Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Aurania Resources (TSXV: ARU) reported on Monday results of its first channel rock-chip sampling from the Tiria-Shimpia silver-zinc zone — a target that is over 15 kilometres in length, in the central part of the company’s Lost Cities – Cutucu project in southeastern Ecuador.
Seven mineralized layers have been identified, one of which is 50 metres thick. So far, the layers have been traced laterally, through intermittent exposures in thick jungle, for between 500 and 1,100 metres.
With mineralization of this magnitude, it will be some time before the full surface extent is truly known and sampled, Aurania said, adding that the company is already making plans to diamond drill several key exposures in the near term.
“Shareholders will be aware that we have been working on Tiria-Shimpia for some time now,” Dr. Keith Barron, Aurania’s CEO, said in a news release. “Earliest indications were that we could be dealing with a simple vein system of limited mineral volume.”
“We are now very much aware that we are dealing with a different beast: we have traced it along trend for over 15 kilometres, and we’re starting to demonstrate continuity between one exposure and the next, Tiria-Shimpia is shaping up to be Aurania’s first discovery,” Barron said.
Additional soil sampling has expanded the area in which silver and zinc have been found in the Tiria-Shimpia target area by approximately 120% since soil results were last reported in February.
At the same time, Aurania is running concurrent drill programs at Tsenken N1 and Kuri-Yawi, both of which would give the company exposure to additional discoveries.
Shares of Aurania Resources jumped 5.5% by midday Monday after unveiling the sampling results, giving the junior miner a market capitalization of about C$115.2 million ($92m).
