Aurania Provides Update on Drilling in Ecuador

Toronto, Ontario, December 8, 2020 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that that no significant copper-gold mineralization was intersected in the first three bore holes drilled on periphery of the Tsenken iron oxide copper-gold (“IOCG”) system, as expected and discussed during Aurania’s conference call held on December 1, 2020 (replay available here).  Results from holes TS-004 and TS-005, which were drilled closer to the expected core of the system, are awaited, and hole TS-006 has reached a depth of approximately 250 metres (“m”) and is planned to be drilled to a depth of approximately 500m.

The Mobile MT geophysical survey is scheduled to start by the end of the week and is planned to continue through to mid-January 2021.  Results from the survey are expected to make a fundamental contribution to the exploration for the sulphide-bearing core of IOCG targets, as well as complementing magnetic data in refining porphyry copper and epithermal gold-silver and silver-zinc-lead targets.

Aurania’s Chairman & CEO, Dr. Keith Barron commented, “Our exploration model developed from the drilling at Tsenken North had holes TS-001 to 003 located outside of the mineralized zone, so the assay results received come as no surprise (Figure 1).  The Mobile MT survey should complement the scout drilling undertaken to date since it is designed to detect electrical conductivity associated with the sulphide-bearing core of the mineralized system.”

Figure 1.  Generalized vertical cross section through a typical IOCG system showing the distribution of iron minerals on the left and silicate minerals on the right.  The location of bore holes TS-001 – 005 are also shown.    

Details of the Drilling

Three drill holes (TS001-TS003) were completed for a total of 645 metres (“m”) in the Tsenken N2 target area.  Holes TS004 and TS005, drilled to a depth of 230m and 494m respectively, were drilled from the same drill platform – hole 4 directed towards the west and hole 5 towards the east.  Hole TS006, in progress, is collared 1km north of holes TS004 and TS005.  Hole TS-006 has reached a depth of 250m and is planned to reach a depth of approximately 500m.

Mobile MT Geophysical Survey

The heliborne Mobile MT survey is scheduled to start later in the week and is designed to cover the following target areas:

• Tsenken North IOCG target (N2, N3, N4 and N5).
• The large magnetic feature at Tsenken Central, as well as the copper-silver – mineralized Tsenken N1 breccia target – these are believed to be part of a large IOCG system – a different system from Tsenken North.
• Yawi – the target being epithermal and porphyry bodies.
• Kirus porphyry or IOCG target.
• Awacha porphyry cluster.
• Sunka – a new high-level IOCG target.
• Tatasham – Tiria – Shimpia. Tatasham is the largest magnetic feature identified in the geophysical survey flown in 2017 and lies on the margin of the Tiria-Shimpia silver-zinc-lead target area.  Tatasham is suspected to be a porphyry system that intrudes a limestone sequence; the Mobile MT should define sulphides in the Tiria-Shimpia area.

The objective of the Mobile MT survey is to identify electrically conductive areas related to sulphides in the target area, as well as electrically resistive zones related with silica associated with epithermal systems.  If Mobile MT is successful in identifying both conductive zones associated with sulphides and resistive zones associated with silica flooding at Yawi, the survey will likely be extended to Crunchy Hill.

 Next Steps

• Scout drill the copper-silver – bearing breccia at Tsenken N1, part of the Tsenken Central IOCG system.
• Prepare the first of the targets within the Tiria-Shimpia silver-zinc-lead system for scout drilling.
• Integrate data from the Mobile MT survey with magnetic data from the 2017 geophysical survey to refine target areas.
• Continue with reconnaissance exploration that resulted in the discovery of the Sunka IOCG prospect.

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 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-.

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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.