Mineral Resource in 43-101 Mineral Resources.
Figure 11. Borborema location map, Rio Grande do
Norte,
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/bc39146a-19c9-40f1-a8e3-78892c304563
Matupá Project, Brazil
The Matupá Project is a gold project located in
the northern part of the state of Mato Grosso, Brazil (Figure 12).
This region contains several gold and base metal deposits around 50
km radius of the project. The Project’s claims consist of multiple
exploration targets (Figure 13), in a total area of 62,500 hectares
of mineral rights.
Figure 12. Matupá location map, Mato Grosso,
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/9759f73e-04a0-46ba-a10b-981ab849b2e5
Figure 13. Matupá Project detailed map
showing near mine exploration
targets. https://www.globenewswire.com/NewsRoom/AttachmentNg/dcf6277e-f0cb-4bf5-b004-6ab36afa8a57
The Matupá Project has three main deposits
including: X1 and Serrinhas (gold), and Guarantã Ridge (base
metals). The X1 deposit was the main deposit which was delineated
for feasibility study of Matupá Gold Project. (See Aura’s Press
Release dated October 3, 2022). The X1 deposit has 325 koz of
Measured and Indicated Mineral Resources and 3.1 koz of Inferred
Mineral Resources. The project has 311 koz in Proven and Probable
Mineral Reserves.
During 2022, exploration focused on the
development of multiple targets near the X1 deposit including,
Serrinhas, Target 47 and V6 zones with exploration drilling to test
geochemistry and magnetometry anomalies and step out drilling of
previous positive results. A total of 75 drill holes were
completed, totaling 17,818 meters. Advancements for each of the
targets are listed below.
- Serrinhas which is located 22 km
south of the X1, consists of 10 km NW trending hills with a series
of former artisanal small pits, and large gold anomalies in the
soil. Drilling at Serrinhas concentrated on the MP1 and MP2 targets
and confirmed the continuity of these targets along strike and down
dip. Though the connection between MP2 East and MP2 West (Figure
14) could not be well drilled due to environmental license,
directional drilling is planned for 2023 to further test the
potential of this area.
- Preliminary metallurgical studies
and 1,100 km of drone magnetic geophysical survey were also carried
out at Serrinhas. The mineralization in Serrinhas is associated
with low mag anomalies and the survey is expected to provide new
targets for exploration drilling. The preliminary metallurgical
studies were completed, which confirmed the possibility to feed the
X1 plant with Serrinhas’ ore (94.5% of recovery considering Gravity
Concentration + Gravity Tail Leaching).
Figure 14. MP2 target mineralization wireframes
delineated during 2022 drilling
program. https://www.globenewswire.com/NewsRoom/AttachmentNg/d5b4797a-34a2-4a93-a46e-c3193841a563
- Target 47 is 1.5 km south of the X1
deposit and is a porphyritic style mineralization target. Drilling
tested the continuity at depth of the exploration drillholes
completed in 2021, confirming mineralized high-grade zones inside
porphyritic mineralization. Next steps of exploration work will
concentrate on defining the higher-grade continuity of this
corridor.
- V6 Target is located 20 km north of
X1 deposit and it is in a trend of Guarantã Ridge epithermal
system. In 2022, there were 573 soil samples collected to better
detail previous soil campaign, and has confirmed the potential of
copper, gold, lead, and zinc mineralization related to quartz veins
with phyllic alteration halo in granites. Exploration drilling to
test this area started in Q4 2022, with 1 drill hole completed,
totaling 243 meters. The assays are still pending but were
identified during the log occurrence of veins with chalcopyrite,
pyrite, sphalerite and phyllic alteration.
For 2023, 15,000 meters of drilling is planned
with the primary focus on directional drilling and environmental
licenses to test connections between MP2 West and MP2 East at
Serrinhas. The results of the drone magnetic survey are expected
and will guide further exploration work. Additionally, exploration
in Alto Alegre and GR and V6 targets. Aura strongly believes that
continuation of exploration at Matupá can support increases in LOM
beyond the disclosed feasibility report.
Aura Carajás, Brazil
Aura Carajás - the Serra da Estrela project -
was recently acquired by Aura, to strategically support potential
copper discoveries and the growing exploration pipeline. The
project is located in the prolific Carajás Region (Figure
15Figure). The Carajás Mineral Province is one of the most
important polymetallic districts in the world and hosts several
IOCG (iron oxide copper gold) deposits such as Sossego and Salobo
Mines (owned by Vale), Pedra Branca, Igarapé Bahia-Alemão,
Cristalino, Gameleira and Alvo 118 (Figure 16). The project is a
permitted exploration target of 9,805 hectares.
Figure 15. Serra da Estrela location map, Para
State,
Brazil. https://www.globenewswire.com/NewsRoom/AttachmentNg/540861ce-1189-4a26-a6fc-b027793559c1
Mineralization targets are along a 6 km strike
with a surface anomaly up to 500 ppm Cu. Prior work includes 9
historical mineralized exploration holes totaling 2,552 meters,
previously drilled by Anglo American. Aura intends to undertake
exploration activities to test the continuity and economic grades
of the target with 8,000 meters of drilling planned for 2023,
drilling which is expected to commence in the second semester and
which results are expected by early 2024.
Figure 16. Serra da Estrela Project
map. https://www.globenewswire.com/NewsRoom/AttachmentNg/1855e514-4d32-4283-bd75-cb670e81e174
Quality Assurance and Quality
Control
Aura incorporates a rigorous Quality Assurance
and Quality Control (“QA/QC”) program for all of its three mines
and exploration projects which conforms to industry best practices
as outlined by NI 43-101.
