Aurania Appoints Senior Advisor and Provides Update on Awacha Target
Toronto, April 19, 2022 - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to announce it has appointed Dr. Steve Garwin as a Senior Technical Advisor and retained him as a Geological Consultant. The Company also provides an update on initial findings at its Awacha target at its Lost Cities-Cutucu project in south-eastern Ecuador.
Dr. Steve Garwin, B.Sc, M.Sc, PhD, FAusIMM, FAIG, FSEG, has over 34 years of experience as an exploration geologist and is one of the leading authorities on porphyry, epithermal and Carlin‐style mineralization in the circum‐Pacific region and applies methods of structural geology and geochemistry towards gold and copper exploration. He has worked with more than 35 exploration and mining companies in over 20 countries.
He has previously worked with Newmont Mining for ten years, including two years as Chief Geologist in Nevada, USA. He has been involved with several exploration and mining projects including the Batu Hijau copper-gold porphyry deposit (where he completed his PhD), the Indo Muro, Way Linggo and Tembang epithermal gold‐silver vein systems, and the Mesel sediment‐hosted gold deposit in Indonesia; mines of the Carlin Trend and Battle Mountain district in Nevada; the Whistler gold-copper porphyry deposit in Alaska; and the Santa Barbara gold‐porphyry deposit in south-eastern Ecuador.
Dr. Garwin has been instrumental in the discovery of the world-class, Alpala porphyry copper-gold deposit in the Cascabel project, north-western Ecuador and the implementation of state‐of‐the‐art detailed mapping and logging strategies for SolGold Plc. He is also part of the team that recently discovered the Porvenir (Cacharposa) copper-gold porphyry deposit in the Cordillera del Condor in south-eastern Ecuador. He has played a leading role in the recognition and delineation of the copper-gold-molybdenum porphyry deposits at Cortadera, Chile. He has been an adjunct research fellow at the Centre for Exploration Targeting at the University of Western Australia since 2001 and was appointed a visiting fellow at the Research School of Earth Sciences, Australian National University from 2014 to 2017. Dr. Garwin has authored and co-authored more than 40 scientific papers and abstracts.
Steve's initial findings for the Company's Awacha porphyry target area (Figure 1) indicate:
- Jurassic dioritic sills and dikes hosted by black shale, feldspathic sandstone and meta-basalt.
- A low-grade anomalous copper in soil (> 50 ppm Cu) and rock (> 200 ppm Cu) that extends 7 km (north-south) by 1-2 km (east-west) through the western part of the prospect.
- Hydrothermal alteration styles that range from chlorite-propylitic in the east to illitic, phyllic (quartz-sericite) and minor potassic (biotite) in the west.
- PIMA portable infrared spectrometer results indicate abundant illite (of high-crystallinity) and some kaolinite in the western part of the area.
- Discrete magnetic highs and a broad zone of conductivity characterize the Awacha prospect area.
- Hydrothermal alteration and metal assay results are consistent with the exposure of the intermediate- to upper-levels of a porphyry system.
Figure 1: Awacha copper in soil > 50 ppm and copper in rock > 200 ppm, shown with mapped geology and faults. The soil samples are collected along a 200m by 100m grid. Five copper-anomalies are apparent, indicating the diorite, sandstone, folded black shale and the western magnetic high (geology yet to be mapped) to be prospective. A recent assay of 2.2% Cu and 0.24% Zn characterizes a chalcopyrite-bearing stream-boulder of calcite-veined and brecciated sandstone in the south-western part of the prospect. A previous sample of silicified rock with pyrite veinlets, honey coloured sphalerite grains, chalcopyrite and covellite, returned 0.2 g/t Au, 0.2 % Cu and 0.9% Zn.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/120782_4452b23714e62a40_001full.jpg.
Geological mapping and sampling continue at Awacha, where a chalcopyrite-bearing stream-boulder recently returned 2.2% Cu. Dr. Garwin will continue to examine and appraise results as they are returned from the field, as well as review the Company's portfolio of other porphyry prospects.
Sample Analysis & Quality Assurance / Quality Control ("QAQC")
Laboratories: The samples were prepared for analysis at MS Analytical ("MSA") in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.
Sample preparation: Soil samples consisted of approximately one kilogram of clay from the iron-rich "B" horizon at each sample point. The soil samples were dried and subsequently screened through 80 mesh (using screens with apertures of approximately 0.18 millimetres). A 250 gram ("g") split of the material that passed through 80 mesh was pulverized to 85% passing 0.075mm and was packaged for shipment to the analytical facility.
The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres ("mm")), from which a one-kilogram sub-sample was taken. The sub-sample was crushed to a grain size of 0.075mm and a 200 gram ("g") split was set aside for analysis.
Analytical procedure: A 0.5g split of the -0.075mm fraction of soil samples 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.
Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. For the over-limit samples, those that had a grade of greater than 1% copper, zinc and lead, and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.
QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania's analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits. In addition, the labs reported that the analyses had passed their internal QAQC tests.
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
carolyn.muir@aurania.com
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, 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.
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