Colombia, Ecuador and Peru all host prospective geological settings for mineral exploration. While they remain under-explored by modern-day standards, South America’s reputation as an established mining destination gives a head start to companies looking to develop projects in these countries.
Auryn Resources (TSX, NYSE: AUG) is an exploration-stage company with a portfolio of precious and base metals assets in the Americas.
In Peru, the company holds the Sombrero, Curibaya and Huilacollo properties.
The 1,300-sq.-km Sombrero property is located 340 km southeast of Lima and is interpreted to be on the western extension of the Andahualylas Yauri belt. The main target at the property is copper-gold skarn mineralization with four mineralized intrusive centres identified to date. In February, the company announced that it received its environmental permit for Sombrero, covering 10.3 sq. km, allowing it to drill up to 33 holes from 23 platforms on the Ccascabamba Sombrero main target area. Auryn has filed the paperwork to obtain an authorization for starting activities at the property. The company is earning an 80% interest in this project through an option agreement with Alturas Minerals (TSXV: ALT).
The wholly owned Curibaya property, at 110 sq. km, is within a copper porphyry belt host to some of the country’s largest porphyry deposits. At the end of February, Auryn announced that it has identified a new high-grade vein corridor over approximately 400 metres, within a 4 km by 4 km alteration system.
At the company’s 33-sq.-km Huilacollo project, Auryn has identified intense hydrothermal alteration consistent with epithermal gold-silver mineralization over an area of 4 km by 6 km. The company may earn a 100% interest in this property through a combination of work expenditures and cash payments.
Continue reading at The Northern Miner.