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Aurania Resources talks link between Tiria, Tsenken

2021-07-21 10:26 ET - News Release

Dr. Richard Spencer reports

AURANIA REPORTS THAT DRILLING AT TSENKEN N1 PROVIDES EVIDENCE OF A LINK WITH THE TIRIA-SHIMPIA TARGET

Aurania Resources Ltd.'s review of drill core shows that the fault system which links the Tsenken target with the Tiria-Shimpia target moved periodically throughout the development of the sedimentary basin, providing a pumping mechanism for metal-bearing fluids that deposited sediment-hosted zinc-silver at Tiria-Shimpia and copper-silver at Tsenken. Further scout drilling at Tsenken N1 is focusing on sediment-hosted copper-silver adjacent to this fault system that extends 45 kilometres from the copper area in the south to the zinc zone in the north in the central part of the company's Lost Cities-Cutucu project in southeastern Ecuador.

Prof. Gregor Borg, an expert on sediment-hosted copper systems, who has worked both in the central African copper belt and the European Kupferschiefer, recently visited site to review the exploration programs and drill core from Tsenken and Tiria-Shimpia. Prof. Borg commented: "I have not seen many mineralized systems that extend 45 kilometres along a fault system as we see in the central part of Aurania's Lost Cities project. The change from copper centric in the Tsenken area to zinc rich in the Tiria-Shimpia target is consistent metal zoning that is evident in the Kupferschiefer. I came away from my second review of Aurania's sedimentary copper exploration program as convinced as I was on my first visit that the red bed basin is highly fertile and has very good potential for sediment-hosted copper. We optimized some of the concepts on the basis of the features that we saw in the drill core and I have encouraged the exploration team to keep drilling."

Five drill holes have been completed at Tsenken N1 and hole 6 is under way -- the objective being to explore the same sedimentary layer in the Tsenken area that contains zinc-silver in the Tiria-Shimpia area.

Geological detail of Tsenken N1 drilling

Five drill holes, for a total of 2,184 metres (m), have been drilled in the Tsenken N1 target area and hole 6 is under way. The sedimentary layers targeted in hole 6 have been elevated to within a few hundred metres of surface by faults that are known to have provided pathways for the metal-bearing fluids.

Drill results received to date are not economically significant but do show a clear trend with contained copper increasing toward the east: drill hole TSN1-002 -- the westernmost -- having no copper, hole TSN1-001 having 0.23 per cent over one m and hole TSN1-003 -- the easternmost -- having two mineralized zones; the upper sedimentary layer with one m at 0.47 per cent copper and the lower with 0.15 per cent copper over 2.6 m. Observations from the drill core show that the fault system was active at the time of accumulation of the red beds in the Tsenken area and field mapping and satellite imagery show that this fault system extends into the Tiria-Shimpia area where it is linked with zinc-silver mineralization.

Holes TSN1-004 and TSN1-005 were collared farther north, closer to Tiria-Shimpia, and results will be reported when available.

Drilling at Tiria-Shimpia

A second drill rig has completed the first hole at Tiria-Shimpia and the second scout drilling hole is under way.

Sample analysis and quality assurance/quality control (QA/QC)

Laboratories: The 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 (mm) and a 200-gram split was set aside for analysis.

Analytical procedure: Approximately 0.25 gram of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS (inductively coupled plasma mass spectrometry). For the overlimit samples, those that had a grade of greater than 1 per cent copper, zinc and lead and 100 grams per tonne silver, 0.4 gram of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QA/QC: Aurania staff 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 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 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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