Aurania Resources Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

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.

Aurania's entry into southeastern Ecuador was driven by Colonial Spanish documents describing the “lost cities” of Logroño de los Caballeros and Sevilla de Oro – gold mines that operated between about 1562 and 1600. Aurania acquired mineral concessions of 208,000 hectare (500,000 acre) to cover the historic mine sites and called it the “Lost Cities – Cutucu Project.”

FLAGSHIP PROJECT

The Lost Cities – Cutucu Project, Southeastern Ecuador

Aurania's Lost Cities – Cutucu Project lies along geological trend of the Cordillera del Condor, a very well-endowed gold-copper belt that contains 26 million ounces of gold and 36 billion pounds of copper in NI 43-101 resources. The pillars of Ecuador's modern mining era lie along-trend of Aurania's concessions: the Fruta del Norte epithermal gold-silver deposit being operated by Lundin Gold; and Mirador – a copper porphyry mine operated by Corriente Resources. Both projects are located in the mineral-rich Cordillera del Condor.

Aurania's CEO, Dr. Keith Barron, was involved in the grassroots discovery of the Fruta del Norte gold deposit back in 2006. With that tenacity and experience, similar exploration techniques are being applied to Aurania's Lost Cities – Cutucu Project, an area that has never been explored using modern techniques.

Aurania and Metron Find Lost City of Gold in Ecuador

Through a collaboration with Metron Inc. of Reston, Virginia, Aurania Resources Ltd. has found the lost city of Logrono de los Caballeros in Ecuador. Aurania is now on the hunt to find Logrono's source of gold within its Lost Cities-Cutucu project. The location of Logroño, as inferred by Metron, is supported by a multitude of historical documents as well as geological information collected by Aurania and the increased presence of artisanal miners in the area.

Dr. Keith Barron, President and CEO of Aurania commented, “More than four hundred years have passed since Spanish activity at Logroño ceased, and even though many of the records have been lost, what survives is a compelling narrative of gold mining in what would have been one of the most remote and isolated areas on Earth. It is sad that my colleague and mentor, Professor Octavio Latorre, did not live to see the fruit of his many thousands of hours of labor in the archives. To date, we have found many epithermal gold-silver prospects on our concession package, and I believe that this key discovery can ultimately lead us to Logroño's gold source.”

Using Bayesian search theory, Metron churned through a mountain of historical, geological, geochemical and geophysical information from the concessions to generate:

• Probability maps for the lost cities;
• Likelihood ratio surfaces showing potential locations for deposits of copper, silver and gold on the concession package.

(See news release dated May 31, 2022)

Investment Highlights

• Exceptional track record of discoveries in Ecuador: CEO Keith Barron and team discovered the Fruta del Norte epithermal gold/silver deposit
• The Lost Cities Project is located in Cordillera de Cutucú in southeastern Ecuador – an exploration hotspot; 42 mineral exploration concessions on a large, contiguous 208,000 hectare land package
• Aurania's project has the same geology as the Cordillera del Cóndor in the south, which hosts major gold and copper deposits
• 12 years spent compiling historical evidence from many libraries around the world, especially the Seville and Vatican libraries, on Spanish gold mines; the general location of two ‘lost cities' that serviced gold mines that operated for about 40 years in the latter part of the 1500's, led to the application for the exploration concessions that constitute Aurania's property
• Exceptional community engagement program, respected by the government; building strong relationships with local communities through community consultation, training and employment of local people
• The Ecuadorian government is supportive of responsible exploration and mining
• Large number of targets identified; categorized into three distinct target areas: epithermal gold, porphyry copper and sediment-hosted copper-silver/silver-zinc
• Field exploration is underway on key epithermal gold-silver and porphyry copper targets; expert consultants recently appointed
• Chairman & CEO aligned with shareholders; currently owns ~38% of shares outstanding and does not draw a salary

What to Expect in 2022-2023

Revised Strategy: Focus back to gold and copper

• Exploration: Prospect gold targets; refine copper targets in preparation for drilling
• Expert Consultants: Gold and copper experts will guide the Company's field programs going forward*
• M&A: Joint venture discussions ongoing
• Community: Access agreements & community projects
• Environment & Water: Continue to meet or exceed ISO14001 standards
• Peru: Spin out or JV?

*Consultants will be integral to planning the Company's next phase of work to meet the objectives of its revised strategy.

