Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2007drilling result● Neutral
Aurora Gold gave an exploration update: the first deep hole under Molly was completed with the alteration zone continuing to depth, two more holes are planned, and ground geophysics is due in the third quarter of 2007. Rock chips near Sao Domingos assayed up to 17.2 g/t gold (surface samples). The company also cut its holdings to four options (Sao Domingo, Bigode, Sao Joao and Com Ararras) totalling 20,484 hectares, down from the 44,469 hectares and five properties previously described, which answers the earlier question of which properties it keeps. Sao Joao drilling is expected to start in September 2007, and Molly is described as undergoing feasibility studies for a 300,000 tonne/annum processing facility.
Aurora Gold announced the start of diamond drilling at Sao Joao, aimed at testing down-dip potential of the high-grade surface vein samples reported in March, so the planned drilling has now begun. It also said it expects to complete a US$2,000,000 private placement within 30 days to fund the programs, and describes Molly as undergoing pre-feasibility studies. No drill results are given, and the placement was only expected, not completed. The property count is now given as 7, versus 5 in March (the filing does not explain the change).
Aurora Gold reported more rock-chip gold assays from other quartz veins at Sao Joao (from 5.43 up to 155.26 g/t), alongside earlier trenching on the main vein of 80m at 30.94 g/t, and said drilling there is scheduled for the second quarter of 2007. It also said it will not continue with the Santa Isabel option because drill intercepts were sub-economic, which ends the Santa Isabel thread (drilling began Nov 2006). The Sao Joao results are surface samples, not drilling; the Molly inferred resource (1,428,000 t at 3.94 g/t, 180,000 oz) is repeated, and the company's confidence in finding more resources is its own view.
Aurora Gold announced a first inferred resource estimate for the Molly target at Sao Domingos: 1,428,000 tonnes at 3.94 g/t gold, about 180,000 ounces, prepared by consultancy Raylar Pty Ltd under the JORC reporting code and based on the first 10 drill holes. 'Inferred' is the lowest confidence category; the company plans to drill closer together during 2007 to raise confidence and is awaiting 7 more holes. Its stated intentions to fast-track Molly to feasibility and production 'in the near future' are the company's own aims, not results.
Aurora Gold announced that drilling has begun on the Santa Isabel property, which had been expected to start in late March 2006, so this resolves that long-open question of timing. No drill results are given; the company only says it is confident drilling will find intersections at depth similar to the surface results.
Aurora Gold reported first-pass drill results from Sao Domingos, with 2,484m drilled so far and about 70% of results received. Best intercepts were 20m at 2.8 g/t gold at the Molly target, 6m at 7.3 g/t at Molly, 4m at 3.54 g/t at Atacadao and 12.6m at 1.70 g/t at Esmeril; the company says it believes Molly is a new discovery. This follows the first-hole results of July, and Molly's copper grades are still being re-assayed. The company also decided not to exercise its option on Ouro Mil, so that property is dropped. It now describes 5 properties totalling 44,469 hectares, down from the eight it described in June (the filing does not list which five).
Aurora Gold reported more rock-chip results from Sao Joao, with gold from 4.91 to 53.02 g/t in a second set of quartz veins. It says the veins are part of a system traced for about 700m. These are surface samples, not drilling; the 'large stockwork' description is the company's view, and the release carries a note that the grade and tonnage estimate it refers to is not a resource. This continues the Sao Joao sampling reported in March.
Aurora Gold reported its first drill hole at the Attacadau target on Sao Domingos, which hit gold in three zones: 6m at 1.31 g/t from 29m, 2m at 1.09 g/t from 57m and 8m at 1.19 g/t from 73m. This ends the wait for first drill results at Sao Domingos (drilling started around May 27). The company itself calls this the weakest part of the structure and plans to drill further along strike. It also reported a soil anomaly at Santa Isabel (400m grading over 2 g/t, other assays over 1 g/t) and plans to bring drilling equipment there, so Santa Isabel drilling, expected since March, had still not started.
