The first trench at the Fierrazo area at the project in southern Peru also included three higher grade intervals, of 20m at 1.53% Cu-eq, 24m at 0.76% Cu-eq and 20m at 0.95% Cu-eq.

"Trench 20 is the widest trench we have completed due to access to bedrock, and the grade is comparative to major mines along the Las Bambas belt nearby," executive chairman and director Ivan Bebek said.

Auryn has the option to acquire either 80% or 100% of the Sombrero concessions under a deal struck in June and Fierrazo is one of three concessions added to Sombrero through a further option agreement in December.

It is planning "surficial exploration" the Nioc, Good Lucky and Totora targets at Sombrero and also has the Homestake Ridge gold deposit in British Columbia and the Committee Bay gold project in Nunavut, where it announced machine-learning generated targets last month.

The company raised C$7.3 million (US$5.5 million) in a flow-through funding in August and reported a treasury of $2 million (US$1.5 million) at the end of December.

Its shares rose 2.5% or 4c yesterday to $1.64, near the middle of its one-year range of $1.14-$1.92, capitalising Auryn at $148.4 million.