Management

Management and Directors

Dr. Keith Barron, CEO and Chairman

An Exploration Economic Geologist and entrepreneur with over 39 years' experience, in more than nineteen countries. His major expertise is in gold and precious gems, though he has considerable experience in base metals, uranium and industrial minerals.

Co-founded Aurelian Resources Inc., an Ecuador gold explorer that discovered the Fruta del Norte gold deposit. The company was bought by Kinross Gold in 2008 for $1.2 billion.

Jean Paul Pallier, M.Sc., VP Exploration

A geoscientist with over 21 years of experience in the mining industry.

Has worked on gold exploration projects in French Guiana and contributed to the discovery and development of Camp Caiman (1.6 Moz gold resource).

Has experience in Uranium exploration, having led an exploration team in Mongolia.

Carolyn Muir, B.Sc., VP Investor Relations

An investor relations professional with more than 18 years of experience in the resource sector. Carolyn is attaining her CPIR designation and has been working with Aurania since December 2017.

Warren Gilman, B.Sc., MBA, Advisor

A Mining Engineer with more than 30 years of experience as a deal maker in the metals and mining sector.

Jonathan Kagan, MA, AB, Director

An investment banker by training. He is the Managing Principal of Corporate Partners in New York. Former Managing Director of Corporate Partners.

Nathalie Han, Director

Over 20 years of experience in investment management, deal structuring, financing, due diligence and investment research, especially in clean energy, oil and gas, and the natural resource sectors.

Thomas Ullrich, Director

Over 30 years of experience in mineral exploration and geoscience. He has been the Chief Executive Officer and director of Aston Bay since 2016. Former Chief Geologist North America of Antofagasta Minerals PLC.

News Update

On June 19, 2023, Aurania Resources Ltd. has provided a summary of the update delivered by president, chief executive officer and chairman Dr. Keith Barron at the company's annual and special meeting of shareholders on June 14, 2023, regarding its project in southeastern Ecuador.

Dr. Barron explained to shareholders that, in March 2016, when the eight-year moratorium on the granting of new exploration concessions was lifted, he along with Aurania's Vice-President Exploration, Jean Paul Pallier, applied for 400,000 hectares in the Cutucu Cordillera of Ecuador under the company EcuaSolidus S.A. EcuaSolidus, which later became a subsidiary of Aurania, had been granted only ~208,000 Ha. At that time, the government had promised to keep the other ~200,000 Ha surrounding the Company's current concession block, as the "Reserved Areas" for Aurania to have first right of refusal when the Mining Cadastre ("Cadastre") would reopen. According to a consultant in Ecuador, it does not seem likely that the Cadastre will open any time soon and it could be years before this happens.

The Company believes that it may be possible to secure this ground where previously many geophysical targets were surveyed outside its concession boundaries.

On June 14, 2023, Aurania Resources Ltd.'s shareholders have approved all resolutions at the company's annual and special 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.

On June 06, 2023, Aurania Resources Ltd.'s annual and special meeting of shareholders will be held at 2:30 p.m. EST on Wednesday, June 14, 2023, at the company's offices at 8 King St. E, suite 1800, Toronto, Ont., 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.

On May 30, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on March 13, 2023.

Number of shares: 9,253,811 shares

Purchase price: 46 cents per share

Warrants: 9,253,811 share purchase warrants to purchase 9,253,811 shares

Warrant exercise price: 75 cents for a three-year period

Number of placees: 25 placees

Total existing insider involvement: 7,413,236 (one insider)

Finder's fee: $24,037.11 cash and 52,252 warrants

On May 19, 2023, Aurania Resources Ltd. has closed the third and final tranche of its non-brokered private placement financing of up to 10,869,565 units of the company for gross proceeds of up to $5-million. The offering and the closing of the previous tranches were announced on March 13, 2023, March 23, 2023, and April 25, 2023.

The company has used the net proceeds of the first and second tranches to pay concession fees and general and administrative expenses. The company expects to use the net proceeds from the third tranche for general working capital purposes.

On April 25, 2023, Aurania Resources Ltd. has closed the second tranche of its non-brokered private placement financing of up to 10,869,565 units of the company for gross proceeds of up to $5-million, subject to the right of the company to increase the size of the initial offering by up to 25 per cent of the size of the initial offering. The offering was previously announced on March 13, 2023, and March 23, 2023, the date the company closed the first tranche of the offering.

The company has used the net proceeds of the first tranche to pay concession fees and general and administrative expenses. The company expects to use the net proceeds from the remainder of the offering for exploration activities at the company's The Lost Cities -- Cutucu project in southeastern Ecuador and for general working capital and corporate purposes. The company's proposed exploration activities, as detailed in the company's press release dated April 13, 2023, are depending on raising further financing.

