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Explorer Identifies Two Targets, Including New Silver-Zinc Area, at Ecuador Property
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Noble Capital Markets commented in a research report that Aurania Resources Ltd.'s Lost Cities project is presenting "an abundance of drilling targets for a variety of metals and the potential to make multiple discoveries in its large concession package."

In a May 3 research note, Noble Capital Markets Inc. analyst Mark Reichman stated that junior mining company Aurania Resources Ltd.'s (ARU:TSX.V; AUIAF:OTCQB) "exploration program is providing an abundance of drilling targets for a variety of metals and the potential to make multiple discoveries in its large concession package."

Reichman noted that Aurania Resources' management advised in an update late last month that it is operating two drills at its Lost Cities project that are focused on the Kuri-Yawi gold-copper target and the Tsenken N1 copper-silver target. The company noted that it has located two new target areas, including a highly prospective silver-zinc area named Shimpia North, from its stream sediment sampling and regional exploration efforts.

The analyst noted that drill work at both the Kuri-Yawi and Tsenken N1 targets is continuing as scheduled and that the Shimpia North discovery is a positive development with strong potential.

Reichman explained that the Shimpia North discovery is an extension of the high-grade silver-zinc-lead ore at Tiria-Shimpia and therefore expands the total length of Tiria-Shimpia by 7 kilometers, to 22 kilometers. Exploratory results from six grab samples collected at Shimpia North "yielded promising results," including grades as high as 40 grams of silver per ton in one particular sample.

The analyst stated that Aurania will continue deploying its first drill at Tsenken N1 and will then relocate it to work at Tsenken West; after that, it will commence drilling at Tiria-Shimpia. The second drill will continue work at Kuri-Yawi and then be redeployed to the Kuri-Yawi 2 target.

Reichman added that Aurania is now in the process of selecting specific sites for drilling at the Tiria-Shimpia target area and plans to commence drilling during this quarter. Reichman noted that Aurania's management team may also be considering adding a third drill at Tiria-Shimpia.

Noble Capital Markets currently has an Outperform rating for Aurania Resources with a target price of US$3.75/share. The stock is currently trading at around US$2.57.


1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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Disclosures for Noble Capital Markets, Aurania Resources, May 3, 2021
Company Specific Disclosures
The following disclosures relate to relationships between Noble and the company (the "Company") covered by the Noble Research Division and referred to in this research report.
The Company in this report is a participant in the Company Sponsored Research Program ("CSRP"); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report.
Noble has arranged non-deal roadshow(s) with investors in the last 12 months. The Company has attended Noble investor conference(s) in the last 12 months.
Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months.
Noble is not a market maker in the Company.

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ 'Best on the Street' Analyst and Forbes/StarMine's "Best Brokerage Analyst." FINRA licenses 7, 24, 63, 87.

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