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- Aurania Resources (ARU) has so far struck out during its most recent exploration efforts at its The Lost Cities Cutucu Project in Ecuador
- The company failed to hit any significant copper-gold mineralization in the first three bore holes dug on the periphery of the Tsenken iron oxide copper-gold system
- Despite the poor results, the company is eagerly awaiting results from two other holes, which were drilled closer to the expected core of the system
- Meanwhile, a mobile MT geophysical survey is set to start by the end of the week and will continue through to mid-January 2021
- Aurania Resources is down 3.54 per cent and is trading at C$3.82 per share
Aurania Resources (ARU) has so far struck out during its most recent exploration efforts at its The Lost Cities Cutucu Project in Ecuador.
The company failed to hit any significant copper-gold mineralization in the first three bore holes dug on the periphery of the Tsenken iron oxide copper-gold system.
While these results were expected by the team, the company is more eagerly awaiting results from two other holes, which were drilled closer to the expected core of the system.
Meanwhile, the sixth hole of the program has thus far reached a depth of around 250 metres and is expected to push through to 500 metres.
As part of the overall exploration schedule a mobile MT geophysical survey is set to start by the end of the week and will continue through to mid-January 2021.
The company is hoping the upcoming survey will make a “fundamental contribution” to the site’s prospective targets, while also adding to the overall body of magnetic data.
Once complete, Aurania also intends to integrate data from the Mobile MT survey with magnetic data from the site’s 2017 geophysical survey to help refine further target areas for follow-up exploration.
Aurania’s Chairman & CEO, Dr. Keith Barron commented, said the assay results received come as no surprise. He went on to comment on the company’s upcoming plans at the property.
“The Mobile MT survey should complement the scout drilling undertaken to date since it is designed to detect electrical conductivity associated with the sulphide-bearing core of the mineralized system,” he added.
Aurania Resources is down 3.54 per cent and is trading at C$3.82 per share at 12:39pm EST.