On April 13, 2023, Aurania Resources Ltd. has discussed its proposed 2023 exploration activities.As the concessions for its mineral properties in Ecuador are fully renewed and in good standing for another year after payment of all concession fees in March, the company is able to develop the 2023 exploration programs.

To date, approximately 45 per cent of the Awacha porphyry target has been covered by Anaconda-style mapping. This is an intensive mapping technique that was originally developed by the famous Anaconda Copper Company, and has been taught to the Aurania geological staff by consultant Dr. Steve Garwin. This target is approximately 11 kilometres by five km in size and was discovered by stream sediment sampling which showed elevated copper and molybdenum in the vicinity of two strong airborne magnetic anomalies.

Over the next six months it is intended to finish the Anaconda mapping on Awacha, and bring it to drill readiness. At the same time, Tatasham will be re-examined in the belief that the antimony anomaly in soils may be due to a subcropping mineralized system. The Fruta del Norte gold deposit was discovered by drilling a geochemical anomaly of antimony, arsenic and mercury which had virtually no gold on surface. Aurania is currently investigating the feasibility of conducting an induced polarization (IP) geophysical survey at Tatasham and Awacha.

The proposed exploration programmes are dependent on raising further financing. The proceeds of the current private placement (as announced on March 13, 2023, and March 23, 2023) to date, have been applied to concession fees and general and administrative expenses.

On April 12, 2023, Aurania Resources Ltd.'s directors have agreed to receive their director fees in the form of stock options in lieu of cash for each quarterly period starting the quarter ended March 31, 2023, until Dec. 31, 2023.

Each director was granted 13,392 stock options at an exercise price of 46 cents in lieu of their director fees for Q1 2023. An aggregate of 53,568 stock options were granted. The stock options will be exercisable for three years and will vest on April 12, 2023. Each quarter, the company will grant stock options equivalent in fair value to the director fees forfeited, 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.

The company also announces that all concession fees for its mineral properties in Ecuador have been paid, with such concessions being fully renewed and in good standing.

On March 23, 2023, Aurania Resources Ltd. has closed the first tranche of its non-brokered private placement financing of up to 10,869,565 units of the company for gross proceeds of up to $5-million, subject to the right of the company to increase the size of the initial offering by up to 25 per cent of the size of the initial offering, as previously announced on March 13, 2023. An aggregate of 7,801,145 units were sold under the first tranche at a price of 46 cents per unit, for total gross proceeds of $3,588,526.70.

On March 13, 2023, Aurania Resources Ltd. intends to complete a non-brokered private placement financing of up to 10,869,565 units of the company at a price of 46 cents per unit for total gross proceeds to the company of up to $5-million. The company reserves the right to increase the size of the offering by up to 25 per cent of the size offering, such that up to an additional 2,717,391 units may be issued to raise additional gross proceeds of up to $1.25-million.

On March 01, 2023, Preliminary results from the drill holes and surface prospecting at Aurania Resources Ltd.'s Tatasham target in southeastern Ecuador indicate the discovery of a large, important epithermal system with similarities to the Fruta del Norte gold deposit located 100 kilometres to the south. All three holes drilled to date at Tatasham have intersected an important hydrothermal system with breccias, strong silicification and high-temperature illite-clay alteration; however, no economic precious metal intersections have been encountered as yet. The upper part of the system is interpreted as a sinter paleosurface.

On January 09, 2023, Aurania Resources Ltd. announced that the company resumes drilling at Tatasham. The diamond drilling campaign at Aurania Resources Ltd.'s Tatasham target in southeastern Ecuador, resumed after a holiday break. The initial drill hole (TT-001) was completed before the break in late 2022 at a final depth of 567.52 metres and a second drill hole (TT-002) was completed yesterday at a depth of 337.29 metres. A total of four holes are currently planned at Tatasham.

On January 05, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Oct. 31, 2022.

Number of shares: 4,244,598 common shares

Purchase price: 45 cents per common share

Warrants: 4,244,598 common share purchase warrants to purchase 4,244,598 common shares

Warrant exercise price: 75 cents per common share for a period of 24 months

Number of placees: 26 placees

Total existing insider involvement: 1,111,111 common shares (one placee)

On December 22, 2022, Aurania Resources Ltd. has closed the second and final tranche of its non-brokered private placement financing of 4,244,598 units of the company for gross proceeds of up to $1,905,569.10 as previously announced on Oct. 31, 2022, Nov. 29, 2022, and Dec. 1, 2022.

