Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Aurania Resources Ltd.    ARU   BMG069741020

AURANIA RESOURCES LTD.

(ARU)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Aurania Provides Update on Application for Large Tract of Mineral Concessions in Northern Peru

share with twitter share with LinkedIn share with facebook
share via e-mail
05/22/2020 | 07:35am EDT

Toronto, Ontario--(Newsfile Corp. - May 22, 2020) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to provide additional detail about its application for mineral concessions in northern Peru. Following careful review of existing geological data from its Lost Cities - Cutucu Project ("Project") in southeastern Ecuador, the Company believes that is has identified an opportunity for additional copper and gold exploration as a result of the possible extension of a mineral belt from our project in Ecuador into northern Peru (see press release dated Jan 17, 2020). In order to be able to capitalize on this potential opportunity, Aurania has applied for 419 mineral concessions covering 413,200 Hectares ("Ha") in northern Peru. Although the concessions may not formally be granted for several months under Peruvian law, we have already commenced a detailed review of existing data that is available from the Peruvian government. The Company will provide updates in respect of the gold and copper potential as work progresses.

Dr. Keith Barron, Aurania's Chairman and CEO commented, "We recognized in March, 2019 that copper-silver sediment-hosted mineralization of a similar style and grade to that we have discovered ourselves in the Cutucu Cordillera in Ecuador was discovered by a competitor company in Peru, approximately 300 kilometres to the south. Moreover, their mineralization lay within the same geological formation as that mapped in Ecuador, albeit with a different name in Peru. The Peruvian occurrences appeared to occur in proximity to salt domes, and within our concessions in Ecuador are two areas that have been utilized by the Shuar community for decades, if not centuries, for salt. Believing that salt is geochemically a significant piece of the puzzle and potentially the reason for the extent and distribution of the copper and silver, it was considered too compelling to ignore the Peruvian opportunity, and we filed for open ground covering the prospective sedimentary horizons in proximity to salt deposits previously discovered during oil exploration. We believe that the areas may also have some copper porphyry potential if they prove to be an analogous geological setting to our ground across the border in Ecuador."

Concession Application Process
Aurania has registered a subsidiary in Peru, through which applications were submitted to the Peruvian Mining and Metallurgical Geological Institute "INGEMMET" for 419 concessions covering 413,200Ha in late 2019. The applications have been progressing through the review process since then. The granting process is in the hands of the Government and the Company does not have a timetable for this, nor is it guaranteed that all of the applications will be approved. Mineral concession fees in Peru are US$3.00 per hectare per annum and the next payment will likely be due by the end of June 2021 and will be payable on the number of hectares still held at that time.

Exploration Data
The concession applications are divided into 20 blocks located where the sedimentary layers that are prospective for copper-silver are located either at, or near, surface (Figure 1). The concession areas in Peru have been extensively covered with seismic, magnetic, and gravimetric geophysical surveys undertaken by oil and mineral exploration companies, as well as by the Peruvian State. In addition, regional stream sediment sampling has been undertaken by the State over part of the area, and assays of rock-chip sampling are also available. This data is available at nominal cost from the Peruvian government. Hence, Aurania's exploration of the concession blocks has started with a compilation of these large datasets to refine targets before any exploration is undertaken in the field.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2477/56347_f21268f7342c582f_001.jpg


Figure 1. Map showing the approximate location of the mineral concession applications in Peru made by Aurania's subsidiary, Vicus, relative to Aurania's Lost Cities - Cutucu Project in Ecuador. The map shows the distribution of geophysical data of different types relevant to exploration of the concessions that is available from the Peruvian State.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/56347_f21268f7342c582f_001full.jpg

Qualified Person
The technical information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@aurania.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania's future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Aurania's public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56347


© Newsfilecorp 2020
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on AURANIA RESOURCES LTD.
06/01Aurania Provides Quarterly Update
NE
05/25AURANIA RESOURCES : Provides Update on Application for Large Tract of Mineral Co..
AQ
05/22Aurania Provides Update on Application for Large Tract of Mineral Concessions..
NE
05/21Aurania's Tsenken North Developing into a Compelling Cluster of Copper Target..
NE
05/11AURANIA RESOURCES : Details of Aurania's Annualand Special Meeting of Shareholde..
AQ
05/11AURANIA RESOURCES : Identifies Another Possible Ancient Road in LiDAR Data
AQ
05/11Details of Aurania's Annual and Special Meeting of Shareholders
NE
05/11AURANIA RESOURCES : Details of Aurania's Annual and Special Meeting of Sharehold..
PU
05/08AURANIA RESOURCES : Identifies Another Possible Ancient Road in LiDAR Data
PU
05/07AURANIA RESOURCES : Lidar Data Identifies a Set of Vein-Like Features at the Tir..
PU
More news
Financials
Sales 2020 - - -
Net income 2020 -15,9 M -11,7 M -11,7 M
Net Debt 2020 - - -
P/E ratio 2020 -7,89x
Yield 2020 -
Capitalization 122 M 89,5 M 90,3 M
EV / Sales 2019
Capi. / Sales 2020 -
Nbr of Employees -
Free-Float 51,8%
Chart AURANIA RESOURCES LTD.
Duration : Period :
Aurania Resources Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 2,70 CAD
Last Close Price 3,00 CAD
Spread / Highest target -10,00%
Spread / Average Target -10,00%
Spread / Lowest Target -10,00%
EPS Revisions
Managers
NameTitle
Keith Michael Barron Executive Chairman & Chief Executive Officer
Richard Spencer President & Director
Antony Wood Chief Financial Officer
Alfred Lenarciak Lead Independent Director
Warren Philip Gilman Director
Sector and Competitors
1st jan.Capitalization (M$)
AURANIA RESOURCES LTD.-27.18%90
BHP GROUP-8.25%113 189
RIO TINTO PLC-2.80%92 369
ANGLO AMERICAN PLC-21.81%26 134
GRUPO MÉXICO, S.A.B. DE C.V.-3.90%17 607
POLYMETAL INTERNATIONAL PLC35.65%9 532