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News Update


Explorer Preps for Upcoming Drilling at Ecuador Property
News Update

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In advancing the asset, Aurania Resources identified targets, conducted studies for water use permits and sampled the soil.

Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) recapped in a news release its accomplishments during the first half of 2020.

The Toronto-based company reported that it has identified copper-silver targets for scout drilling, which will begin at Tsenken N2 and progress to Tsenken N3 at The Lost Cities–Cutucu project. Aurania is preparing Tsenken N1 for drilling as well. A rig, capable of achieving a vertical depth of 2,400 feet, is en route and expected at the site later this month. Building of a tented camp for drilling is underway.

Aurania indicated that it has concentrated exploration on six primary targets in the Tsenken area, including Tsenken N1 to N4 and Tsenken A and B and, at the core of the Tsenken area, is working on the 5 kilometer in diameter magnetic feature there. Also, related to the Tiria-Shimpia epithermal gold-silver and silver-zinc-lead targets, it did soil sampling and geological mapping. The explorer obtained estimates for a heliborne magnetotelluric survey of the Kirus, Tsenken and Awacha targets and a controlled source audiofrequency magnetotellurics (CSAMT) survey of the Crunchy Hill and Yawi targets.

Aurania has directed its environmental and water-related efforts, including baseline surveys of the region's flora, to areas in which scout drilling is planned. The company's water group has continued to complete the studies required to obtain water use permits for scout drilling. Following the termination of its contract with a firm that oversaw its corporate governance programs, Aurania engaged an Ecuador-based team and chose Leonor Vegas to head it.

As for financial transactions, Aurania raised $6,839,606, primarily through a nonbrokered private placement but also by exercising warrants and options, which required issuing 2,431,889 shares. Also, the maturity date of its promissory note on the mineral concessions loan was extended for a year, from May 29, 2020 to May 29, 2021.

In a COVID-19 update, the junior minerals firm stated it initiated a strict virus-related safety protocol. It reopened its field office in Macas, Ecuador, on June 10 and deployed initial field teams on June 13. In its work with the country's Ministry of Health, Aurania donated 300 coronavirus test kits. The firm reported that COVID-19 tests have been done on 329 individuals, including employees and local individuals who work closely with the company.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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