Copper Enrichment in Soil Enhances Aurania’s Tsenken N3 as a Porphyry Copper Target
Toronto, Ontario, February 13, 2020 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that follow-up exploration has encountered copper enrichment in soils over the Tsenken N3 geophysical target. These results are consistent with the Tsenken N3 being a porphyry copper target like Tsenken N2 located only 1km to the southwest (Figure 1). Both targets lie in the central part of the Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.
Figure 1. a. Gridded magnetic data (Reduction to the Pole) showing the Tsenken N2, N3 and N4 geophysical targets and b. Copper values in soil overlain on the magnetic map.
Independent Senior Geophysical Consultant, Jeremy S. Brett, who was involved throughout the heliborne geophysical survey that the Company commissioned in 2017, identified 64 individual targets, 31 of which were categorized as high priority for follow-up. Mr. Brett commented, “The reaction to a geophysicist selecting targets from geophysical data is often, “These guys see targets wherever there’s a red blob on a map, and they can’t be taken all that seriously.” Well, I’m delighted to counter this perception with the field-checking and soil sampling that is underway over the Tsenken N2 and N3 targets, which were included in the group of 31 targets prioritized for follow-up. Now I eagerly await the results of soil sampling over the next target to the north, Tsenken N4. The enrichment of copper in soil over the Tsenken N2 and N3 magnetic features suggests that they truly do represent high priority porphyry copper targets. They strengthen the case for taking the top priority geophysical targets seriously as porphyry copper-gold and porphyry copper targets.”
Next Steps
Soil sampling crews are extending the sampling over the remainder of the magnetic feature at Tsenken N3 (Figure 1) while geological mapping is underway on the area. Due to the limited outcrop, the most efficient way of evaluating the copper potential of the Tsenken N2 and N3 targets is through shallow drilling with an ultra-lightweight rig that has the capacity to reach a maximum depth of 200m. Drilling is dependent on the receipt of a water-use permit. Applications have been submitted for a total of 39 water-use permits across the Project area, and this permitting is in process.
Update on Drilling at Yawi
Bore hole YW007, has been completed to a final depth of 504m.
Qualified Persons
The technical information pertaining to geophysical data and related interpretations in this news release has been verified and approved by Jeremy S. Brett, M.Sc., P.Geo., an independent Senior Geophysical Consultant with MPH Consulting Limited. Mr. Brett is a Professional Geoscientist registered in the Province of Ontario and is a Qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
All other 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
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 |
Dr. Richard Spencer
President Aurania Resources Ltd. (416) 367-3200 |
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.
