Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) reported promising new data from the Kirus target on its Lost Cities-Cutucu project in Ecuador that doubles the size of the area over which high-grade copper-silver was found.
Samples taken from the Kirus target returned grades of up to 6.1% copper and 51 grams per ton silver, according to a release Thursday.
The high-grade samples are from an area adjacent to a five-kilometre diameter magnetic feature that first attracted exploration attention to the Kirus area, Aurania told shareholders. Soil sampling is underway near the target to identify areas of copper enrichment that may reflect underlying porphyry mineralization.
READ: Aurania Resources confirms high-grade copper and silver at the prospective Tsenken target of its Lost Cities-Cutucu project
Toronto-based Aurania is advancing a number of targets on the historic property in southeastern Ecuador, including the high-grade Tsenken area where exploration recently confirmed extensive high-grade copper and silver. Nevertheless, CEO Keith Barron told shareholders that the firm has high hopes for Kirus.
"While our last few press releases have focused on high-grade copper and silver from various targets in the Tsenken area, we've also been working in the Kirus target area six kilometres to the south,” Barron said in a statement.
“I'm delighted to report that sedimentary-hosted copper and silver have been encountered over an extensive area there too. At Tsenken, one large target area is resolving into specific targets that will be drill-tested shortly; in the same way, we expect that ongoing work at Kirus will lead to the definition of specific targets to be tested by scout drilling."
The Lost Cities-Cutucu asset lies in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Teams are working in six target areas including Tsenken N3, Tsenken N4, Tiria, Kirus, Awacha and Crunchy Hill. Crews are also working to establish a remote camp from which scout drilling at Tsenken N2 and N3 is planned.
Shares of Aurania rose 5.1% in Toronto on Thursday afternoon to reach C$4.30.
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