Aurania Resources Ltd (TSX-V:ARU, OTCQB:AUIAF), which is exploring the Awacha target area at its Lost Cities-Cutucu project in southeastern Ecuador, said “there appears to be a large porphyry body and possibly others” at the site.
Meanwhile, the company said chairman and CEO Keith Barron will be assuming the role of president moving forward. Barron is presently on the ground in Ecuador and is taking the reins of the company's COVID-19 response.
At Awacha, Aurania said the goal of the fieldwork will be to define the porphyry targets in the area. Awacha is geographically isolated from communities and the company is following strict COVID-19 protocols while working.
READ: Aurania Resources updates on activity in Ecuador; suspends most field activity due to coronavirus
"Over the upcoming month Aurania will be engaged in basic field exploration north of the Awacha porphyry target on lands that only became accessible to the Company through a signed agreement with the local Shuar stakeholders on January 19th, 2022, prior to which we had never visited. It is suspected that more porphyry bodies exist in this area,” Barron said.
On Awacha itself, the company said soil sampling and field surveys are in progress.
Mobile Magnetotellurics (MobileMT) geophysics has indicated a buried conductive body in excess of 4 x 5 kilometres in size. The anomaly has the "classic doughnut" shape of a porphyry body. The conductive anomaly coincides with copper and molybdenum stream sediment anomalies, and with quartz-sericite-pyrite (QSP) alteration exposed in stream beds, or a classic "phyllic" alteration seen in porphyry systems.
“Notwithstanding that year 2021 was a difficult year for the company given the many pandemic issues to deal with, Aurania remains extremely optimistic about its future,” the company said.
“Aurania's Board is studying all options to maximize value for our shareholders, and we continue to believe that there is significant value to our projects.”
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham