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ARIAN SILVER CORPORATION (AGQ.L)
Arian Silver
Attractive silver and lithium projects at a compelling valuation – initial price target 2.5p Arian Silver listed on AIM in 2006 and brought the San José silver mine in Mexico back into production. However, low silver prices led to the mine being handed over to its creditors in 2016. Undaunted, the same team is now broadening the exploration focus for Arian to become a lithium play. Comparing Arian Silver to select listed peers on the basis of the quality of its projects and exploration achievements gives an initial realistic initial target price of 2.5p per share. We thus initiate coverage of Arian Silver with a Conviction Buy stance.
These results confirm the presence of lithium and the Company is planning to use deeper sampling techniques, geophysical methods and detailed mineralogical test work to assess the full extent of the mineralisation. While the grades from these samples are low, the exploration programme is only in its infancy and to discover the presence on mineralisation at such an early stage is encouraging.
Arian Silver Corporation (AGQ.L) – CORP: Option on Lithium projects
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AGQ EAH PMR EKF KRS RST BOO PTSG SAL NKTN
Arian Silver Corporation (AGQ.L) – CORP: Sale of Calicanto
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AGQ PREM AMP
Arian’s updated NI 43-101 compliant mineral resource estimate, announced today, confirms 24.3Moz of in situ silver in the indicated mineral resource category at Arian’s San Jose mine and 58.9Moz Ag in the inferred category (total 83.2Moz). Including lead and zinc by-products, the mineral inventory amounts to 109.0m silver equivalent ounces (AgE).
Arian Silver Corporation (AGQ.L) – CORP: San José update | Alexander Mining (AXM.L) – CORP*: Placing and restoration of trading | Fastjet (FJET.L): Passenger stats | Northland Capital Partners Monthly Summary – October
AGQ AXM FSJPF
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AGQ TTR RCI
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AGQ CLON PREM AFRN KWS SAV
Arian produced first concentrate from La Tesorera in April 2015 and since then it has continued with the phased commissioning of the plant. Whereas it had been expected to achieve commercial production in Q2, the failure of the tertiary (cyclone) crusher’s head has now delayed this until Q415 and created a potential, additional funding requirement for the company, which we estimate to be in the order of US$3.1m. In response to the delay in achieving positive cash flow and the additional funding requirement, Arian’s shares have fallen by 12.7p.
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AGQ AFRN MARL THR
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