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Aurania Resources identifies potential porphyry target at Yawi at its Ecuador project

Published: 13:25 29 Jan 2021 GMT

Aurania Resources Ltd -
Aurania said it was now aiming to get hold of a second drill rig to test the discovery

Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) (FRA:20Q) said it had identified what it believes is a porphyry target at Yawi at its flagship lost Cities - Cutucu project in south-eastern Ecuador from its on-going airborne mobile MT (MMT) geophysical survey. 

Porphyries are large, wide deposits formed from hydrothermal fluids and represent the biggest source of copper in the world. They can also house gold, silver and molybdenum.

Aurania said it was now aiming to get hold of a second drill rig to test the discovery.

READ: Aurania Resources bolsters board with experienced investment management executive

"Our approach to advancing the numerous targets that we have in the Lost Cities - Cutucu project could not be better illustrated than by our exploration of the Yawi target: fieldwork and soil sampling was followed by scout drilling that showed a favorable geological environment for epithermal and porphyry mineralization," said CEO Dr.Keith Barron.

Drilling suggested that the centre of a mineralized system was located to the southeast, added Barron, and the MobileMT has "given us just what we were expecting".

The company added that it now intends for the helicopter survey to fly east-west lines to obtain more detailed resolution in the target area.

It also set out the next steps for exploration at the project, it noted. The order may change, subject to the survey results:

  • Commence drilling of the Tsenken N1 - Tsenken West target area;
  • Extend the MobileMT survey in the Yawi area to fully cover a target that is only partially covered by the current survey;
  • Prepare the first of the targets within the Tiria-Shimpia silver-zinc-lead system for scout drilling; and
  • Continue with reconnaissance exploration.

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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