Aurelian - Fruta del Norte UpdateCompany Overview
Aurelian Resources Inc. was founded in 2001 after geologists Barron and Anderson discovered an auriferous breccia pipe on a reconnaissance trip to the Cordillera del Condor.
In 2003 Aurelian went public with a listing on the TSX Venture Exchange and closed a C$3 million private placement. On December 19, 2003 Aurelian closed a C$12 million private placement.
In 2005 Aurelian successfully gained an European listing on the Frankfurt Stock Exchange.
On May 24, 2006 Aurelian adopted a shareholder rights plan whereby no one may acquire or announce to acquire more than 20% of the common shares without shareholder approval.
On November 22, Aurelian closed a C$75 million financing deal by issuing 2,000,000 shares at C$37.50. In April Aurelian raised C$20 million by issuing 7,272,278 shares at C$2.75.
Aurelian has 33.4 million shares outstanding (fully diluted). It trades on the TSX Venture under the stock symbol ARU. Closing price on Feb 2, 2006 was C$27.00. 52-week high and low are C$43.00 and C$0.61 respectively.
Property Overview
The Fruta del Norte (“FDN”) property is part of Aurelian’s Cordillera del Condor (“Condor”) project in south-east Ecuador. The Condor Project properties consist of 38 mining concessions totalling approximately 95,000 hectares.
Thirty-eight diamond drill holes have been completed at the FDN discovery to date.
The nearest major town, Loja, has a population of approximately 117,000. The town is serviced three times daily by jet from the capital Quito.
A public road connects Loja to military posts along the border through the concessions. Approximately 8.5 kilometres of all-weather, gravel-surfaced road has been completed between the public road at our San Antonio camp and the main exploration camp at Penas. An additional 3.8 km of road is under construction to FDN itself.
The elevation of the property is high enough that there is no risk of malaria.
Highlights of 2006 Drilling Program
Aquila began its 2006 drilling program of 21 holes on Feb 17, 2006. A summary of high-grade intercepts is shown below. Some of these cover very impressive interval lengths.
2007 Projections
Aurelian now has five drill rigs at Fruta del Norte. The three larger rigs are capable of reaching 1000 m depths. The rapid pace of drilling will increase the rate of news flow and help define a NI 43-101 compliant inferred resource estimate expected by second quarter 2007.
Published originally on Dollardaze.org on Feb 3, 2007.