Subscribe
Be the first with the news that moves the market- Aurania Resources (TSXV:ARU) has identified at least three copper targets at its Tsenken North site
- Tsenken North sits in the middle of Aurania’s flagship the Lost Cities project in Ecuador
- Aurania’s soil sample program was delayed due to coronavirus, but lab results have been slowly filtering in and the company has been identifying possible targets
- The company also stated it’s entirely possible for the number of targets to further increase, as exploration work ramps back up
- Aurania Resources (ARU) is up 2.3 per cent and is trading at C$3.08 per share with a market cap of $124 million
Aurania Resources (TSXV:ARU) has announced soil sampling work at its Tsenken North site has indicated three distinct copper targets.
The company has also stated it’s entirely possible for that number to grow, as exploration work ramps back up.
Aurania was conducting soil sampling work along with some geological mapping, when it was interrupted by the coronavirus pandemic.
This work was being done in preparation for scout drilling with an ultra-lightweight drill rig to test mineralization at depth.
Soil sampling crews plan to complete the sampling once the lockdown is lifted, in preparation for the drill program.
Tsenken sits in the centre of Aurania’s Lost Cities project in southwestern Ecuador.
The company is exploring the region for two 16th century gold mining towns, the Logrono de Los Caballeros and Sevilla del Oro.
Aurania has archaeological evidence that the sites are somewhere in the Cordilera de Cutucu region, which surround the Tsenken North site.
CEO and Chairman of Aurania, Dr Keith Barron is pleased with the early results.
“It is not surprising to see the 10 square kilometre Tsenken North airborne magnetic target resolving into a cluster of porphyry-type centres on the ground.
“This is certainly my own experience through my former work in the Condor Belt, and those of other companies, only some 50 or so kilometres to the south.
“An exciting aspect here is that copper is also occurring in the surrounding sedimentary rocks, a feature that we have previously noted and appears to be a new ore-forming environment,” he said.
Aurania Resources (ARU) is up 2.3 per cent and is trading at C$3.08 per share at 10:35 pm EDT.
