In a Sept. 7 research note, Noble Capital Markets analyst Mark Reichman provided an update on current and imminent 2021 drilling at Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) Lost Cities–Cutucu project in Ecuador.
"Aurania's 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," wrote Reichman.
The analyst noted that Aurania is now drilling the seventh hole of a 10-hole program planned for the Tsenken N1 sediment-hosted copper-silver target; hole TSN1-007 is in progress.
As for the explorer's Tiria-Shimpia target, Aurania completed three holes there but is awaiting results of the third. It is expected to show what the first two holes did, which is multiple mineralized layers but lower-than-expected grades. The company is moving the drill rig to a different spot within Tiria-Shimpia, and once it is there, Aurania will start drilling, most likely sometime this month, September.
Later this year, Reichman wrote, Aurania will commence drilling the epithermal gold-silver systems at Lost Cities, including Latorre C, "while management prioritizes various targets that continue to emerge in the southwestern portion of the project area."
One of Aurania's high-priority drill targets is Tatasham, though drilling it will require building another drill camp. About 3 kilometers in diameter, Tatasham is the largest magnetic feature seen via the geophysical survey done in 2017.
"Management believes the cylindrical core is a [copper] porphyry and the adjacent conductive area is sulphide-rich," wrote Reichman.
Noble Capital has an Outperform rating and a $3.50 per share target price on Aurania, the shares of which are trading at about $1.98 per share.
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Disclosures for Noble Capital Markets, Aurania Resources, Sept. 7, 2021
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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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