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Aurania Resources Ltd
Symbol ARU
Shares Issued 40,486,673
Close 2020-07-16 C$ 3.27
Market Cap C$ 132,391,421
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Aurania samples 7% Cu, 55 g/t Ag at Cutucu

2020-07-16 10:10 ET - News Release

Dr. Richard Spencer reports

AURANIA FINDS HIGH-GRADE COPPER-SILVER AT TSENKEN TARGET IN ECUADOR

Grades of up to 7 per cent copper with 55 grams per tonne (g/t) silver have been found in the Tsenken N1 target area in Aurania Resources Ltd.'s Lost Cities -- Cutucu project in southeastern Ecuador. Dr. Keith Barron, chairman and chief executive officer of Aurania, commented: "We're delighted to have found high-grade copper-silver at Tsenken N1 in what appears to be a very large breccia body. This represents a relatively simple target that is likely cylindrical in shape -- and this will be readied for scout drilling using an ultralightweight rig as soon as possible behind the drilling that is planned for the Tsenken N2 and N3 targets. We are seeing a common theme in this area: We have copper-silver in breccia, sedimentary-hosted mineralization, and also in intrusive rocks. The combination of copper with silver without significant enrichment of other metals is unusual -- and hence we believe that all three 'types' of mineralization are likely linked. We expect to provide further updates on the Tsenken targets as our understanding of the mineralization evolves."

The next steps at the Tsenken target area are more detailed mapping and sampling, soil sampling, and a heliborne mobile MT geophysical survey is being considered to provide more detail on the possible shape of the mineralized breccia and to further investigate the rest of the five-kilometre-wide Tsenken magnetic feature. The intention is to ready the target for scout drilling with an ultralightweight drill rig. Drilling is expected to commence at Tsenken targets N2 and N3 prior to the end of Q3, and the N1 target is to be drilled immediately thereafter.

Details of the copper-silver at Tsenken N1

The high-grade copper-silver has been found in boulders protruding from beneath the jungle floor over an area of 500 metres by 400 m on the northern margin of the large magnetic feature at Tsenken, and this target is termed Tsenken N1. The host rock is "breccia" -- a rock that consists of rock fragments within a fine-grained matrix. Importantly, the matrix of the breccia is mineralized, not just the fragments, and hence the whole breccia body is a target for copper-silver.

Details of the breccia target at Tsenken N1

The breccia occurs in deep jungle cover and contains poorly sorted, polylithic clasts up to 15 centimetres in diameter that range from angular to rounded in shape. The rock fragments are supported by a matrix of sand-sized granules and rock flour. Copper minerals include malachite, chrysocolla, chalcocite and traces of bornite. Mineralization is primarily in the matrix, but also extends into the fragments along fractures, which suggests that mineralization occurred after the breccia was formed, and therefore that the breccia body itself is the target.

This is different from the situation at the Yawi target where fragments of mineralized rock were found in an otherwise unmineralized breccia. These fragments were plucked off the side of the breccia pipe and detailed geophysics is required to determine where those fragments came from, and how much of the associated mineralized systems remain intact on the edge of the diatreme.

Update on fieldwork in Ecuador

Aurania's exploration teams re-entered the field in mid-June and the first teams deployed have now returned safely to base. Other teams have rotated into the field, doing two-week exploration campaigns in isolated areas. The company is strictly complying with the government-imposed COVID restrictions that require a maximum 50 per cent capacity in the field office at any one time. Exploration teams are working in six target areas including Tsenken N3, Tsenken N4, Tiria, Kirus, Awacha and Crunchy Hill. Teams are also working on the establishment of the remote camp from which scout drilling at Tsenken N2 and N3 is planned to be undertaken.

Sample analysis and quality assurance/quality control

Laboratories: The soil samples were prepared for analysis at MS Analytical in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of two millimetres), from which a one-kilogram subsample was taken. The subsample was crushed to a grain size of 0.075 mm and a 200-gram split was set aside for analysis.

Analytical procedure: Approximately 0.25 g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. For the overlimit samples, those that had a grade of greater than 1 per cent copper and 100 g/t silver, 0.4 g of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QA/QC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20-sample intervals in all sample batches. Aurania's analysis of results from its independent QA/QC samples showed the batches reported on lie within acceptable limits. In addition, the labs reported that the analyses had passed their internal QA/QC tests.

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 is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania Resources Ltd.

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.

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