Toronto, Ontario, November 16, 2022 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company” – https://www.commodity-tv.com/ondemand/companies/profil/aurania-resources-ltd/) is pleased to announce that the results of the “Anaconda Method” intensive mapping program (see news releases dated August 8, 2022 and September 26, 2022) on the Company’s Tatasham target along with infrared (IR) spectrometry (Terraspec), ground geochemistry results, airborne magnetics and the MobileMT (“MMT”) survey have enabled Aurania’s exploration team to define target areas for porphyry drilling at Aurania’s Lost Cities-Cutucu project in southeastern Ecuador (the “Project”). Drilling is expected to commence at Tatasham in late November/early December.
Anaconda mapping at Tatasham took place over a three square kilometer (“km”) area where the soil geochemical anomalies coincided with the magnetic high. In parallel, IR spectrometry (Terraspec) was performed on a selection of rock samples collected during the mapping program. Magnetic data collected during the project’s 2017 airborne survey was merged with data from the MMT survey flown between the 2017 survey lines. Interpretation of the combined data has resulted in a new magnetic inversion that is more accurate than the previous version.
The magnetic inversion shows the presence of a weak magnetic domain that lies within the large high magnetic anomaly. This weak magnetic domain is interpreted as classic demagnetization of rocks from hydrothermal alteration associated with the core of a porphyry system. The IR spectrometry survey (Terraspec) shows the presence of hydrothermal alteration zones characterized by illite above the low-level magnetic anomaly, which extends in the western part along a large north-trending ridge that is believed to exist, representing a regional structure. The mapped zones of increased fracturing and silicification coincide with the illite-altered zone (see Fig. 1). Mapping has also revealed a central area of elevated goethite/hematite ratios, which is due to oxidation of rocks with elevated chalcopyrite/pyrite ratios (see Figure 2).
The data was collected from Dr. Steven Garwin, a senior technical advisor, with Aurania’s exploration team to define specific target areas for the upcoming drilling program at Tatasham. The target areas of interest extend over 3.5 km along the anomalous northern ridge and are designed to test:
- The central part of a zone of interest characterized by north trending illite and silica alteration zones, elevated goethite/hematite and a magnetic high and adjacent magnetic low;
- an area below an outcrop of NE-trending planar quartz veins lying along the southern edge of a magnetic mound; and
- The northern extent of the mapped illite alteration zone, which is also an important MMT-conducting zone.
The proposed program at Tatasham is an iterative process and will be subject to change as drilling progresses.
Illustration 1: Inversion map of total magnetic intensity at 1200 m above sea level (ASL) showing silicification from mapping and hydrothermal alteration from IR spectrometry (Terraspec) survey. Illite is a high-temperature clay mineral that is a common component of porphyry alteration systems. Smectite is also a clay mineral formed by hydrothermal alteration at lower temperatures.
Figure 2: Inversion map of total magnetic intensity at 1200m ASL showing copper/zinc ratio from soil geochemistry results and goethite/hematite ratio from mapping.
The geological information in this press release has been reviewed and approved by Jean-Paul Pallier, MSc. Jean-Paul Pallier is a EurGeol designated by the European Federation of Geologists and a Qualified Person under National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral properties with a focus on precious metals and copper in South America. The flagship project, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes in southeastern Ecuador.
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This press release contains forward-looking information, as defined under applicable securities laws, regarding future events or future results and reflects management’s current expectations and beliefs. Forward-looking information includes statements regarding: Aurania’s objectives, goals or future plans, statements, exploration and drilling results, potential mineralizations, the Company’s portfolio, financials, management team and enhanced capital market profile, mineral resource estimate, exploration, timing of commencement of operations and assessment of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions and information currently available to Aurania, including the assumption that there will be no material adverse changes in metal prices and that all necessary consents, licenses, permits and authorizations has been achieved. obtained, including various local authority licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from those expressed or implied by the forward-looking information include, among other things, failure to obtain or delays in obtaining necessary governmental licenses, permits, approvals and approvals thereof, an inability to obtaining necessary financing, a general economic downturn, a volatile stock price, labor strikes, political unrest, changes in mining regulations governing Aurania, non-compliance with environmental regulations and a weakening of market and industry confidence in precious metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.