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Aurania Resources Ltd. (TSXV:ARU) announced it has entered into a definitive agreement to acquire EcuaSolidus S.A., a private company that owns the ~2,080 km2 Lost Cities – Cutucu project in Ecuador. Consideration for the proposed transaction is C$500,000 and 1.0 million Aurania shares. Lost Cities is potentially the first project where professional historical archival research is coupled with modern exploration techniques. Findings from archives suggest the project area might host two major 16th and 17th century gold mines. The project is based at the foothills of the Andes, covering the core of a mountain range adjacent to that which hosts Lundin Mining Corp’s (TSX:LUN) 7M oz Au Fruta del Norte deposit. It was the team of Dr. Keith Barron, who currently is the President and CEO of Aurania, that discovered Fruta del Norte in 2006. Dr. Barron aims to apply the same exploration strategy this time, which might potentially lead to the expedited identification of drill targets. Dr. Barron is giving a special presentation on the Lost Cities and the process of finding them at our Pre-PDAC Conference tomorrow. read more
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