AUIAF - Aurania Resources (AUIAF)(ARU:CA) - Temporary Suspension of Activities in Ecuador; Key Executive Departs

Temporary suspension of activities. Aurania has suspended a majority of activities temporarily in Ecuador where the government recently issued a "Red Alert" for 193 of 195 Cantons due to increasing coronavirus cases. Due to the area where it operates, Aurania has greater exposure to indigenous communities that are vulnerable to infection. Moreover, there are currently nine active COVID cases among Aurania’s personnel. The suspension of activities is expected to last roughly one month although field work may continue with reduced personnel in areas where there is no interaction with local communities.Tsenken Hole 9 Results. Results were received from Hole TSN1-009 at Tsenken which tested for copper-silver mineralization in evaporite mineral beds within sedimentary layers and sampled the contact of a salt wall lying along a prominent fault structure. The hole was intended to intersect a target at a depth of 400 to 500 meters but stopped at a depth of 369 meters due to a collapse in the salt. Anomalous copper and silver were present in a nine-meter interval at 321 meters depth.Key executive departure. Dr. Richard Spencer, President and Director, has resigned from the board of directors, left the company, and is no longer President. At this point, we do not know the reason for Dr. Spencer's departure, if there are plans to appoint a new President or Director, or whether this may foreshadow a change in the company's plans or objectives.Rating lowered to Market Perform. We have lowered our investment rating to Market Perform from Outperform based on uncertainty about the company's future plans caused by the decision to temporarily suspend activities in Ecuador coupled with the abrupt departure of a key senior executive. We prefer to wait for more clarity before reconsidering our investment rating. Read More >>