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Aurania Resources looks to expand land package into prospective gold and copper area of northern Peru

The Ecuadorian-focused mineral explorer has applied for 419 mineral concessions covering 413,200 hectares in northern Peru

Aurania Resources Ltd -
The new tract of land into neighbouring Peru could be a possible extension of the Ecuadorian mineral belt

Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) is aiming to expand its South American land package into northern Peru, it told shareholders on Friday.

The Ecuadorian-focused mineral explorer has applied for 419 mineral concessions covering 413,200 hectares in northern Peru in an area that Aurania believes is highly prospective for copper and gold.

Aurania’s flagship project is the Lost Cities-Cutucu property in Ecuador. The new tract of land in neighbouring Peru could be a possible extension of the mineral belt that houses the project, according to the firm.

READ: Aurania Resources says a promising cluster of targets is emerging at the Lost Cities-Cutucu project

"We recognized in March 2019 that copper-silver sediment-hosted mineralization of a similar style and grade to that we have discovered ourselves in the Cutucu Cordillera in Ecuador was discovered by a competitor company in Peru, approximately 300 kilometres to the south,” Aurania’s CEO Keith Barron said in a statement.

“Moreover, their mineralization lay within the same geological formation as that mapped in Ecuador, albeit with a different name in Peru.”

The Toronto-based company has already begun a detailed review of existing data made available by the Peruvian government. The Peruvian occurrences appeared to occur in proximity to salt domes, similar to the geology around Lost Cities-Cutucu.

“Believing that salt is geochemically a significant piece of the puzzle and potentially the reason for the extent and distribution of the copper and silver, it was considered too compelling to ignore the Peruvian opportunity, and we filed for open ground covering the prospective sedimentary horizons in proximity to salt deposits previously discovered during oil exploration,” Barron added.

“We believe that the areas may also have some copper porphyry potential if they prove to be an analogous geological setting to our ground across the border in Ecuador."

Aurania told shareholders that it may take several months for concessions to be formally granted by the Peruvian authorities but it will keep investors informed of the copper and gold potential as work progresses.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 5.48 CAD

TSX-V:ARU
Market: TSX-V
Market Cap: $223.67 m
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