Outcropping mineralization in the first reconnaissance exploration in this new area gave a grade of 40 g/t silver in an extensively weathered gossan (iron-rich residue that remains after intense weathering of sulphide-rich rock) and, among other samples, a boulder of barite in a stream returned 19 g/t silver, 6.5% lead and 1.1% zinc.
“Shimpia North appears to have the same character, style and mineralization type as Tiria-Shimpia, though it is displaced to the northwest. I consider it to be part of the same system,” Aurania’s chairman & CEO Dr. Keith Barron commented in a press release.
“This may be the distal expression of the copper/silver in-sediment system we have traced further to the south across country for 23 kilometres,” he added.
According to the company, rock chip and stream sediment sampling that highlights the extent of the mineralized zone corresponds closely with high potassium detected in radiometric data from the geophysical survey completed in 2017.
The potassium enrichment feature extends approximately 10 km beyond the area investigated so far, which Aurania believes would provide an “invaluable exploration guide” to finding possible further extensions of the mineralized system.
Shares of Aurania advanced 2.8% by 12:30 p.m. Toronto time following announcement of the new discovery. The company has a market capitalization of C$137.8 million.