Aura Silver Resources Inc. said July 30 that it plans to acquire the Gold Chain project in Arizona.

The project consists of 86 Bureau of Land Management lode mining claims, covering several mineralized exposures over five kilometers. The company is required to make staged payments totaling US$1.5 million and issue 3.75 million shares over a four-year option period.

The vendors will hold a 2% net smelter royalty on gold and silver. The company will have the right to repurchase half of each NSR for US$1 million each any time prior to completion of the first year of commercial production.

Aura plans to compile historical data and conduct field studies necessary for the construction of geological and geochemical models on the project required to design a drill program.