Dr. Richard Spencer reports

AURANIA REPORTS HIGH-GRADE COPPER-SILVER AT ANOTHER TARGET IN ECUADOR

Grades of up to 10 per cent copper with 131 grams per tonne (g/t) silver have been found in a breccia in Aurania Resources Ltd.'s Tsenken A target area in its Lost Cities-Cutucu project in southeastern Ecuador. Tsenken A is located approximately two kilometres from the Tsenken N1 target reported on last week (see press release dated July 16, 2020). These latest results provide key information about sedimentary-hosted copper-silver at the Tsenken A target.

Dr. Keith Barron, chairman and chief executive officer of Aurania, commented: "As has been previously discussed by sedimentary copper expert Prof. Gregor Borg, sedimentary-hosted copper-silver has not previously been found in close proximity to porphyries in any of the recognized copper camps internationally. Our project is clearly something different and potentially important, but the relationship to porphyry and the geometry will ultimately be determined by drilling, which we intend to initiate in the third quarter of this year. Sedimentary-hosted copper-silver has been found regionally within the Aurania concessions over an extent of 23 kilometres and is almost always associated with carbon-bearing shales and sandstones full of plant fossils. It is conceivable that steeply dipping faults were conduits for metal-bearing fluids coming from depth. In many geological scenarios the thickest and highest-grade portions of systems are areas of greatest focused fluid flow, and these are potentially attractive targets in a broader regional context."

Fault-related mineralization at Tsenken A

A rock-chip sample from a fault breccia outcrop assayed 10 per cent copper with 131 g/t silver. High-grade copper-silver has been found in blocks in streams and in outcrop over a large area in the Tsenken A target area. Results have been reported in press releases dated Jan. 10, 2019, and April 2, 2019. Mineralization occurs in bleached layers in the red sandstone host rock, and invariably is with carbonized, fossilized plant fragments. Copper minerals include malachite, chrysocolla and tenorite with minor chalcocite.

Sample analysis and quality assurance/quality control (QA/QC) laboratories: The soil samples were prepared for analysis at MS Analytical (MSA) 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 (mm)), from which a one-kilogram subsample was taken. The subsample was crushed to a grain size of 0.075 millimetre 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 gram of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

Quality assurance/quality control: 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 above, 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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