Business
Aurania Provides Summary of Corporate Update at AGM
Toronto, Ontario--(Newsfile Corp. - June 19, 2023) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: ...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Provides Summary of Corporate Update at AGMToronto, Ontario--(Newsfile Corp. - June 19, 2023) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") is pleased to provide a summary of the update delivered by President, CEO and Chairman, Dr. Keith Barron at the Company's Annual and Special Meeting of Shareholders (the \"Meeting\") 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 Cutucú 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 (see section below titled Initial Airborne Geophysical Survey) if a potential workaround could be found.There are many targets in this Reserved Area, particularly to the north, and some have already been ground-truthed by the Company. Through non-disclosure agreements, several large mining groups have been privy to Aurania's proprietary geophysical survey information over the last six years and expressed interest in a potential partnership, should these targets in the Reserved Area, which appear to be copper porphyry of nature, be secured by Aurania. See section titled Background to Initial Applications for Mineral Concessions in Ecuador. Update on Ecuador's PresidentPresident Guillermo Lasso invoked a fully legal, constitutional mechanism on May 17th that dissolved the National Assembly citing political crisis and internal turmoil as justification for his decision. He will be in office until the new government takes their seats. The election i...