Aurania Resources Ltd (CVE:ARU) (OTCMKTS:AUIAF) (FRA:20Q) gave shareholders an update on ongoing exploration work at its flagship Lost Cities-Cutucu project in southeastern Ecuador.
In a statement, the Toronto-based company said that scout drilling at one hole on the Tsenken N1 target has reached a depth of 500 metres (m), after having been held up in a geological fault zone that was cemented to allow drilling to continue.
Aurania said that the hole is in red-beds of the Chapiza Formation and the MobileMT target is a conductor that it believes lies near the interface between the red-beds and the underlying limestone and black shale of the Santiago Formation at a depth of about 400m below surface, requiring a 600m inclined drill hole.
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Drill platforms are being prepared for drilling on the Yawi target and the Tiria-Shimpia target, Aurania added.
The Yawi epithermal gold-silver and copper porphyry target will see a drill program designed to test both the epithermal target and the deeper porphyry target with drilling down to about 800m. A larger drill rig will be used for the drilling at Yawi, according to a statement.
Drill platforms are being situated in a four kilometre (km) segment of the 15km-long Tiria-Shimpia silver-zinc target area, based on field mapping of laterally continuous silver-zinc-bearing sheets that are parallel to the layering in limestone strata, Aurania added.
The company also said that following the grant of the first of the exploration concessions applied for in Peru, Aurania’s management is drafting a NI 43-101 technical report on its Peruvian projects.
Aurania believes that sedimentary-hosted copper and silver from the Lost Cities project in Ecuador extends across the border into Peru.
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