Tag: AUIAF

Research News and Market Data on AUIAF

Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) provides a brief update and announces that its directors received their quarterly director fees in the form of stock options in lieu of cash for the period ended September 30th (see press release dated April 12, 2023).

On September 29, 2023, each director was granted 26,800 stock options at an exercise price of $0.235 in lieu of their director fees for Q3 2023. An aggregate of 107,200 stock options were granted. The stock options will be exercisable for three years and will vest on September 29, 2023.  The Company will grant stock options equivalent in fair value to the director fees forfeited each quarter during 2023, at an exercise price of one cent above the closing price of Aurania’s shares the day prior to the grant and exercisable at any time for a period of three years following the date of issuance.

Update on Ecuador and France

The next President of Ecuador will be determined in a run-off election on October 15.  The two candidates, Luisa Gonzalez (UNES – Correa’s party) and Daniel Noboa (ADN – centrist, business-aligned) are expected to be supportive of responsible mining.  Gonzalez was in first place with 34% of the votes on August 20th, and Daniel Noboa held 24% of the votes at that time. The winning candidate will be in power until the next president is elected in Ecuador’s regularly scheduled election in the first half of 2025.  After the first-round results, Noboa emerges as the candidate with the most promising prospects for the presidency in the upcoming second round. This is because González’s room for growth on her 34 percent showing remains limited to those supportive of Correa’s former Socialist government (2007-2017).  Noboa, by contrast, is positioned to secure substantial backing from voters who had initially supported a variety of “anti-Correísmo” candidates.  At time of writing, Noboa is ahead in the polls, from 5-8%.  He has already met with the Ecuador Chamber of Mines, of which Aurania is a member, and recognizes the importance of mining to the Ecuador economy.  Whomever wins the election will take office in December.

In the meantime, Aurania’s CSR team continues to work with local communities in Ecuador to advance various social programs and initiatives within the areas of the Company’s key targets, strengthening the bonds with the communities and improving the social license the Company has. The management team’s focus is to work on those initiatives with the higher potential to create value for our shareholders in Ecuador and France, where the applications for mineral exploration permits, announced in July 2023, are being processed. The Company will report on those activities as new developments occur.

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 – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Click here to view the full press release dated October 2, 2023 on Aurania’s website including contact details and forward-looking statements.

Monday, August 28, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Concessions are in good standing. In March, Aurania paid its annual concession fee in the amount of US$2,337,345 (C$3,165,349) to maintain its 207,764-hectare land package in Ecuador and has retained its interest in 94 concessions covering 93,300 hectares in Peru. On July 31 and during the first week of August, Dr. Keith Barron, Aurania’s CEO, met with Ecuador’s Minister of Energy and Mines and other government officials to discuss, among other things, options to recover concessions for which Aurania applied in 2016 and were initially held in reserve for Aurania by the government but subsequently not granted. Dr. Barron expects to return to Ecuador in September to resume discussions.

Pursuing an exploration license in France. In parallel with its activities in Ecuador, Aurania has applied for a 51 square kilometer exploration permit in the Brittany Peninsula of northwestern France. The Brittany Peninsula is part of the orogenic Variscan belt. The concession area, situated within the Morbihan Department, has historically been the site of significant high-grade gold finds. Aurania’s geologists visited the area and found numerous blocks of quartz and evidence of past mining activity.

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Research News and Market Data on AUAIF

Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce it has applied for an exploration license in the Brittany Peninsula of northwestern France through a wholly-owned French subsidiary. The concession area, which includes Hennebont in the Morbihan Department, has historically been the site of significant high-grade gold finds. Placer gold in streams is present in the vicinity of the area.

In December 2022, a very large and high-grade gold specimen was displayed at the Muséum National d’Histoire Naturelle (Natural History Museum) in Paris, France. Museum staff estimates this sample of 3.31 kilograms weight to contain one kilo of gold; it is considered the highest-grade gold sample currently known in France (Figure 1). It consists of vuggy coarse white quartz and native gold. Gold within the vugs is crystalline in nature (Figure 2). The sample is displayed next to a dendritic crystalline gold sample from the same locality (Figures 3 and 4).

Figure 1: High-grade gold specimen in the Natural History Museum, Paris, estimated to contain one kilogram of gold.

Figure 2: Vug in the quartz vein sample, approximately one centimetre across, containing drusy quartz and crystalline native gold.

