In a news release, Toronto-based minerals explorer Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) announced that "drilling has commenced on the Tsenken N2 copper-silver target at its Lost Cities – Cutucu Project in southeastern Ecuador."
Aurania Resources stated that the Lost Cities – Cutucu Project is its flagship asset situated in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountains.
The company's Chairman and CEO Dr. Keith Barron remarked, "I'm delighted to report that drilling has started at the Tsenken N2 target. The man-portable rig was airlifted to the first drill platform by helicopter last week and drilling started on Sunday."
"The light-weight rig has the capacity to drill to 800 meters (2,400 feet) so that each drill hole can test both cylindrical porphyry targets as well as enclosing sheet-like sedimentary-hosted copper-silver targets," Barron added.
The firm explained that it will be drill testing its exploration concept at the Tsenken N2 copper-silver target: "slightly inclined sedimentary layers partially cover roughly cylindrical-shaped porphyry copper targets." The company's plans at Tsenken N2 call for drilling three to five holes to a depth of around 400 meters. After completing the work there, the firm noted that it will move the drill rig to begin operations to test the Tsenken N3 target.
The company indicated that it intends to report the results from drilling when they are received which is likely to occur near the end of October or early November 2020.
Read what other experts are saying about:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Aurania Resources. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.