Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF)( FRA:20Q) said Monday that it had identified an “extensive” target area near the edge of the Tsenken Central magnetic feature on its flagship Lost Cities – Cutucu project in Ecuador.
The company said the new target area, which it called Tskenken West, extends 3.5 kilometres westward from Tskenken N1.
Aurania is gearing up to start drilling at Tsenken N1 and Tskenken West, with final preparations currently underway, according to a statement.
READ: Aurania Resources says geophysical survey has identified possible centre of IOCG system at Lost Cities - Cutucu project
The new target field was identified through an ongoing Mobile MT (MMT) geophysical survey on the property, which is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes.
Data from the survey shows the sedimentary layering in the Tsenken target area clearly beneath the conductive layer near surface that is due to the presence of conductive clay in the weathered rocks, Aurania told shareholders. The Tsenken West target is a conductive area that measures around 3.5km by 2km that disrupts the layering of the red-beds and black shale-limestone. Additional data could indicate a copper concentration at depth, it added.
"The MMT data is providing us with a three-dimensional image of the Tsenken target area in which we are able to see the sedimentary layering through differences in the electrical conductivity of the various strata,” CEO Keith Barron said in a statement.
“The new Tsenken West target is large and strong, and lies right on the edge of the massive Tsenken Central magnetic feature. We assume that the conductive zone is an area of electrically conductive sulphides, perhaps in some way linked to the adjacent magnetic centre.
Barron added that the Toronto-based company is “excited” to start the drilling the targets.
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