Aurania Reports on the Copper Potential of Geophysical Targets
Update on Drilling at Yawi Gold-Silver Target
Toronto, Ontario, December 03, 2019 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that soil sampling shows strong enrichment of copper directly over the Tsenken N2 geophysical feature that was identified as a second-tier target in the airborne magnetic survey that the Company completed over its Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.
Soil sampling revealed copper enrichment over an area 2,000 metres (“m”) long by 300m wide. As shown in Figure 1, the copper-enriched area corresponds closely with a magnetic feature that has similar dimensions. Geological mapping has confirmed the geophysical feature is altered diorite porphyry.
Aurania’s Chairman and CEO, Dr. Keith Barron commented, “The superimposition of strong copper enrichment in the soil over the Tsenken N2 magnetic feature, along with alteration observed in sporadic outcrops, points toward this being a porphyry copper target. This finding is a major step forward for the Company because many tens of similar targets, which were also initially interpreted to be of secondary importance, are evident in the geophysical data from our property. These results strengthen our conviction that our Project not only has great potential for gold, but also has the potential to become a significant copper district.”
Figure 1. The Tsenken N2 Target: a. Reduction to the Pole (“RTP”) processing of aeromagnetic data in the Tsenken North area. Purple and red colours represent highly magnetic rocks while blues and greens represent rocks with low levels of magnetism. b. Copper values in soil on the RTP magnetic data and c. Copper in soil over geology.
Next Steps at Tsenken
A soil sampling program, like the one completed over Tsenken N2, is planned for the N1, N3 and N4 targets, to be followed by rock chip sampling and preparation for scout drilling. The extent and timing of drilling will depend on how many of the prospective geophysical targets demonstrate similar copper enrichment. If this program begins to indicate a “cluster” of targets, the program will be expanded to further investigate multiple other clusters on the property.
Technical Details on the Tsenken N2 Target
Whole rock analysis from the intrusive rocks in the Tsenken target indicate that they are dioritic in composition. They are porphyritic in texture and are intensely altered to a quartz-sericite-pyrite mineral assemblage. Tsenken N2 is therefore interpreted as a porphyry target for copper. Porphyritic stocks in the Tsenken N2 area intrude red-beds of the Mid-Jurassic Chapiza Formation.
Yawi Drilling Update
After completion of the second hole at the Yawi A target, the drill has been moved to the Yawi B target, where hole YW-003 is inclined to the south beneath an extensive area of sinter. Hole YW-003 has currently reached a depth of 65m. Holes YW-001 and YW-002, drilled on target Yawi A, were 533m and 559m long, respectively.
Sample Analysis & Quality Assurance / Quality Control (“QAQC”)
Soil sampling at Tsenken N2 was at 50m intervals on lines spaced 100m apart. Approximately one kilogram of material was collected from the iron-rich “B” horizon of the soil profile at each sample point. The soil samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador. The preparation lab dried and subsequently screened each sample at 80 mesh (using screens with apertures of approximately 0.18 millimetres). A 250g split of the -80 mesh material was pulverized to 85% passing 0.075mm, and was packaged by the lab for analysis in Vancouver, Canada. The assay procedure is as follows: a 0.5g split of the -0.075mm fraction of the -80 mesh material underwent digestion with aqua regia and the liquid was analyzed for 48 elements by ICP-MS; Apart from being analyzed by ICP-MS, gold was also analyzed by fire assay with an ICP-AES finish.
Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches.
The labs reported that the analyses had passed their internal QAQC tests. In addition, Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.
Qualified Persons
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.
The technical information relating to geophysical data and related interpretations in this news release has been verified and approved by Jeremy S. Brett, M.Sc., P.Geo., 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.
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.
