That comes to the Canadian precious metals explorer Aurania Resources Ltd. (ISIN: BMG069741020 / TSX-V: ARU) right, because his top Colombian project ‘Lost-Cities-Cutucu’ is currently running like clockwork in the truest sense of the word. While the drillings on the ‘Tsenken N2’ project section were completed with top values, the field work on the ‘Tiria-Shimpia’ sub-project also showed amazing results.
When collecting rock samples and geomagnetic measurements, it was found that valuable mineralization is not only on parts of the route, but on the entire 15 km long trend. Having already received 710 g / t silver and 48% zinc or 199 g / t silver, 22% zinc and 20.6% lead found, the new measurements also show a dense presence of so-called pawn finder elements. And boy scout elements are an unmistakable indicator of silver deposits. The awesome thing is that these boy scout elements are strung together like a string along the entire trend.
Source: Aurania Resources
Arsenic, antimony, mercury, selenium, thalium and zinc are all represented in high density. This gathering is as enjoyable as it is rare. Because except in neighboring Peru, such mineralization has never been discovered in Colombia.
No wonder that with this success ‘Tiria-Shimpia’ has climbed to the top of the list of priorities and should be prepared for drilling immediately. But beforehand, the most promising areas are narrowed down further by means of further soil samples in order to ensure that the best drilling sites can be determined.
Dr. Keith Barron, CEO of Aurania Resources, is impressed with the findings of ‘Tiria-Shimpia’, especially the fact that four main zones of silver enrichment were discovered in the samples. In his opinion, the Silver Zone is located in an area with much larger mineralization systems, which in turn lie on the flank of the greatest magnetic density measured in the surveys.
Since gold enrichments have also been discovered in other areas, these areas should be examined separately. Therefore, he lets his team start the additional field work at full speed in order to be able to start exploratory drilling in the most promising places as quickly as possible.
With the now known expansion of the existing mineral wealth over the full 15 km long trend length, ‘Tiria-Shimpia’ is a real hit.
In order to be able to confirm, expand and enlarge this and also the previous evaluations, the company under the management of Cantor Fitzgerald Canada Corporation including Canaccord Genuity Corp, Echelon Wealth Partners Inc., Eight Personal-Financial.com, Haywood Securities Inc. and Raymond James Ltd. through a financing round, in the context of which 2,330,000 units at a price of 4.30 CAD per unit offered for gross proceeds of 10,019,000 CAD should be issued. Each unit consists of one common share and one half of a common share purchase guarantee. Each entire warrant entitles the holder to purchase one common share at a price of $ 5.50 for a period of two years from the closing date of financing, which is expected around October 14, 2020.
Should the demand for the financing round be extremely high, Aurania Resources has agreed to an over-allotment option. Accordingly, the consortium banks can, at their own discretion, sell up to 349,500 additional units at the offer price within 30 days of the closing date of the initial offer. If the over-allotment option is exercised in full, the additional total gross proceeds for the company will increase by around CAD 1.5 million.
With this financing round, the major project ‘Lost-Cities-Cutucu’ can be lifted to the next exploration level, which is just beginning to develop its career, which means a steady flow of news for the shareholders. So right now it is extremely exciting to be a shareholder in Aurania Resources! In our opinion, yesterday’s share price slide on the financing level is only due to profit-taking and the financing offer, which is below the high of 5.46 CAD. Because operationally the company has only improved in the past few weeks!
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