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Canadian junior explorer Aurania Resources has raised $2 million through an initial public offering announced last Thursday.
The funds will go towards developing Toronto-based Aurania’s Mont Chemin project in Switzerland, where trenching has revealed a narrow quartz vein with free gold and sulphide mineralization showing widths of between 60 and 90 centimeters. While no drilling has yet occurred, the property was explored back in the 1970s and could give Aurania a platform for underground drilling, according to CEO Keith Barron, who told Mineweb that the company plans to have a drill contract signed by the end of the week.
The company will start trading Wednesday on the TSX Venture Exchange under the symbol AOZ.
Barron is a veteran exploration geologist who founded Aurelian Resources in 2001, and five years later, helped make the colossal 13.7-million-ounce Fruta del Norte gold discovery in Ecuador. The find positioned Aurelian for a $1.2-billion buyout by Kinross Gold (TSX:K,NYSE:KGC) in 2008. Barron also founded South American uranium explorer U308 (TSX:UWE), among other exploration companies.
Barron’s uranium experience will be put to use in Switzerland, where Aurania is planning to explore for the nuclear fuel at two targets, Siviez and Marecottes. A 6-tonne bulk sample taken at Siviez shows 0.18-percent U3O8, while at Marecottes the grades are between 0.5- and 1-percent U3O8 over a meter in width, according to Mineweb.
There is currently only one operating mine in Switzerland, a salt mine.
Securities Disclosure: I, Andrew Topf, do not hold equity interests in any of the companies mentioned in this article.