Aurania Resources (TSXV: ARU) announced that it has identified an opportunity for additional copper and gold exploration as a result of the possible extension of a mineral belt from its Lost Cities – Cutucu project in Ecuador into northern Peru.
Thus, the company registered a subsidiary in Peru and applied for 419 mineral concessions covering 413,200 hectares in the northern part of the country. Mineral concession fees are $3.00 per hectare per year.
Aurania geologists believe the areas they want to explore may have some copper porphyry potential if they prove to be an analogous geological setting to the ground across the border in Ecuador
In a press release, Aurania said that although the concessions may not be granted for several months, management has already started a detailed review of existing data that is available from the Peruvian government.
“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,” Keith Barron, Aurania’s chairman and CEO, said in the press brief. “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.”