The net proceeds of the offering will be used for drilling and exploration of the company's Lost Cities-Cutucu project in southeastern Ecuador and for general working capital.

On December 01, 2022, Aurania Resources Ltd. announced that it has received an extension from the TSX Venture Exchange (the "Exchange") to close its non-brokered private placement financing of up to 4,444,444 units of the Company (the "Units") for gross proceeds of up to C$2,000,000 (the "Offering") that was previously announced on October 31, 2022 and November 29, 2022, the date the Company closed the first tranche of the Offering. While the Exchange has granted the Company an extension to close the Offering until January 9, 2023, the Company expects the closing to take place prior to this date.

On November 29, 2022, Aurania Resources Ltd. has closed the first tranche of its non-brokered private placement financing of up to 4,444,444 units of the company for gross proceeds of up to $2-million, previously announced on Oct. 31, 2022. An aggregate of 2,417,166 units were sold under the first tranche at a price of 45 cents per unit for total gross proceeds of $1,087,725. The net proceeds of the offering will be used for drilling and exploration of the company's Lost Cities-Cutucu project in southeastern Ecuador and for general working capital.

On November 16, 2022, the results of the intensive Anaconda method mapping program (see press releases dated Aug. 8, 2022, and Sept. 26, 2022) at Aurania Resources Ltd.'s Tatasham target, together with infrared (IR) spectrometry (Terraspec), soil geochemical results, airborne magnetics and the MobileMT (MMT) survey have enabled Aurania's exploration team to define porphyry drill target areas at Aurania's Lost Cities/Cutucu project in southeastern Ecuador. Drilling is expected to commence at Tatasham around the end of November/beginning of December.

On October 31, 2022, Aurania Resources Ltd. announced that it intends to complete a non-brokered private placement financing of up to 4,444,444 units of the Company (the "Units") at a price of C$0.45 per Unit for total gross proceeds to the Company of up to C$2,000,000 (the "Offering").

Update on Planned Drill Program - Detailed interpretation of the Anaconda method mapping at Aurania's Tatasham porphyry target in southeastern Ecuador is nearing completion and the first few drill holes are being defined for a drill program expected to commence in the latter half of November or early December 2022.

Chairman, President and Chief Executive Officer, Dr. Keith Barron commented, "Our water, environmental, community relations and technical teams are on track with the many tasks required ahead of this drill program. Tatasham is the Company's largest geophysical feature identified in the airborne magnetic survey that was conducted over the Project area in 2017. I have been wanting to drill Tatasham for quite some time and I suspect that once we start drilling here, we will begin to have a better understanding of what we may have at depth."

The net proceeds of the Offering will be used for drilling and exploration of the Company's Lost Cities-Cutucu Project in southeastern Ecuador and for general working capital.

On October 17, 2022, Aurania Resources Ltd. has released positive findings of careful relogging of drill core together with the integration of geophysics and geochemistry from its Tiria-Shimpia target in Aurania's Lost Cities/Cutucu project in southeastern Ecuador, which have revealed the presence of a chain of three structural grabens occupying the middle of the concession block. Grabens are extremely important in mineral exploration because their bounding faults are often through-going conduits for hydrothermal fluids, and they have very high potential to be mineralized. This underlying work is integral to advancing ongoing joint venture discussions while the Company begins preparations for a drill program at its Tatasham and Awacha porphyry targets expected to commence later in 2022. Both programs remain in line with Aurania's corporate strategy discussed in February 2022.

Professor Gregor Borg, a recognized international expert on sediment-hosted copper deposits commented on the review/reinterpretation of Aurania's geological data, "The reassembly and reinterpretation of available data makes a totally new and very exciting story!"

On September 26, 2022, Aurania Resources Ltd. announce that an intensive "Anaconda method" mapping program (see press release dated August 8, 2022) at the Company's Tatasham target has discovered highly prospective porphyritic felsic intrusive rock, and at the Awacha target area, mapping has confirmed diorite and other intrusive rocks, with local hydrothermal breccias. The intrusives are crosscut by several generations of quartz veinlets locally containing chalcopyrite and galena. These results are considered positive indications of porphyry-style mineralization at both localities.

On August 18, 2022, Aurania Resources Ltd. has signed an agreement with SRC Swiss Resource Capital AG, of Herisau, Switzerland, to provide investor relations (IR) services to the company, subject to approval by the TSX Venture Exchange.

