Aurania Resources (AUIAF)
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Anaconda-style mapping underway. Geological mapping at Aurania’s porphyry copper-gold Tatasham target is nearing completion. The second phase of mapping at the company’s porphyry copper-gold Awacha target is expected to begin soon. The geological mapping program, under the guidance of Dr. Steve Garwin, Senior Geological Consultant, employs the Anaconda mapping method to define drill targets at Tatasham and Awacha. The Anaconda method owes its name to Anaconda Copper where it was developed in the 1960s and 1970s and was instrumental in the discovery and resource expansion of several porphyry copper-gold deposits. In our view, the comprehensive mapping program should support a productive drilling program and enhance the probability of successful outcomes.
Concession renewal in Peru. In June, Aurania renewed certain concessions in Peru. Those selected are part of blocks with higher geological potential and where the application process has been completed with most of the concessions granted. Management contemplates a modest amount of field work in the coming months to prepare an initial technical report to support further work and/or a possible corporate transaction. A technical report would be required in advance of any potential corporate transaction. As of June 30, the company’s land position in Peru consists of 130 concession applications and concession titles covering 128,700 hectares….
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