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Aurania Provides Update on Application for Large Tract of Mineral Concessions in Northern Peru
Toronto, Ontario--(Newsfile Corp. - May 22, 2020) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Provides Update on Application for Large Tract of Mineral Concessions in Northern PeruToronto, Ontario--(Newsfile Corp. - May 22, 2020) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") is pleased to provide additional detail about its application for mineral concessions in northern Peru. Following careful review of existing geological data from its Lost Cities - Cutucu Project (\"Project\") in southeastern Ecuador, the Company believes that is has identified an opportunity for additional copper and gold exploration as a result of the possible extension of a mineral belt from our project in Ecuador into northern Peru (see press release dated Jan 17, 2020). In order to be able to capitalize on this potential opportunity, Aurania has applied for 419 mineral concessions covering 413,200 Hectares (\"Ha\") in northern Peru. Although the concessions may not formally be granted for several months under Peruvian law, we have already commenced a detailed review of existing data that is available from the Peruvian government. The Company will provide updates in respect of the gold and copper potential as work progresses.Dr. Keith Barron, Aurania's Chairman and CEO commented, \"We recognized in March, 2019 that copper-silver sediment-hosted mineralization of a similar style and grade to that we have discovered ourselves in the Cutucu Cordillera in Ecuador was discovered by a competitor company in Peru, approximately 300 kilometres to the south. Moreover, their mineralization lay within the same geological formation as that mapped in Ecuador, albeit with a different name in Peru. The Peruvian occurrences appeared to occur in proximity to salt domes, and within our concessions in Ecuador are two areas that have been utilized by the Shuar community for decades, if not centuries, for salt. Believing that salt is geochemically a significant piece of the puzzle and potentially the reason for the extent and distribution of the copper and silver, it was considered too compelling to ignore the Peruvian opportunity, and we filed for open ground covering the prospective sedimentary horizons in proximity to salt deposits previously discovered during oil exploration. We believe that the areas may also have some copper porphyry potential if they prove to be an analogous geological setting to our grou...