SRC will provide investor relations services to increase exposure to and awareness of Aurania within the German-speaking financial community, including, but not be limited to:

• Translate information and news releases into German;
• Disseminate information and news about Aurania to existing and potential shareholders through SRC's own website and press agency, and through other websites and media;
• Write and disseminate articles and editorials about Aurania;
• Respond directly to shareholder and interested party inquiries;
• Cause videos, pictures and footage provided by Aurania to be broadcast on the Commodity-TV and Rohstoff-TV television channels;
• Publish audio-visual information about Aurania on YouTube and other social media such as Facebook, Twitter and LinkedIn.

On August 11, 2022, Aurion Resources Ltd. announced the results from regional exploration programs and commencement of drilling at its wholly owned Risti property located in the Central Lapland Greenstone Belt in northern Finland. Summary:

• Multiple gold in till anomalies
• Large number of gold and pathfinder element in till anomalies identified within Risti
• 1,938 new base of till samples taken at Risti, results pending for over 600 samples
• Follow up and expansion of the sampling program ongoing
• Several large-scale structures interpreted from geophysical data
• Several structural features potentially representing domain boundaries and shear zones interpreted from the geophysical data sets
• Property wide drone magnetic survey completed
• Ground magnetic surveys on selected areas ongoing
• Drilling commenced, base of till sampling program continues
• Drilling program commenced and expected to continue until the end of 2022
• Drilling to test for extensions of gold mineralization at Aamurusko
• Scout drilling to test regional targets such as base of till anomalies and geophysical features
• Base of till sampling continues with follow up and expansion of the program

On August 08, 2022, Aurania Resources Ltd. announced that, under the guidance of Senior Technical Advisor, Dr. Steve Garwin, detailed geological mapping at its Tatasham target is progressing and is expected to be completed in the coming weeks. The second phase of mapping at the Company's Awacha target is planned to start by the end of August.

The purpose of this field work is to apply the Anaconda mapping method to define the drill targets at Tatasham and Awacha. The Anaconda method was developed in the 60's and 70's by Anaconda Copper and has led to the discovery and resource expansion of several porphyry copper-gold deposits including the Apala deposit in Ecuador and Cortadera in Chile.

On July 26, 2022, Aurania Resources Ltd. has appointed Francisco Freyre as chief financial officer. Mr. Freyre will be providing Aurania with fractional CFO services on a contractual basis through WD Numeric.

Francisco Freyre is a seasoned strategic finance leader with multi-faceted global business experience in corporate finance, investor relations, manufacturing, and digital transformation. He joined WD Numeric in 2021, serving as Fractional CFO for companies in diverse industries such as oil and gas, medical cannabis, and tin mining. He spent 23+ years in the automotive industry across different positions, including IRO, CIO, CFO and CEO. Mr. Freyre also served in financial planning for a Mexican gold and silver mining company eventually acquired by a Canadian company. He has been a Mentor for startups in acceleration programs by MassChallenge since 2017.

On July 7, 2022, Aurania Resources Ltd. announced that it has appointed Thomas Ullrich to the board of directors. The Company also notes the departure of Tony Wood, Chief Financial Officer. Mr. Wood has agreed to provide transitional support, on a contract basis, for Aurania's incoming CFO who will be announced shortly.

On June 27, 2022, Aurania Resources Ltd. announced that it has completed the process of renewing certain annual mineral concession applications in Peru. The concessions selected are part of the blocks with higher geological potential, where the application process has been completed and most of the concessions granted. Minor fieldwork is contemplated for these concessions in the coming months as a precursor to generating the initial technical report to support further work and/or a possible corporate transaction.

In total, 130 concessions were renewed covering an area of 128,700 hectares. Thirty of these concessions did not require payment in 2022 and the total cost for the other 100 concessions was US$296,000.

On June 9, 2022, Aurania Resources Ltd. announced that its shareholders approved all resolutions at its annual and special meeting which was held on June 8, 2022.

On May 31, 2022, Aurania Resources Ltd. reported that through a collaboration with Metron Inc. of Reston, Virginia, Aurania Resources has found the lost city of Logrono de los Caballeros in Ecuador.

  Disclaimer

Copyright (c) 2000 - 2024 Chinese Investment Club Inc.
All Right Reserved. Do not duplicate or redistributed in any form.
版權所有, 未經同意, 不得以任何形式轉載或翻印