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Explorer Drills Two Targets at Ecuador Project, Closes Financing

Source: Streetwise Reports

 

November 30, 2020 (Investorideas.com Newswire) Aurania Resources' recent exploration efforts and public offering are analyzed in a Noble Capital Markets report.


In a Nov. 5 research note, Noble Capital Markets analyst Mark Reichman discussed Aurania Resources Ltd.'s (ARU:TSX.V; AUIAF:OTCQB) progress with drilling at its Lost Cities–Cutucu project in Ecuador and with its recent equity raise.

"We think the company's drilling program will be closely monitored and could provide catalysts for the stock, assuming favorable outcomes," Reichman noted.

As for exploration work, Reichman relayed that Aurania completed drilling at the Tsenken N2 target, testing copper targets and sediment-hosted copper-silver deposits using a portabale rig.

The drill bit intersected a mineral alteration zone at the Tsenken N2 typical of an iron oxide copper-gold system when it had originally thought the system was a porphyry. "Management would like to better define the large mineral zone so that they can identify the core of the system where copper and gold is likely to be concentrated," the analyst noted.

Aurania has moved the rig to the Tsenken N3 target and began drilling three holes there.

Reichman reported that the gold company engaged MPX Geophysics to carry out a heliborne mobile magnetotelluric, or MMT, survey of the known targets—N1, N2, N3, N4 and B—so Aurania may better interpret the mineralization there. The survey should take about three or weeks to complete.

"Aurania's exploration program has affirmed the rich mineral potential of The Lost Cities project and yielded drilling targets for a variety of metals," wrote Reichman.

Regarding its equity raise, closed on Oct. 29, Reichman indicated, Aurania generated gross proceeds of about CA$11.5 million, or CA$10.8 million net, by issuing roughly 2.7 million units. Each unit was composed of one common share and one-half common share purchase warrant.

"The recent financing provides financial flexibility to pursue high priority targets which offer significant potential for discovery," Reichman pointed out.

The analyst highlighted that Noble has an Outperform rating on Aurania. Noble's target price on the company is US$4 per share, which compares to the current share price of US$2.95.

Disclosure:

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.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Aurania Resources. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Additional disclosures:

Disclosures for Noble Capital Markets, Aurania Resources, November 5, 2020

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.

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.

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

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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