Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) (FRA:20Q) announced it had confirmed the presence of “significant amounts” of high-tech metals in samples taken from the Tiria-Shimpia prospect.
Assays from the laboratory indicated the presence of gallium and indium, which are used in products like smartphones and solar cells.
Gallium in particular is used in gallium arsenide semiconductor chips, enabling electrons to pass through faster than in conventional silicon chips and used to support 5G technologies.
Prices of gallium have ranged between US$200 to $534 per kilogram over the past five years, while indium has fetched between US$290 to $490.
According to Aurania, gallium and indium values are concentrated in the central part of the Tiria-Shimpia target in an area about 500 metres long and open to the south. Elevated gallium and indium are found in crackle-brecciated limestone that contains veins of sphalerite and barite, associated with high values in silver and zinc, the company added.
Sampling at Tiria-Shimpia produced maximum values of 163 parts per million (ppm) for gallium and 39 ppm for indium, Aurania told investors.
The firm added that it has not yet performed any metallurgical testing to see if the metals are economically recoverable.
Tiria-Shimpia is a highly prospective target on Aurania’s flagship Lost Cities-Cutucu project in Ecuador.
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