Panning and stream-sediment sampling by Aurelian Resources (ARU-V) has turned up a new zone of anomalous gold values near the Bonza-Las Penas gold-silver deposit on the Condor project in southeastern Ecuador.
The new El Tigre gold anomaly measures 300 metres by 400 metres as defined by soil geochemistry and stream sediments, which returned up to 40.4 It is surrounded by a broader zone containing anomalous silver, arsenic, copper, and zinc in soils.
Panning at the headwater sources of several very small streams has yielded abundant gold grains up to 4 millimetres in size, with several pan concentrates exceeding 100 grains. The irregularly and angular shape of the grains implies a proximal source.
Aurelian plans to follow up with a program of sampling, pitting and magnetic and induced polarization surveying.
El Tigre is situated about 4 km east of the Bonza-Las Penas where inferred resources total 15 million tonnes grading 1.1 grams gold and 11.6 grams silver per tonne, based on a gold-equivalent cutoff grade of 0.75 gram, a gold price of US$400 per oz., and US$7 per oz. of silver. The estimate also employs an estimated gold recovery of 90%, and silver recovery of 70%.
The resource stretches along 800 metres of strike within a gold-in-soil anomaly measuring more than 2 km. The zone varies in width from 25 metres to 80 metres, with the resource blocks typically no deeper than 250 metres. The Bonza-Las Penas deposit represents an epithermal gold-silver system hosted by a north-south striking, brittle fault zone that dips gently to the west.
So far, Aurelian’s four teams has completed stream-sediment sampling over about a third of the 950 sq. km it holds along the border between Peru and Ecuador; some 28 gold and gold-copper anomalies have been identified.
The news sent shares in Aurelian as much as 9, or about 14%, higher to 75 in afternoon trading in Vancouver on Jan. 21.
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