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Aurania Commences Drilling at Tsenken N1 Target in Ecuador

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Newsfile Corp.
·5 min read
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Toronto, Ontario--(Newsfile Corp. - February 12, 2021) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") reports that scout drilling has commenced at the Tsenken N1 target in the Company's Lost Cities - Cutucu Project ("Project") in southeastern Ecuador. The target is a copper-silver mineralized zone exposed at surface, and an underlying area of interest has been identified in MobileMT data. The mineralized zone is expected to be intersected at 75 metres ("m") to 100m below surface, while the MobileMT target is at approximately 700m depth. Previous surface sampling has yielded results of up to 7.1% copper and 55 grams per tonne ("g/t") silver (see press release dated July 16, 2020).

Aurania's Chairman & CEO, Dr. Keith Barron commented, "Tsenken N1 is an area where there are a number of small, mineralized breccia bodies with limited exposure on surface in some stream beds. Most of the area in between the breccias is covered by thick foliage and not outcropping. Breccias, which essentially are bodies of broken and cemented rock, in this case with copper mineralization between the fragments, can be formed geologically in many ways, but here a key to their interpretation is the presence of "exotic fragments" which are clearly not from the wallrock. These fragments have been brought, probably from considerable depth, up the breccia conduit, by volcanic eruption. Breccia conduits or "breccia pipes" commonly will coalesce at depth into a larger breccia body or into the upper levels of a porphyry. Several years ago, I examined a group of metre-scale copper breccia pipes underground and on surface at Tres Chorreras in Azuay Province in Ecuador, and these ultimately merged downward into a copper porphyry that was intersected in drilling. I am hopeful that we have a similar geological scenario here."

MobileMT Geophysical Survey

Heliborne MobileMT is currently being flown in the Awacha area where the target is a cluster of porphyries. The MobileMT survey is being undertaken by MPX Geophysics Ltd. in association with Expert Geophysics Limited, both of Toronto, Canada.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania's future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania's public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74308