Aurelius Minerals Inc. (CVE:AUL) continues to elicit strong interest in the mining sector on intersecting significant Gold mineralization at one of its key mining properties. The development has helped strengthen investor’s confidence and sentiments in the stock, depicted bay high turnover in traded shares in the market.
Aurelius Mining Price Analysis
After experiencing the full wrath of short sellers since the start of the year, the stock is slowly emerging as a darling of investors, in the mining sector. The stock has already bottomed out from this year’s lows, as the emerging uptrend continues to gain momentum.A recent spike higher has seen the stock breach key resistance level at the CA$0.05 mark. Given the strength of the upward momentum, the stock could as well be on its way to the CA$0.075 mark, where it started in 2018.A breach of the CA$0.075 resistance level should mark the end of the bear trend that started late last year. After the recent spike, the stock faces immediate support at the CA$0.05 mark on any sell-offs. A breach of the support level could give short sellers a reason to push the stock lower on the continuation of the long-term bear trend.
About Aurelius Minerals
Aurelius Minerals is an exploration stage company focused on gold mineral exploration in Canada. The company owns a 100% interest in the Lipton Property that consists of 57 claims. It also owns the Mikwam Property made up of 9 claims with the Abitibi Gold belt in Ontario.
Mikwam Gold Mineralization Development
Aurelius Minerals is the subject of renewed investor interest, on announcing positive exploration results from one of its key gold projects in Canada. On drilling three holes as part of Phase Two Drilling at Mikwam Property, the company says it intersected significant gold mineralization with increasing higher grades.According to the Chief Executive Officer, Mark N.J. Ashcroft, the positive results should extend the company’s existing mineralization. The results also attest to the emerging higher-grade component of the Mikwam Gold zone.
“We have successfully achieved our goals to gain an understanding of the controls on the gold mineralization and to expand the volume of mineralized rock. We are well positioned for the next round of work at the project to continue to grow the Mikwam Gold Zone and locate new gold zones on our Property,” said Jeremy Noemi, Pigeon. Vice President, Exploration.
Discovery of significant Gold mineralization is a massive development as it validates Aurelius’ Minerals exploration works at the Mikwam Property. Higher mineralization results underscore the fact that the company has on its hand a valuable asset that could generate significant value going forward.Mikwam is an important project for Aurelius Minerals given that it contains an estimated resource of 1.81 million tons grading 2.34g/t. According to a 2016 technical report, the property is estimated to contain about 136,000 ounces of gold.Aurelius Minerals has already conducted significant research on previous work and historical programs and consequently concluded that there is significant upside potential on the Mikwam deposit.
Bottom Line
Investors have reacted positively to Aurelius Minerals recent discovery of gold intersections at one of its key gold projects. The positive results essentially justify the recent spike in share price after a period of consolidation, after turning bearish late last year.Aurelius is not a big company given that it does command a market cap of about CA$2.7 million. A discovery of significant gold intersection at the Mikwam Property was always going to elicit interest among investors.The positive results have essentially strengthened investor’s sentiments in the stock given the opportunity at stake with continued exploration of the Mikwam property.The company’s share price has risen from all-time lows on expectations that the company could as well have a valuable asset on its hands as it continues with gold exploration at the Mikwam property. The upside momentum should continue to pick pace on the company reporting positive results from ongoing exploration works.That said, now may be the best time to take note of a stock with huge upside potential given the positive development at the Mikwam Gold property. The stock stabilizing above the $0.05 mark should make it an exciting pick as a long-term play.We will be updating our subscribers as soon as we know more. For the latest updates on CVE:AUL, sign up below!Disclosure: We have no position in CVE:AUL and have not been compensated for this article.
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