For a complete description of Aura’s sample
preparation, analytical methods and QA/QC procedures, please refer
to 2023 AIF and the applicable Technical Reports, copies of which
is available on the Company’s SEDAR profile at www.sedar.com.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager,
an employee of Aura and a “qualified person” within the meaning of
NI 43-101.
About Aura 360° Mining
Aura is focused on mining in complete terms –
thinking holistically about how its business impacts and benefits
every one of our stakeholders: our company, our shareholders, our
employees, and the countries and communities we serve. We call this
360° Mining.
Aura is a mid-tier gold and copper production
company focused on the development and operation of gold and base
metal projects in the Americas. The Company’s producing assets
include the San Andres gold mine in Honduras, the EPP gold mine in
Brazil and the Aranzazu copper-gold-silver mine in Mexico. In
addition, the Company has the Tolda Fria gold project in Colombia
and five projects in Brazil, of which four gold projects: Almas,
which is under final phase of construction; Borborema and Matupá,
which are in development; and São Francisco, which is on care and
maintenance. The Company also owns the Serra da Estrela copper
project in Brazil, Carajás region, under exploration stage.
For further information, please visit Aura’s
website at www.auraminerals.com or contact:
Rodrigo BarbosaPresident &
CEO305-239-9332
Caution Regarding Forward-Looking
Information and Statements
This press release contains “forward-looking
information” and “forward-looking statements”, as defined in
applicable securities laws (collectively, “forward-looking
statements”) which include, without limitation, the Company’s
intended exploration activities for 2023 and potential results
therefrom; expected production from, and the further potential of
the Company’s properties; the ability of the Company to achieve its
longer-term outlook and the anticipated timing and results thereof;
the ability to lower costs and increase production; the economic
viability of a project; strategic plans, including the Company’s
plans with respect to its properties; amounts of mineral reserves
and mineral resources; the amount of future production over any
period; and capital expenditure and mine production costs.
Known and unknown risks, uncertainties and other
factors, many of which are beyond the Company’s ability to predict
or control, could cause actual results to differ materially from
those contained in the forward-looking statements if such risks,
uncertainties or factors materialize. The Company has made numerous
assumptions with respect to forward-looking information contain
herein, including among other things, assumptions from the
Technical Reports, which may include assumptions on indicated
mineral resources, measured mineral resources, probable mineral
reserves and/or proven mineral reserves, which could also cause
actual results to differ materially from those contained in the
forward-looking statements if such assumptions prove wrong.
Specific reference is made to the most recent AIF on file with
certain Canadian provincial securities regulatory authorities and
the Technical Reports for a discussion of some of the risk factors
underlying forward-looking statements, which include, without
limitation the ability of the Company to achieve its longer-term
outlook and the anticipated timing and results thereof, the ability
to lower costs and increase production, the ability of the Company
to successfully achieve business objectives, copper and gold or
certain other commodity price volatility, changes in debt and
equity markets, the uncertainties involved in interpreting
geological data, increases in costs, environmental compliance and
changes in environmental legislation and regulation, interest rate
and exchange rate fluctuations, general economic conditions and
other risks involved in the mineral exploration and development
industry. Readers are cautioned that the foregoing list of factors
is not exhaustive of the factors that may affect the
forward-looking statements.
All forward-looking statements herein are
qualified by this cautionary statement. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by law. If
the Company does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements.
Caution Regarding Mineral Resource and
Mineral Reserve Estimates
The figures for mineral resources and reserves
contained herein are estimates only and no assurance can be given
that the anticipated tonnages and grades will be achieved, that the
indicated level of recovery will be realized or that the mineral
resources and reserves could be mined or processed profitably.
Actual reserves, if any, may not conform to geological,
metallurgical or other expectations, and the volume and grade of
ore recovered may be below the estimated levels. There are numerous
uncertainties inherent in estimating mineral resources and
reserves, including many factors beyond the Company’s control. Such
estimation is a subjective process, and the accuracy of any reserve
or resource estimate is a function of the quantity and quality of
available data and of the assumptions made and judgments used in
engineering and geological interpretation. Short-term operating
factors relating to the mineral resources and reserves, such as the
need for orderly development of the ore bodies or the processing of
new or different ore grades, may cause the mining operation to be
unprofitable in any particular accounting period. In addition,
there can be no assurance that metal recoveries in small scale
laboratory tests will be duplicated in larger scale tests under
on-site conditions or during production. Lower market prices,
increased production costs, the presence of deleterious elements,
reduced recovery rates and other factors may result in revision of
its resource and reserve estimates from time to time or may render
the Company’s resources and reserves uneconomic to exploit.
Resource and reserve data is not indicative of future results of
operations. If the Company’s actual mineral resources and reserves
are less than current estimates or if the Company fails to develop
its resource base through the realization of identified mineralized
potential, its results of operations or financial condition may be
materially and adversely affected.
_____________________________1 Gold equivalent
ounces, or GEO, is calculated by converting the production of
silver, copper and gold into gold using a ratio of the prices of
these metals to that of gold. The prices used to determine the gold
equivalent ounces are based on the weighted average price of gold,
silver and copper realized from sales at the Aranzazu Complex
during the relevant period.
Aura Minerals (TSX:ORA)
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Aura Minerals (TSX:ORA)
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