Assay results from Fruta Del Norte in Ecuador sent Toronto-based Aurelian Resources (ARU-V) shares climbing yet again, on a day when gold prices got a healthy bump.
The yellow metal moved up to US$616 as Aurelian announced results highlighted by a 135 metre interval grading 9.78 grams gold and 22.8 grams silver, and a 171 metre interval grading 3.84 grams gold and 4.7 grams silver, including 88.38 metres grading 6.23 grams gold and 3.2 grams silver.
In Toronto on Nov. 1, Aurelian shares were up nearly 7% or $2.45 to $40.15 on roughly 370,000 shares. The company’s shares were trading at just 71 as recently as May 31 of this year — and then news of high-grade results began to flow.
The latest assay results are from five additional drill holes from the epithermal gold-silver discovery at Fruta Del Norte which sits on Aurelian’s wholly-owned Condor Project.
Thus far, 32 diamond drill holes have been completed at Fruta Del Norte.
Aurelian says the intersects support the company’s model for the continuation of the system underneath sandstone to the south as well as providing better insight into the geometry of the higher grade of the deposit that plunges to the north.
Fruta Del Norte is interpreted by Aurelian as being an intermediate sulphidation epithermal gold-silver system. The deposit is buried by dominantly post-mineralization basin infill sediments of Jurassic age within a pull-apart basin.
The hydrothermal system is characterized by a combination of multiphase quartz-carbonate-sulphide stock work veining and hydrothermal brecciation within intensely silicified andesitic volcanic rocks that underlie the basin, the company says.
Aurelian has been focusing on the area — which is situated in the south east of Ecuador — since the beginning of 2001. Aurelian says it took advantage of economic and political reforms in the late 90s and the early part of this century to establish itself on the Cordillera del Condor.
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