Toronto, Ontario – (Newsfile Corp. – April 9, 2021) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) reports that diamond drilling from The Kuri Yawi target is in full swing and is proceeding as planned on the Lost Cities – Cutucu project (“Project”) of the Company in southeast Ecuador. The 60 ° inclined borehole is still a considerable distance from the MobileMT target. However, epithermal veins have been identified in brecciated lava in the upper part of the hole.
The target is located approximately 1.1 kilometers from the silicon-containing sintered outcrop and 200 meters from surface geochemical anomalies of the Pathfinder elements (arsenic, antimony, selenium, thallium, mercury and silver). Epithermal veins are reported to be occurring in a river bank below the current well and an underlying area of geophysical interest has been identified in the MobileMT data, as reported in the company’s news release dated January 29, 2021. The target at depth is a strong conductor which may be a sulphide zone covered by a strong drag, which itself can be a zone of silica flooding. The epithermal vein that occurs in brecciated basalt contains significant amounts of black “pyrobitumen”, a pseudo-mineral made up of carbon and extracted from hydrocarbons (petroleum or related substances). The pyrobitumen lies as a colloform layer in the veins with pyrite / marcasite, quartz, sphalerite and carbonate, also in ribbons.
Aurania’s chairman and CEO, Dr. Keith Barron, commented, “I believe this discovery of pyrobitumen is potentially important. It is seldom documented in epithermal scenarios, but may be significant on gold occurrences and occurrences such as McLaughlin in California, Esquel in California, Argentina, Waiotapu in the North Island New Zealand, several Carlin Trend gold mines and the Witwatersrand in South Africa. The genetic relationship between gold deposits and hydrocarbons as a transport mechanism in gold systems may be weak, but hydrocarbons in geothermal fluids may have trapped gold, similar to a carbon-in-pulp system in the commercial one Gold extraction in many operating mines is used to remove gold from contaminated solutions. It was a mystery to us that we had so many Pathfinder elements such as arsenic, antimony, selenium and thallium on the surface in the area and yet the samples are completely free of gold. The implication is that a very efficient natural mechanism is strippin g hydrothermal fluids of their gold before they approach the paleosurface. “
Image 1: Photo of the core from hole YW-008 of a banded vein in lava. The edge of the vein has pyrite lined with a thin layer of dark pyrobitumen, then carbonate, a thick band of pyrobitumen with the core of the vein filled with carbonate.
Figure 2: Photograph of the core from hole YW-008 of a banded epithermal vein in lava. The vein has pyrite on the edge, which is lined with carbonate, followed by dark pyrobitumen, a second layer of carbonate and a second layer of pyrobitumen, carbonate and silica in the middle with more pyrite.
Image 3: Photo of a banded cavity filling in lava in the core of hole YW-008. The edge of the cavity is pyrite-rich and is lined with carbonate, then with pyrobitumen, a second carbonate layer, sphalerite in the carbonate, a second pyrobitumen layer, with chalcedony silica in the middle.
The company plans to include progress on its other key drill targets and exploration programs in future press releases.
MobileMT Geophysical Survey
The Heliborne MobileMT survey is now complete and is being interpreted. The MobileMT survey was conducted by MPX Geophysics Ltd. in collaboration with Expert Geophysics Limited, both from Toronto, Canada.
Qualified person
The geological information contained in this news release has been reviewed and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a EurGeol designated by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Canadian Securities Managers Disclosure Standards for Mineral Projects.
About Aurania
Aurania is a mineral exploration company engaged in the identification, valuation, acquisition and exploration of mineral properties with a focus on precious metals and copper in South America. The flagship, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt at the eastern foot of the Andes Mountains in southeast Ecuador.
For information on Aurania and technical reports, see www.aurania.com and www.sedar.comas well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtdand LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For more information please contact:
Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
(416) 367-3200
This email address is being protected from spam bots! You need JavaScript enabled to view it.
Dr. Richard Spencer
president
Aurania Resources Ltd.
(416) 367-3200
This email address is being protected from spam bots! You need JavaScript enabled to view it.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This press release may contain forward-looking information that involves significant known and unknown risks and uncertainties, most of which are beyond Aurania’s control. Forward-looking statements include estimates and statements that describe Aurania’s future plans, goals, or objectives, including words that indicate that Aurania or its management expect a certain condition or result to occur. Forward-looking statements may be identified by terms such as “believes,” “anticipates,” “expects,” “estimates,” “may,” “could,” “would,” “will,” or “plans”. Since forward-looking statements are based on assumptions and relate to future events and conditions, they are inherently associated with risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania cannot guarantee that actual results will meet management’s expectations. Risks, uncertainties and other factors associated with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied in such forward-looking information. Forward-looking information in this press release includes, but is not limited to, Aurania’s goals, objectives, or future plans, statements, exploration results, potential mineralization, the Company’s portfolio, treasury, management team and improved capital market profile and mineral resource estimate. Exploration, time of commissioning 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, non-conversion of estimated mineral resources to reserves, and the inability to conduct a feasibility study that would recommend a production decision preliminary nature of metallurgical test results, delays in obtaining or failing to obtain required regulatory, regulatory, environmental or other project permits, political risks, inability to meet indigenous peoples’ accommodation obligations, uncertainties about the availability and cost of funding required changes in stock markets , Inflation, changes in exchange rates, fluctuations in raw material prices, delays in the development of projects, capital and operating costs that are significantly different from the estimate The effects of COVID-19 on the company’s business including, but not limited to, the effects of COVID-19 on commodity price, capital market conditions, labor restrictions and international travel and supply chains as well as the Risks set out in Aurania’s public documents filed with SEDAR. While Aurania believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, undue reliance should not be placed on, and cannot be, any information that speaks only as of the date of this press release Assurance is given that such events will occur in the specified timeframe or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, future events, or for reasons other than as required by law.
