Toronto, Ontario--(Newsfile Corp. - January 10, 2019) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q)
("Aurania" or the "Company") reports up to 9% copper with 185 grams per tonne ("g/t") silver - from grab samples of rock in
streams draining a doughnut-shaped magnetic feature identified as the "Tsenken-A" porphyry target in magnetic data from the Lost
Cities - Cutucu Project ("Project") in southeastern Ecuador.
Aurania's Chairman and CEO, Dr. Keith Barron commented, "The significance of these high-grade copper results is that they
suggest that the highly magnetic feature at Tsenken - rather than being one very large, broad target area - is resolving into a
cluster of discrete magnetic features, each of which could be a porphyry body. So, rather than having one potential source of
copper at Tsenken, we probably have multiple sources that underscore the mineralization potential of the target area. The
resolution of the magnetic feature at Tsenken into a cluster of discrete bodies is leading us to look at the other big magnetic
features along trend of Tsenken - the Kirus, Jempe and Awacha target areas - as potential porphyry clusters too."
"Tsenken A" Target
The high-grade samples contain malachite, chrysocolla, tenorite and chalcocite with minor cuprite. A total of 8 samples in this
area returned grades ranging from 0.9%-9% copper. These secondary copper minerals are hosted in distinctly bedded sedimentary
rocks, some of which have a tuffaceous component. These high-grade grab samples were found in streams that drain an area that has a
distinct geophysical signature on the edge of the large magnetic feature at Tsenken. Magnetic data over the Tsenken-A target,
acquired in the geophysics survey flown in late 2017, defines a circular area of relatively low magnetism surrounding a core of
strong magnetism (Figure 1) - the type of signature expected from a porphyry system in which the central, potassium-altered,
magnetite-bearing core is enclosed by "phyllic" alteration in which magnetite has been altered to non-magnetic minerals.
Copper mineralization at Tsenken-A has been found in an area of 3km by 1km in extent (Figure 1, Table 1). The current
exploration concept defines a porphyry body intruding a sedimentary and volcano-sedimentary sequence, with fluids from the porphyry
infiltrating and mineralizing the enclosing permeable sedimentary and volcano-sedimentary rocks.
The Tsenken magnetic feature lies 8km from the Kirus magnetic feature, where copper grades of up to 5.4% with 54g/t silver were
obtained, and 12km from Jempe, where grades of up to 3% copper and 47g/t silver were reported in a press release dated October 4,
2018.
Figure 1. Map of magnetic data from the Tsenken target showing the location of the high-grade rock samples. Data for each
sample includes the alpha-numeric sample number and grade for copper ("Cu") and silver ("Ag"). Magnetic data are illustrated by
colour, dark blue being the least magnetic areas and purple/pink shades being the most intensely magnetic. Rock grab sample
positions are shown as yellow triangles.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/42061_34b1ea3c948b2bb0_001full.jpg
Table 1. Copper and silver assays from grab samples of rock in streams in the "Tsenken A" target area.
Sample Number |
Silver (g/t) |
Copper (%) |
C175938 |
19.6 |
7.16 |
Y003554 |
45.0 |
2.63 |
Y003556 |
27.8 |
1.45 |
Y003557 |
23.1 |
1.68 |
Y003558 |
45.6 |
2.65 |
Y003560 |
185.0 |
9.28 |
Y003561 |
12.2 |
0.89 |
Y003562 |
23.8 |
1.46 |
Update on Scout Drilling Program
The Company is awaiting one more permit to clear the way for scout drilling of the epithermal gold-silver target at Crunchy
Hill. This permit is within the jurisdiction of the Ministry of the Environment, in which the new minister was appointed in
early-December. Management has met with the new Minister and the Undersecretary of the Ministry of the Environment and has been
assured that the scout drilling permit will be issued shortly. The selected drill contract company has had its technical staff on
site and is ready to mobilize as soon as the final permit is received for drilling at Crunchy Hill.
Sample Analysis & Quality Assurance / Quality Control ("QAQC")
The samples were prepared for analysis at ALS Global's ("ALS") lab in Quito, Ecuador. The rock samples were jaw-crushed to 10
mesh (crushed material passes through a mesh with apertures of 2 millimetres ("mm")), from which a one-kilogram sub-sample was
taken. The sub-sample was crushed to a grain size of 0.075mm and a 200 gram ("g") split was set aside for analysis.
Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at intervals of approximately 20
samples in all sample batches.
ALS's preparation lab in Quito sent the prepared samples to its analytical facility in Lima, Peru for analysis. Approximately
0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. For the over-limit samples, those that had
a grade of greater than 1% copper and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid
was diluted and analyzed by ICP-MS.
ALS reported that the analyses had passed its internal QAQC tests. In addition, Aurania's analysis of results from its QAQC
samples showed the batches reported on above, lie within acceptable limits.
Qualified Person
The technical 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 junior mineral exploration company engaged in the identification, evaluation, acquisition and exploration of
mineral property interests, with a focus on precious metals and copper. 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
Manager - Investor Services
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 and mine development plans, 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, 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.