Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) announced in a news release that scout drilling in the Tsenken N2 target at the Lost Cities–Cutucu project in Ecuador encountered mineralization alteration commonly seen in an iron oxide copper-gold system.
These systems tend to have hematite and magnetite as their dominant iron-bearing minerals whereas porphyry systems typically only boast pyrite. The core from the three holes Aurania drilled at Tsenken N2 shows extensive hematite along with magnetite, sodium, sodium-calcium and potassium, the company indicated.
In addition, Aurania noted that based on the new alteration minerals information alone, holes TS001 and TS002 appear to be closer than hole TS003 to the middle of the system.
"Our aim in the Tsenken North area is to define the large-scale mineral zoning so that we can home in on the core of the system where any copper-gold would be concentrated," Chairman and CEO Dr. Keith Barron said in the release.
To achieve this end, Aurania has a multi-pronged plan. It intends to drill a stepout hole at Tsenken N3, which is 1.7 kilometers north of Tsenken N2, drill for the existence of breccia at Tsenken N1 and conduct a heliborne magnetotellurics survey of the known targets. This work, which the company engaged MPX Geophysics to perform, should begin sometime this month.
"Aurania has already carried out substantial geochemical and geophysical surveying to define a large number of targets and the objective of 'scout drilling' a limited number of holes per target is to achieve discovery in a minimal amount of time, knowing that an eventual full investigation of all the targets will take substantial time and resources. A Mobile Magnetotellurics survey ('MobileMT' or 'MMT') will be undertaken shortly," Dr. Barron said.
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