Figure 3: Gold sample displayed next to a dendritic crystalline gold sample from the same locality.

Figure 4: Description of gold sample at the Natural History Museum in Paris. “Native gold in quartz vein, piece of vein containing more than 1 kilogram of gold, largest sample found in France kept as is, Bank of France deposit (loan)”.

Aurania’s team became aware of the sample last year and approached the museum staff as to its origins and provenance. We were told the samples were purchased by the Banque de France and were on loan to the Museum and that they supposedly came from an old collection.  Museum staff supplied us with an article from the Journal du Morbihan, a newspaper dated August 13, 1875 and entitled “Le quartz aurifere dans le Morbihan”, and an extract from a book published by L’Abbe Henry Breuil, described in Wikipedia as a “French Catholic priest, archaeologist, anthropologist, ethnologist and geologist” and one of the principal early investigators of the cave paintings at Lascaux. Breuil examined a sample weighing 1,400 grams “with a little adhering quartz” that was found in 1875 and acquired by a jeweller. The son of the jeweller said his father had also purchased a nugget of 800 grams at the same time. The newspaper article said that two pieces of auriferous quartz were discovered by road builders 400 metres apart and that one was broken into a piece weighing 117 grams and a piece weighing about 900 grams. A third piece of 1,470 grams was found separately and purchased by the jeweller. The description continued, “These ores are gold-bearing quartz, very rich in gold, even excessively so. This gold is not compact, it is crystalline.”

Aurania’s President and CEO, Dr. Keith Barron met with a collector who wishes to remain anonymous, at the Sainte-Marie-aux-Mines mineral show in Alsace in June 2023, who allowed him to examine a one-kilogram specimen of quartz vein material with abundant gold that he claims comes from the same locality in France. The sample (see Figure 5) closely resembles the museum sample and given the estimated grade of 46% gold (460,000 g/t, or 13,416 oz/ton Au) it is almost certainly from the same locality.

Figure 5: Photo of a new gold-bearing quartz sample shown to Keith Barron by a collector and presumably coming from the same area.

A visit to the locality in December 2022 showed abundant quartz vein material on surface and evidence of past mining activity. Part of the site contains deep water filled pits and trenches that were presumably dug in the 19th century.  Growth of moss on the quartz rocks is considered “luxuriant” and there is no evidence of modern prospecting or mining activity in the area. There has been no glaciation at the site and so the quartz vein material at surface is more or less “in situ”.

Update on Ecuador

On July 31st, Dr. Barron will meet with Mines Minister of Ecuador, Sr. Fernando Santos to discuss the potential “work around” mentioned in the Company’s press release dated June 19, 2023, to recover part or all of the former “Reserved Areas” that were initially applied for in 2016, and contain a large number of discrete magnetic, porphyry type targets. 

At the same time, and in tandem with its exploration project and activities in Ecuador, the Company is excited to actively pursue this extraordinary new gold exploration opportunity in Brittany, France, mentioned above.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc., Vice-President Exploration of the Company. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and 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 – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Click here to view the full press release dated July 24, 2023 on our website including contact details and forward-looking statements.

Research News and Market Data on AUIAF

Toronto, Ontario–(Newsfile Corp. – July 3, 2023) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that it has completed the process of renewing certain annual mineral concession applications at its Vicus property in Peru (the “Property”). The Company selected concessions that have higher geological potential, where the application process has been completed and most of the concessions granted.

In total, ninety-four concessions covering an area of 93,100 hectares were renewed and paid using an existing credit of US$277,689 that the Company had with the Instituto Geológico Minero y Metalúrgico or “INGEMMET”. INGEMMET is the Peruvian scientific and management agency division of the Ministry of Energy and Mines. Thirty-six concessions covering a total area of 35,600 hectares were not renewed by the Company.

The credit can only be applied towards concession fees in Peru; it cannot be refunded as cash to Aurania. The renewal covers the period July 1, 2022 to June 30, 2023 for the Property and the next payment covering the period July 1, 2023 to June 30, 2024 is expected to occur prior to June 30, 2024.

Although the Company believes that many of the concessions in Peru remain prospective, management determined that the additional annual fees and other costs associated with the Property are not appropriate for a non-core asset. The Company will continue to pursue a potential partner and/or a possible corporate transaction for the Property.

