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Aurania Resources says geophysical survey has identified possible centre of IOCG system at Lost Cities - Cutucu project

Published: 08:45 20 Jan 2021 EST

Aurania Resources Ltd -
Barron told investors that the firm was sticking to its original plan of drilling Tsenken N1 target next

Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) (FRA:20Q) told investors that its on-going mobile MT (MMT) geophysical survey at its flagship lost Cities - Cutucu project in south-eastern Ecuador had identified the likely centre of the iron oxide copper gold (IOCG) system at the property. 

A total of 1,891 metres (m) were drilled at the so-called Tsenken N2 and N3 targets, while the geophysical survey identified two closely - spaced features that are likely to be the sulphide-rich centres of the target area, around 1.5 kilometres (km) to the north of the drilling area. 

READ: Aurania Resources welcomes Ecuadorian government's new legislation on mineral concessions and their costs 

"We're delighted that the MMT survey has identified the location of the possible core of the IOCG system related to the area that we were drilling at Tsenken N2 and N3," said Aurania CEO Dr Keith Barron in a statement.

"Without that scout drilling, we are unlikely to have recognized the relevance of the electrically conductive zone along trend of the vectors that we established in the Tsenken North area."

Barron told investors that the firm was sticking to its original plan of drilling Tsenken N1 target next.

"In parallel, we are fully integrating the new geophysical data from the MMT survey with our other exploration data to refine the target to the north of Tsenken N2/N3. Drilling is scheduled to start shortly at Tsenken N1."

Aurania is on the hunt for precious metals and copper in South America. Its Lost Cities - Cutucu project lies in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of south-eastern Ecuador.

Contact the author at giles@proactiveinvestors.com

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