Aurania Resources refines Tatasham target for drilling

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Toronto, Ontario – (Newsfile Corp. – September 13, 2021) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) reports on geophysical modeling that refined the shape of the Tatasham target, a feature that exhibits the characteristics of a porphyry, a type of deposit that contains more than half of the world’s copper resources. Tatasham is located near the western margin of the Company’s Lost Cities – Cutucu Project (“Project”) area in southeast Ecuador.

Aurania President and CEO Dr Keith Barron commented, “Tatasham is the largest geophysical feature identified in the aerial magnetic survey we conducted over the entire concession area in 2017. We then covered the target area in the MobileMT survey conducted earlier this year. We believe that our geophysical inversion contractors have made a breakthrough in inverting MobileMT geophysical data acquired in mountainous areas like the project area. Inverted and 3D magnetic MobileMT data defines a magnetic core about 3 kilometers in diameter which could be the central part of a porphyry which is partially enclosed by a conductive zone which could be due to the presence of sulphides – it is there that most of the mineralization is located in the copper porphyries. Now that the shape of the target has been refined by reshaping the geophysical data, we are performing final field checks and preparing to drill Tatasham this year in the fourth quarter. ”

To watch Keith Barron’s presentation at the 2021 Precious Metals Summit in Beaver Creek, held September 8-11, 2021, please click here. Please note that registration is required in order to view the replay of the presentation webcast.

A first description of Tatasham’s target can be found in a video (from minute 1:10) on our website titled “Metron Probability Update Part III – Making Sense of Our Magnetic Data“.

Target of Tatasham

The heart of Tatasham’s target is a magnetic cylinder 3-4 km in diameter that is partially surrounded by a conductive zone derived from an entirely different data set – MobileMT (Figure 1). This geophysical model is consistent with a magnetic porphyry at the center with an adjacent sulphide conductive zone – where mineralization is generally located.

Drilling is scheduled for the fourth quarter of 2021. Details of the drilling, in terms of the planned footage and number of holes, will be announced in due course.

Details of geophysical modeling

Original processing of magnetic data from the 2017 geophysical survey showed that the Tatasham magnetic characteristic (negative pole reduction) had a diameter of over 10 km – the largest in the project area. The refined processing of the magnetic data by three-dimensional magnetic vector inversion has resulted in a smaller and better defined magnetic characteristic with a diameter of 3 to 4 km. In addition, the three-dimensional inversion of the MobileMT data has refined the location of conductive zones that are consistent with the geological data.

Magnetic and MobileMT data modeling was performed by Geotexera Inc. of St. John’s, Newfoundland, Canada.

Figure 1. Images of the combined 3D magnetic vector inversion (gray body) with the 3D inversion of MobileMT data.

Qualified person

The geological information contained in this press release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Disclosure Standards for Mining Projects of the Canadian Securities Administrators.

About Aurania

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. 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 southeast Ecuador.

Aurania information 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 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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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 press release may contain forward-looking information that involves substantial 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, objectives or goals, including words indicating that Aurania or its management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will” or “will”. Because forward-looking statements are based on assumptions and deal with 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. The risks, uncertainties and other factors involved in 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 contained in this press release includes, without limitation, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the company’s portfolio, the treasury, management team and improved capital markets profile, mineral resource estimate, exploration, timing of operations and estimates of market conditions. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to, inability to identify mineral resources, inability to convert estimated mineral resources into reserves, inability complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failing to obtain government, regulatory, environmental or other approvals, political risks, l ” inability to meet the obligation to accommodate Indigenous peoples, uncertainties about the availability and costs of funding needed in the future, stock market fluctuations, inflation, exchange rate fluctuations, fluctuations raw material prices, delays in project development, investment and operating costs varying c Considerably estimates and other risks associated with the mineral exploration and development industry, the effects of COVID-19 on the Company’s operations including, but not limited to, the effects of COVID-19 on commodity prices, capital market conditions, restrictions on labor and international travel and supply chains, and risks set out in Aurania public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, you should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given that such events will occur within the disclosed timeframe or not 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, except as required by law.



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