Aurania Resources Ltd. (ARU:TSX.V) seems to have turned into one of those bad news/good news stories. Keith hasn't found the Lost Cities Gold mines. Yet. However his team of crack geologists led by Dr. Richard Spencer may have stumbled across something a lot bigger and more valuable.
They may have discovered the first Kupferschiefer copper/silver deposit found or at least recognized in the Western Hemisphere.
These sediment-hosted systems tend to be very big in lateral extent and rich. Much of the copper for the Bronze Age derived from Kupferschiefer mines in what is now Germany and Poland. Archeological artifacts from smelters and slag heaps indicate production going back as far as 4,000 years ago and written records date from 1199.
The KGHM Polska Miedz mining company in Poland ranks #8 in copper production worldwide and #6 for silver production. They are mining a Kupferschiefer copper/silver project.
These Kupferschiefer deposits were formed in shallow freshwater seas with lower saline-rich layers filled with hydrogen sulphides from rotting vegetation that dissolve the copper and silver from a mineral source. When those fluids combine with carbonaceous material in shales and sediments the copper and silver precipitate out of solution as copper oxides.
This is key for Aurania and Ecuador because these deposits tend to be so large. So far Aurania has tracked Kupferschiefer material as long as 22 kilometers (22 km) and 1 km wide. You can see in the picture above a classic Kupferschiefer material with over $400 rock. It's oxide copper highly suitable for inexpensive processing with SX-EW techniques.
I would love to see Aurania and Keith Barron discover the Lost Cities and I have no doubt that in time they will. But if they screw up and stumble across a billion-dollar copper/silver prospect by accident, well, I'll take that too.
The good news is that Aurania has a new highly potential target. The bad news is that big projects consume big money. Aurania is going to need to do a financing soon. I think the big boys understand that and are driving the share price down in order to get a lower price in a private placement. Not all sharks are found in oceans.
Aurania is an advertiser. I have participated in two private placements and will participate in more. I am biased, do your own due diligence.
ARU-V $2.99 (Jun 21, 2019)
AUIAF-OTCQB 32.9 million shares
Aurania Resources website
Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.[NLINSERT]
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