Toronto, Ontario – (Newsfile Corp. – Jan 29, 2021) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) reports that its on- MobileMT’s geophysical survey has clearly defined a target that is the properties of a porphyry on its yawi – Objective of the Lost Cities – Cutucu (“Project”) project of the company in southeast Ecuador (Figure 1). Porphyries are the world’s largest source of copper.

Aurania’s chairman and CEO, Dr. Keith Barron, commented, “Our approach to advancing the many goals we have in the Lost Cities – Cutucu project couldn’t be better illustrated than our exploration of the Yawi target: fieldwork and soil sampling followed by scout drilling showed a favorable geological environment for the mineralization of epithermies and porphyries. Vectors derived from examining the drill core indicated that the center of a mineralized system is to the southeast. The targeted fieldwork confirmed the prospects for the area and further work has been suspended pending the results of MobileMT geophysics. MobileMT gave us exactly what we expected – a well-defined feature that looks very much like a porphyry in the trend of our geologically defined vectors. We now have a clear destination in Yawi and are getting a second drill to test it with. ”

MobileMT signature of the porphyry target

When viewed from above, MobileMT data from Yawi shows five electrically conductive areas, each of which is of interest (Figure 1). This news release focuses on a conductive area adjacent to an area where copper mineralized porphyry fragments were found in a diatreme breccia. An explanation of the maar diatrems identified in the scout drilling completed in 2020 can be found in the following previously released video http://www.aurania.com/initial-take-on-yawi-drilling-video/. In this program, seven holes were drilled for a total of 3,010 meters (“m”) with the deepest reaching a maximum depth of approximately 450 meters below the surface.

The exploration concept derived from the field work and the scout drilling consisted in the fact that the porphyry fragments were plucked from a porphyry deep down – and the electrically conductive feature identified in the MobileMT data immediately southwest of the diatreme looks very similar to a porphyry (Figures 1 & 4). 2). The finger-like conductive area depicted in vertical profile by the MobileMT data (Figure 2) shows a feature that looks like the sulfide-containing core of a porphyry with a resistive cap (Figure 2b), which is due to widespread flooding with silica could be related to an epithermal system. Profile 1 (Figure 2a), about half a mile from Profile 2, shows a more conductive zone that extends up through the resistor cap. This could be due to the presence of conductive sulfides in the resistive, possibly silica flooded, cap and is a target for epithermal gold-silver mineralization.

The MobileMT has defined other targets in the Yawi area, details of which will be released when the survey is expanded to fully cover these targets and when all exploration datasets in those areas are integrated.

Illustration 1.

a) Magnetic data map showing key features in the Yawi target area, the location of the diatrembreccia containing mineralized porphyry fragments, and the outline of a conductive feature interpreted as porphyry in the MobileMT data. The positions of the wellbore collars from the Scout wells completed in 2020 are also displayed (numbers “01” through “07” refer to wellbore numbers “YW-001” through “YW-7”).

b) Top view of resistivity data from MobileMT’s geophysical survey showing an oval electrically conductive feature enclosed within a resistive area. The MobileMT data displayed comes from a height of 300 m above sea level. The apex of the domed conductive zone is 450 to 700 m below the surface, as shown in Figure 2. Cool colors (blue and green) are areas that are more resilient, while warm colors (yellow, orange, red, and pink) are areas that are more resilient, more efficient electrical conductors.

Figure 2. Vertical profiles through part of the Yawi target area showing a finger-like electrically conductive feature covered by a resistive cap. The conductive area can be due to conductive sulfides in a mineralized porphyry. The resistance map shown in Figure 1b is located 300 m above mean sea level – see profiles. The porphyry target’s domed ridge is located 450 m to 700 m below the surface. These east-west profiles are created from data extracted from north-south profiles – hence the seemingly low resolution.

MobileMT Geophysical Survey

The east-west profiles shown in Figure 2 are compiled from data measured along north-south lines flown with a distance of 200 m to 400 m between the lines. The company intends to fly east-west lines for a more detailed resolution in the target area.

The Heliborne MobileMT is currently flown in the central part of Tiria-Shimpia. The MobileMT survey is conducted by MPX Geophysics Ltd. in collaboration with Expert Geophysics Limited, both in Toronto, Canada.

planning

The next steps to the various goals in the project are as follows:

  • Begin drilling the Tsenken N1 – Tsenken West Target Area.
  • Expand the MobileMT survey in the Yawi area to fully cover a goal that is only partially covered by the current survey (see Figure 1).
  • Prepare the first of the targets in the Tiria-Shimpia-Silver-Zinc-Lead System for scout drilling.
  • Proceed with exploration.

This plan is subject to change as the MobileMT survey results come in and the goals are mixed with priority.

Qualified people

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.

The geophysical information contained in this press release was prepared by Dr. Alex Prikhodko, Vice President and Chief Geophysicist of Expert Geophysics Limited, reviewed and approved. Dr. Prikhodko is registered with the Association of Professional Geoscientists in Ontario and is a Qualified Person under National Instrument 43-101, Canadian Securities Managers Disclosure Standards for Mineral Projects.

About Aurania

Aurania is a mineral exploration company engaged in the identification, appraisal, acquisition and exploration of mineral properties with an emphasis 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 southeastern 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
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Dr. Richard Spencer
president
Aurania Resources Ltd.
(416) 367-3200
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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 take future events and conditions into account, 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 regarding 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 appropriate, undue reliance should not be placed on, and cannot be, any information that may speak only as of the date of this press release Assurances are given that such events will occur in the specified time frame 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 required by law.