Update on Drilling at Aurania’s Gold-Silver Target ‘Yawi’
Chairman & CEO Attends Official Opening of the Fruta Del Norte Mine
Toronto, Ontario, November 15, 2019 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to report that scout drilling for epithermal gold and silver at the first hole at “Yawi Target A” has been completed at its Lost Cities – Cutucu Project in southeastern Ecuador. The Company also reports that its Chairman and CEO, Dr. Keith Barron, attended the official opening of Lundin Gold’s Fruta del Norte gold mine (“FDN”) – a huge milestone for Ecuador and the mining industry.
Aurania’s Chairman and CEO, Dr. Keith Barron commented, “The opening of FDN is a turning point for the mining industry in Ecuador. Perceptions in this country have always been that gold mining is polluting, destructive to the environment and offers little to no benefit to the people or the State. For the first time in Ecuador’s history, gold mining will be carried out in a responsible, technically safe and sustainable way, offering unimagined benefits to stakeholders and the people of Ecuador.”
Dr. Barron attending Lundin Gold’s inauguration of the Fruta del Norte gold mine in Ecuador on November 14th.
Dr. Barron and his team discovered the Fruta del Norte gold deposit in 2006 in the Cordillera del Condor -the adjacent and contiguous mineral belt to Aurania’s Lost Cities – Cutucu project. The official opening of the FDN mine confirms Ecuador’s support for responsible mining.
Drilling at Yawi Target A
The first drill hole in Target A, YW-001, reached a depth of 533.40 metres (“m”), approximately 460m vertically below the collar elevation of the bore hole. Samples from YW-001 have been submitted to the laboratory and results will be reported as soon as they become available. The drill has been mobilized to the second platform and the second bore hole at Target A is underway.
Four targets have been identified at Yawi, and a fifth is being mapped and soil sampled to determine whether it warrants scout drilling. The first bore hole in Target A intersected veinlets that have banded textures typical of epithermal gold-silver systems at various depths along its trajectory. It is clear from some of the veins that hole YW-001, which was inclined due south at an angle of 60 degrees to the horizontal, was drilled parallel to a component of the vein system. Hole YW-002, therefore, is being drilled towards the north so that it cuts across the vein system as illustrated in Figure 1. A video describing Aurania’s target concept at Yawi is available by clicking here.
Figure 1. Vertical slice through the first target at Yawi illustrating the target concept.
Next Steps
Details of the vein textures observed in the first hole at Yawi are being interpreted as indicative of an extensive hydrothermal system. The Company’s current drill plan is to drill several bore holes in each of the four targets at Yawi to obtain a sense of large-scale zoning of the epithermal system in order to be able to home in on the core of the system. The volcanic layer intersected in hole YW001 is over 250m thick and provides the ideal host rock for epithermal vein development – and will be the focus of Aurania’s exploration effort.
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 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.
