(TSX: AUG; NYSE-AM: AUG) has found a zone of oxide copper mineralization at the Milpoc prospect, 12 km south of the Sombrero Main target on its Sombrero North copper property in Peru. Rock samples it collected at the 1.2 km by 500 metre Milpoc graded as high as 8.75% copper and 101 g/t silver per tonne.
Auryn optioned the 1,200 sq. km Sombrero copper-gold project in July 2016 from geologist Miguel Cardozo. It consists of the Sombrero North and Sombrero South properties. To acquire 80% of Sombrero, the company must spend US$2.1 million on exploration over five years and pay Alturas $200,000.
At the time, Cardozo was running a company called Alturas Minerals that ran out of money during the market downturn post 2011. Cardozo never had a chance to sample the project in detail, but would go on to join Auryn as its Peruvian exploration manager.
In an interview with The Northern Miner
, Auryn executive chairman Ivan Bebek calls the project a “highly overlooked” opportunity.
Continue reading at The Northern Miner.