The Lost Cities – Cutucu project, in south-eastern Ecuador, not only has great potential for gold, but it also has the potential to become a significant copper district, junior explorer Aurania Resources reported on Wednesday.
Soil sampling shows strong enrichment of copper directly over the Tsenken N2 geophysical feature that was identified as a second-tier target in the airborne magnetic survey that the company completed over its Lost Cities project.
Soil sampling revealed copper enrichment over an area 2 000 m long by 300 m wide, Aurania said, noting that geological mapping had confirmed the geophysical feature was altered diorite porphyry.
“The superimposition of strong copper enrichment in the soil over the Tsenken N2 magnetic feature, along with alteration observed in sporadic outcrops, points toward this being a porphyry copper target. This finding is a major step forward for the company because many tens of similar targets, which were also initially interpreted to be of secondary importance, are evident in the geophysical data from our property,” said Aurania chairperson and CEO Keith Barron.
A soil sampling programme, like the one completed over Tsenken N2, is planned for the N1, N3 and N4 targets, to be followed by rock chip sampling and preparation for scout drilling. The extent and timing of drilling will depend on how many of the prospective geophysical targets demonstrate similar copper enrichment. If this programme begins to indicate a “cluster” of targets, the programme will be expanded to further investigate multiple other clusters on the property.
Aurania is searching two gold mining centres described in historic manuscripts from Ecuador, Peru, Spain and the Vatican. These records describe the colonial Spanish operating two gold mines between 1565 and 1606.
The company’s exploration teams recently discovered an ancient road that is believed to be the one that linked Sevilla de Oro to 'Logroño de los Caballeros, as described in the historic manuscripts.
Aurania’s share price leapt 20% to C$4.30 a share on the TSX-V, giving the explorer a market capitalisation of C$52.46-million.