Aurania Resources Ltd.'s shares jumped by more than 9% on Oct. 4 after it announced key copper discoveries at its Lost Cities-Cutucu project in Ecuador.

The discoveries were made during the exploration of two of several magnetic targets identified from a geophysical survey launched on the property.

Sampling from one of the targets, called Jempe, returned a maximum value of 3% copper and up to 47 g/t of silver, the company said.

Meanwhile, final sampling assays from the Kirus geophysical target have not yet been received, but initial results showed in excess of 1% copper and up to 59 g/t of silver.

"This gives us confidence that the numerous geophysical features that have been identified as prospective porphyry copper targets in the project area have real potential," Aurania Chairman and CEO Keith Barron said.