As stated in the press release dated April 12, 2023, independent directors of the Company have agreed to receive all of their director fees in the form of stock options in lieu of cash for each quarterly period in 2023. On June 30^th, 2023, each director was granted 14,500 stock options at an exercise price of $0.33 in lieu of their director fees for Q2 2023. An aggregate of 58,000 stock options were granted. The stock options will be exercisable for three years and vest immediately.

Also, in accordance with the Company’s Stock Option Plan, the Board of Directors granted a total of up to 1,990,000 stock options to directors, officers, employees and consultants. The stock options have an exercise price of C$0.33, are exercisable for five years and are subject to customary vesting conditions.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc., Vice-President Exploration of the Company. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and 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 – Cutucú 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 Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

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

Forward-Looking Statements

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes 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, timing of the commencement of operations, the Company’s teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and copper; and those risks set out in the Company’s public documents filed on SEDAR. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company 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. The Company 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.

Research News and Market Data on AUIAF

Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce that its shareholders have approved all resolutions at the Company’s Annual and Special Meeting (the “Meeting”) which was held on June 14, 2023.   

At the Meeting, shareholders approved the financial statements for the year-ended December 31, 2022, and the report of the auditors thereon, the appointment of auditors, election of directors, amendments to the Company’s restricted stock unit plan and the Company’s incentive stock option plan for the upcoming year.  Details of these matters are disclosed in the Management Information Circular for the Meeting dated May 2, 2023, and posted under the Company’s profile on www.sedar.com and on the Company’s corporate website http://www.aurania.com/investors/annual-general-meeting/.  The formal part of the Meeting was followed by an update from Aurania’s President & CEO, Dr. Keith Barron.  A summary of Keith Barron’s update will be provided in the coming days.

The Company also announces that its Chairman, President and Chief Executive Officer, Dr. Keith Barron (the “Lender”) completed a loan of C$2,000,000 to the Company. The loan is unsecured, bears interest at 2% per annum and matures upon notice of twelve months and one day from the Lender.  The loan will help fund the Company’s working capital and general corporate purposes as well as any exploration expenses in Ecuador.

Dr. Keith Barron is a related party of the Company by virtue of the fact that he is the Chairman, the President and Chief Executive Officer, a promoter and a principal shareholder of the Company, and as a result, each of the Loan constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying upon an exemption from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the Related Party Transactions, in reliance on Sections5.5(a) and 5.7(1) of MI 61-101, respectively, as the fair market value of the Related Party Transaction, collectively, does not exceed 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report related to the Loan more than 21 days before the expected closing of the Loan as required by MI 61-101, as the Company required the funds from closing on an expedited basis for sound business reasons.

The Loan and the Insider Participation were approved by the members of the board of directors of the Company who are independent for purposes of the Related Party Transactions, being all directors other than Dr. Barron. No special committee was established in connection with the Loan and the Insider Participation, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.

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.

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

Click this link to view the full release dated June 14, 2023 on Aurania’s website.

Research News and Market Data on AUIAF

Toronto, Ontario, June 6, 2023 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) announces that its Annual and Special Meeting of Shareholders (the “Meeting”) will be held at 2:30pm EST on Wednesday, June 14, 2023 at the Company’s offices at 8 King Street East, Suite 1800, Toronto, ON M5C 1B5.  The formal part of the Meeting will be followed by a brief presentation. Shareholders are invited to follow along the proceedings of the Meeting via Zoom Events. Questions may be posed in person at the Meeting or sent online during the Zoom Event.

Zoom Event Details

Event Date and Time: June 14, 2023, 2:30 PM America/New York

Event Name: Aurania Resources Ltd. Annual and Special Meeting of Shareholders

Aurania shareholders can click this link to register and join the event on June 14th.

Meeting ID: VwX2aCzERRe17va7iquBMg

Proxy Voting Deadline

The Zoom Event is for listening to the proceedings of the Meeting only. To ensure your vote is counted, please cast your vote prior to Monday, June 12th, 2022, at 2:30pm EST as per the details in your form of proxy. Meeting materials can be found on Aurania’s website under the Annual General Meeting tab.

Financial Statements and MD&A (Management’s Discussion & Analysis)

Aurania’s annual financial statements for the year-ended December 31, 2022, and the interim financial statements and MD&A for three months ended March 31, 2022, are available on SEDAR and the Company’s website.

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.

For further information, please contact:

Carolyn Muir

VP Corporate Development & Investor Relations

Aurania Resources Ltd.

(416) 367-3200

carolyn.muir@aurania.comNeither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.