Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) (FRA:20Q) said Tuesday that a copper-gold system seen in the Tsenken N2 target on its Lost Cities-Cutucu project extends into the Tsenken N3 target.
The Tsenken N2 and N3 targets form part of a single iron oxide copper-gold (IOCG) target that spans over 20 square kilometres, the company told shareholders.
The IOCG system on the junior’s flagship project in Ecuador is the first copper mineralization identified in the drill core, according to Aurania.
READ: Aurania Resources intersects promising mineralization at the Tsenken N2 target in Ecuador
Assays are pending that will determine if there is gold in the system, and pathfinder element concentrations should shore up observations from the core to allow the company to vector towards the centre of the system, Aurania said in a statement.
“By analogy with other IOCG systems around the world, they are typically large and, as their name implies, they contain gold as well as copper,” Aurania CEO Keith Barron told shareholders in a statement. “Our exploration elsewhere in the concession area is identifying other IOCG targets - which is consistent with IOCGs typically being in clusters."
The company plans to drill a hole on the northern portion of Tsenken N3 to try and locate the centre of the system, Barron added, with additional drilling planned on Tsenken N1 where a different IOCG centre is located.
An upcoming Mobile MT geophysical survey is being planned to detect conductive sulphides in the heart of the IOCG systems.
Shares in Toronto added around 4% to C$3.57 each.
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