Toronto, Ontario, September 13, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports on geophysical modelling that has refined the shape of the Tatasham target, a feature that has characteristics of a porphyry, a deposit type that contains over half of the world’s copper resources. Tatasham is located near the western margin of the Company’s Lost Cities – Cutucu Project area (“Project”) in southeastern Ecuador.
Aurania’s Chairman & CEO, Dr. Keith Barron commented, “Tatasham is the largest geophysical feature identified in the airborne magnetic survey that we carried out over the whole concession area in 2017. We subsequently covered the target area in the MobileMT survey completed earlier this year. We believe that our geophysical inversion contractors have made a breakthrough in the inversion of MobileMT geophysical data acquired in mountainous areas like the Project area. The 3D inverted MobileMT and magnetic data define a magnetic core that is approximately 3 kilometres in diameter that could be the central part of a porphyry which is partially enclosed by a conductive zone that could be due to the presence of sulphides – which is where most of the mineralization is located in copper porphyries. Now that the target shape has been refined by remodelling of the geophysical data, we’re doing some final field-checking and are preparing to drill Tatasham this year in Q4.”
To watch Keith Barron’s presentation from the 2021 Precious Metals Summit Beaver Creek, held September 8-11, 2021, please click here. Please note that registration is required in order to view the replay of the webcast presentation.
An early description of the Tatasham target can be found in a video (starting at minute mark 1:10) on our website entitled “Metron Probability Update Part III – Making Sense of our Magnetic Data”.
Tatasham Target
The core of the Tatasham target is a magnetic cylinder 3km-4km in diameter that is partially enclosed by a conductive zone derived from a totally different dataset – MobileMT (Figure 1). This geophysical model is consistent with a magnetic porphyry at the centre with an adjacent sulphide-bearing conductive zone – where mineralization is typically located.
Drilling is planned for Q4, 2021. Details of the drilling, in terms of metreage and number of planned holes, will be announced in due course.
Details of the Geophysical Modelling
Original processing of magnetic data from the 2017 geophysical survey showed the Tatasham magnetic feature (negative reduction to the pole) having a diameter of over 10km – the largest in the Project area. Refined processing of the magnetic data by three-dimensional magnetic vector inversion has resulted in a better-defined, smaller magnetic feature that is 3km-4km in diameter. In addition, three-dimensional inversion of MobileMT data has refined the location of conductive areas that are consistent with geological data.
Modelling of the magnetic and MobileMT data was carried out by Geotexera Inc. of St. John’s, Newfoundland, Canada.
Figure 1. Images of combined 3D magnetic vector inversion (grey body) with the 3D inversion of MobileMT data.
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
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-.
For further information, please contact:
| Carolyn Muir
VP Investor Relations Aurania Resources Ltd. (416) 367-3200 |
Dr. Richard Spencer
President Aurania Resources Ltd. (416) 367-3200 |
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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.
