Aurelian soars on Condor results

Vancouver Aurelian Resources (ARU-T, AUREF-O) says it will soon have enough exploration data to make a preliminary resource estimate for part of its Fruta Del Norte gold-silver discovery in southeastern Ecuadar.

The prediction comes after the company released results from the latest batch of drill holes. The four holes are part of an in-fill drilling program, which aims to confirm previous results and add grade and width to the known deposit.

Soon we will have enough data to perform an initial inferred resource estimate over approximately one kilometre of the FDN deposit, which remains open to the south and at depth, said Aurelian chief executive officer Patrick Anderson.

On March 27, the day that results of the new holes were released, Aurelian shares rose $3.80 or 15% to $29.90 in the Toronto Stock Exchange.

Results from the latest holes include a 250-metre interval, grading 35.18 grams per tonne gold and 27.1 grams silver in drill hole CP-07-100. They also included a 264-metre interval, grading 5.40 grams gold and 8.8 grams silver in drill hole CP-07-101.

The FDN target is interpreted to be an intermediate sulphidation epithermal gold-silver system.

Aurelian said drilling at the FDN deposit has outlined a mineralized envelope that is traceable continuously for over 1,100 metres along strike, exceeds 100 metres in width through the central portion, dips moderately westward, and has a vertical extent of over 250 metres.

Drill holes intersect this envelope at an angle and therefore intercept widths in the companys March 27 press release are not true widths, the company said.

The company is currently exploring in southeastern Ecuador, one of the Latin American countries that has switched to the political left following the recent election of a new president, 43-year-old economist Rafael Correra.

About a year ago, the company announced the discovery of the Fruta Del Norte zone at its wholly owned Condor gold-silver project, which is located along the Peruvian border.