AUIAF - Aurania Resources (AUIAF)(ARU:CA) - Tiria-Shimpia Increasing in Potential as a Target

Management provides an update. On April 27, management hosted a conference call for investors to update them on the progress at the Lost Cities project. A replay is available on Aurania's website. The company has two drills operating, including at the Kuri-Yawi epithermal gold and porphyry copper target and the Tsenken N1 copper-silver target. Management indicated that stream sediment sampling and regional exploration had identified two new target areas, including a new area of silver-zinc called Shimpia North.Encouraging grab sample results. Shimpia North is an extension of the high-grade silver-zinc-lead mineralization at Tiria-Shimpia and increases the length of the Tiria-Shimpia target to 22 kilometers from 15 kilometers. During the initial reconnaissance exploration in this new area, the Shimpia target yielded promising results from six grab samples, including from both outcrop and boulders. Outcropping mineralization revealed grades as high as 40 grams of silver per tonne in one sample.Drilling sequence. Following Tsenken N1 and Kuri-Yawi, the first drill will move to Tsenken West and then to Tiria-Shimpia, while the second drill will advance to the Kuri-Yawi 2 target. During the call, management indicated that a third drill could be deployed at Tiria-Shimpia. Aurania is selecting drill sites at the Tiria-Shimpia target area and expects to begin drilling this quarter.Rating is Outperform. Aurania’s exploration program is providing an abundance of drilling targets for a variety of metals and the potential to make multiple discoveries in its large concession package. The drilling program at Kuri-Yawi and Tsenken N1 are proceeding on schedule and the discovery of Shimpia North is a positive development. Read More >>