Aurora Gold signed a Memorandum of Understanding on the 1,600 hectare Santa Lucia property, 10 km southwest of Santa Isabel, giving it a 90-day review period. If it proceeds, it can earn 100% through payments totalling USD $700,000 (Sep 1, 2006 USD 20k through Sep 1, 2009 USD 500k) with a 1.5% royalty buyable for the Reais equivalent of USD $1,000,000, and it can terminate at any time without owing later payments. The company says this makes eight Tapajos properties, about 54,613 hectares in total, and calls itself the largest property holder in the region (its own claim); recent vein samples assayed 17 to 25.9 g/t gold, which are surface samples, not drilling.
Aurora Gold said the drilling rig has arrived at Sao Domingos and drilling will start the weekend of May 27, 2006. The start was delayed from May 5 and May 18 because of heavy seasonal rains. No drilling results are reported; the company says excavations have uncovered mineralised quartz systems at or near surface and it is confident drilling will find more.
Aurora Gold said drilling at Sao Domingos is scheduled to begin May 5, 2006, to test depth and strike continuity of the Atacadao system (earlier sampling up to 42.56 g/t gold). This follows the 5,000 m drilling contract announced Apr 5, whose start was due late April, so the start has slipped to May 5. The filing gives no drilling results; its view that the property will define large ore bodies is the company's own confidence.
Aurora Gold's Brazilian subsidiary signed a Memorandum of Understanding on the Bigode property in the Tapajos region, next to the southeast of Sao Domingos, giving it a six-month review period. Rock chips ran from 4.74 to 81.9 g/t gold (with silver), and if it proceeds it can earn 100% through payments totalling USD $1,330,000 (Oct 30, 2006 USD 60k through Oct 30, 2010 USD 1,000,000) with a 0.75% royalty buyable for USD $500,000; it can terminate at any time without owing later payments. These are surface samples, not drilling; the belief in a large system is the company's own view. This adds another property to the option pipeline.
Aurora Gold's Brazilian subsidiary says it has secured the mineral rights over the Branca de Neve property, next to Piranhas (combined holding 24,210 hectares), and reports rock chips of 32.3 to 208 g/t gold. The text describes an MOU/option: payments in Brazilian reais totalling R$675,000 between April 12, 2006 and October 12, 2008 (last R$500,000), a 0.75% royalty buyable for R$500,000, and the right to terminate at any time without owing later payments. The filing's wording is mixed ('secured the mineral rights' versus an MOU still to become an option), so the exact status of the rights is unclear from the text. These are surface samples, not drilling.
Aurora Gold says it has negotiated a 5,000-metre drilling contract (with an option to extend) on Sao Domingos, with drilling scheduled to start in late April 2006. This is the first drilling contract in the filings and follows the earlier Sao Domingos rock-chip results (up to 42.56 g/t gold); the filing gives no contract cost or contractor name. The earlier plan was for drilling to begin at Santa Isabel in late March; this filing does not mention Santa Isabel.
Aurora Gold reported rock-chip results from Piranhas, the property it signed an MOU on five days earlier, with gold from 3.27 to 37.9 g/t (some with silver), and says the quartz veins can be traced for at least 200m. It plans more mapping and sampling and an airborne survey over Piranhas and its other southern Tapajos properties, with drilling of depth extensions 'in the near future'. These are surface samples, not drilling results; the claim of a 'large gold resource' is the company's own view.
Aurora Gold reported rock-chip results from Sao Joao, with gold from 6.93 to 58.6 g/t, and says the quartz veins appear continuous for at least 200m. It plans denser sampling, property-wide soil sampling and airborne surveys, and to drill-test the veins in the near future. These are surface samples; the company's confidence about a larger system is its own view.
Aurora Gold reported rock-chip results from Sao Domingos, with gold up to 42.56 g/t and some samples also carrying copper and silver, and plans more mapping, sampling and airborne surveys ahead of drilling. It also decided not to follow up on the Novo Porto property or exercise its option to acquire it, so that option is being dropped.
Aurora Gold reported first rock-chip sample results from its Santa Isabel property (four gold readings from 7.50 to 24.99 g/t) and Ouro Mil (up to 3.00 g/t gold). It says it is negotiating with drill contractors, with drilling expected to begin in late March 2006. These are early surface samples, not drilling results, and the company has not yet drilled.
