Aura Resources (TSXV: AUU) has entered into a definitive amalgamation agreement for the acquisition of Territory Metals, an unlisted private company in British Columbia, western Canada.
In a press release, Aura said its interest in Territory focuses on the company’s Tip Top gold project in Nevada, USA.
Tip Top is subject to an agreement of purchase and sale whereby Territory has a right to acquire a 100% interest in the project.
The property comprises 22 unpatented mining claims covering approximately 173 hectares. It is located in Esmeralda County, at the north end of the White Mountains, five miles 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 ounces 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 24,000 feet. 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.”