Shares in Aurelian Resources (ARU-V) more than tripled after resuming trade late in the morning on Apr. 5. The jump was powered by some impressive drill results form the blind FDN epithermal gold-silver discovery on the Condor project in southeastern Ecuador.
Hole no. 51 returned 237.25 metres (beginning 192.45 metres below surface) running 4.14 grams gold and 8.5 grams silver per tonne, including a 22.1-metre stretch running 15.58 grams gold and 6.1 grams silver.
Hole 52 , about 90 metres away yielded 60.25 metres (from 279.9 metres) averaging 3.42 grams gold and 3.3 grams silver, including 39.5 metres of 4.35 grams gold and 3.8 grams silver.
The holes were designed to test at depth a zone of epithermal quartz replacement in conglomerate found in outcrop. The conglomerate is interpreted as infill of a large (2km by 7km) pull-apart basin. Aurelian’s property covers nearly the entire basin.
Another nearby hole, no. 50 yielded lower grades over smaller intervals. Similarly, hole no. 49, which tested a strong induced-polarization anomaly originally thought to be the northern extent of the system returned lower grades.
All of the recent holes are situated around 1km north of the Bonza-Las Penas (B-LP) epithermal gold-silver deposit. Aurelian believes the results represent a northern extension of that system, which has been mapped for more than 3km. The area between FND and B-LP has yet to be drilled.
Aurelian says both holes nos. 51 and 52 remain open at depth. Assay results are pending for another two holes, and drilling continues on another four holes.
Bonza-Las Penas is home to inferred resources totalling 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
Shares in Aurelian ended $2.14, or more than 240%, better at a new 52-week high of $3.03 in Venture-Exchange trading following the news on Apr. 5.
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