Aurania - CEO, Dr Keith Barron
CEO, Dr Keith Barron
Sourced: Western Canada University
  • Aurania Resources (ARU) has posted its financial and operational results from the second quarter of 2020.
  • The junior explorer posted a net loss for the quarter of C$2.034 million, down from a net loss of $2.910 million in last year’s corresponding period
  • This was partially attributed to improved spending costs, which fell from $2.903 million in last year’s same quarter to $2.273 million this year
  • Following the onset of the COVID-19 pandemic during the quarter, the company’s field office in Ecuador was closed and only reopened on June 10
  • Aurania Resources (ARU) is up 1.8 per cent and is trading at $4.26 per share

Aurania Resources (ARU) has posted its financial and operational results from its second quarter of this year.

The South American explorer has posted a net loss for the quarter of C$2.034 million, down from $2.910 million in last year’s June quarter.

The comapny trimmed its expenses slightly, falling from $2.903 million last year to $2.273 million this year.  During the quarter, Aurania found a number of targets for scout drilling through its soil and rock sampling programs.

Upcoming drilling is due to start initially on the Tsenken N2 target, before the company moves onto the Tsenken N3 target.

Tsenken N4 is still in the middle of its soil sampling program and is expected to be included in the upcoming program. Tsenken N1 is currently being prepped for drilling work.

Looking forward the company is planning a heliborne magnetic survey of the site’s Kirus, Tsenken and Awacha targets. Aurania has also soil sampled and geologically mapped the Tira-Shimpia targets, the result of which are still pending.

Outside of exploration drilling work, the company issued 2,431 million shares and raised $6.839 million during the quarter through a non-brokered private placement.

Following the onset of the COVID-19 pandemic, the company’s field office in Ecuador was closed and only reopened on June 10. Once reopened, the first field teams were deployed on June 13, with strict health and safety protocols put in place.

Aurania Resources (ARU) is up 1.8 per cent and is trading at $4.26 per share at 12:05 pm EDT.

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