Toronto, Ontario--(Newsfile Corp. - January 10, 2020) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to provide an update on exploration activities at its Lost Cities - Cutucu Project (the "Project") in southeastern Ecuador.
Scout Drilling at Yawi
Four bore holes have been completed on three epithermal gold targets (Targets A, B and C) at Yawi. The drill crew is operational after its year-end break and is scheduled to start drilling the fifth hole, on Target C, over the next few days. An update on drilling will be issued shortly.
Prof. Jeff Hedenquist, a preeminent specialist in epithermal gold deposits, visited Aurania's Project site in mid-December. Prof. Hedenquist reviewed core from the Yawi and Crunchy Hill targets and provided guidance on Aurania's general exploration program for epithermal gold-silver and silver-zinc-lead systems.
In addition, applications have been submitted for the water permit for scout drilling of the Apai epithermal target, which is the next target ranked for drilling after the Yawi epithermal gold target.
"Spanish Road"
A specialist archeological consulting group has been contracted to review the 2.5km stretch of trail that is believed to be a segment of the road that joined the historic mines of Logroño de Los Caballeros and Sevilla de Oro that were gold mining centres during the Spanish Colonial era. LiDAR and detailed satellite imagery will be incorporated into this investigation while field teams continue to explore the area for mineral deposits.
Copper
Field teams are exploring porphyry mineralization in the immediate vicinity of sedimentary-hosted copper-silver mineralization to establish if there is a link between the two styles of mineralization. This work is important in maximizing the efficiency of planned scout drilling on the copper targets with an ultra light-weight drill rig that has a capacity to reach a maximum depth of 200m. A video demonstration of the simplicity of extracting copper metal from sedimentary-hosted mineralization can be viewed by clicking on the following link: http://www.aurania.com/copper-extraction-experiment/.
NI 43-101 Report
An updated, independent, National Instrument 43-101 report on exploration results from the Lost Cities - Cutucu project is nearing completion and is scheduled to be filed on Sedar and to be made available on the Company's website, shortly.
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
carolyn.muir@aurania.com
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@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 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.
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