ARU.V · 2020-05-21 12:00:00

Aurania’S Tsenken North Developing into a Compelling Cluster of Copper Target

Corporate Updates

TSX

V: ARU

NR 20

AURANIA’S TSENKEN NORTH DEVELOPING INTO A COMPELLING CLUSTER OF

COPPER TARGET

Toronto, Ontario,

May

–

Aurania Resources Ltd. (TSXV: ARU)

(OTCQB: AUIAF)

rankfurt

: 20Q)

(“Aurania” or the “Company”)

reports that

soil sampling

has provided evidence

that

the T

senken N

orth area

evolv

ing

into

three

distinct

copper

targets, and th

number is likely to grow as

field work extends over

adjacent

geophysical target

. T

senken North

lie

in the central part of the

Lost

Cities

–

Cutucu Project

(“

Project”) in southeastern Ecuador.

Dr. Keith Barron, Chairman and CEO of Aurania commented, “

Though our field operations are presently

shut down, lab results have been coming in for samples colle

cted before the lockdown.

It is not surprising

to see the 10 square kilometre

Tsenken North airborne magnetic target resolving into a cluster of porphyry

type centres on the ground. This is certainly my own experience through my former work in the Condor

Belt, and those of other companies, only some 50 or so kilometres to the south. It remains for us now to

test these with the drill. An exciting aspect here is that copper is also occurring in the surrounding

sedimentary rocks, a feature that we have pre

viously noted in our releases and appears to be a new ore

forming environment.”

Tsenken North Targets

The targets

under discussion are as follows

(Figure 1)



Tsenken N3b: an area 300

metres (“m”)

long by 200m on the northern edge of the soil

sampling

grid with coincident

, albeit modest

enrichment of

molybdenum and gold in soil.

The target lies

between the prominent Tsenken N3 and Tsenken N4 magnetic features evident in the

Company’s

geophysics data. Soil sampling of this area was underway w

hen the field crews were withdrawn in

response to the COVID

related lockdown

;



Tsenken N3a: an

“L”

shaped

area approximately

1,700m

long and

300m

wide

with two coincident

areas of modest, but consistent

gold and molybdenum enrichment

in soil

. Iron oxides and illite

(clay)

alteration are also prevalent in this target area. The areas of coincident copper, gold

and

molybdenum are suspected to be porphyry targets; and



Tsenken N2:

this target was described

in a press release issued on

February 13, 2020

. The area of

copper enrichment in soil is

long by

300

wide over part of the Tsenken N2 magnetic

feature

This target is different from the other two described above since the area in which

molyb

enu

m is moderate

enriched in soil is displaced from the area of copper enrichment

Iron

oxides are abundant with sericite/illite alteration

These features are consistent with the upper parts

of a porphyry.

Figure

a) Gridded magnetic data (Reduction to the Pole) showing the Tsenken N2, N3 and N4

geophysical

targets

with copper in soil shown as filled circles, b) Copper enrichment in soil in green solid

shapes with molybdenum distribution in soils in filled circles

and c) gold values in soil overlain on the

distribution of elevated copper.

Next Steps

Soil sampling crews

plan to return to complete the sampling o

ver

Tsenken N3 and N4 when the

are

COVID

related lockdown is lifted. Geological mapping was also interru

pted by the COVID

related restrictions and

is planned to continue as so

n as possible in preparation for scout drilling with an ult

lightweight drill

rig.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories:

The

soil

samples we

re prepared for analysis at

MS Analytical (“MSA”) in Cuenca, Ecuador

and the

analyses

were done

in Vancouver, Canada.

Sample preparation:

Soil samples consisted of a

pproximately one kilogram of

clay

from the iron

rich “B”

horizon

at each sample p

oint. The soil samples were dried and subsequently screened

through

80 mesh

(using screens with apertures of approximately 0.18 millimetres).

A 250

gram (“g”)

split of the

material

that passed through

80 mes

h was pulverized to 85% passing 0.075mm and was packaged

for shipment to

the analytical facility

Analytical procedure:

0.5g split of the

0.075mm fraction of

soil samples

underwent digestion with

aqua regia

and the liquid was analyzed for 48 element

s by ICP

Apart from being analyzed by ICP

MS, gold was also analyzed by fire assay with an ICP

AES finish.

QAQC:

Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at

approximate 20 sample intervals in all

sample batches. Aurania’s analysis of results from its independent

QAQC samples showed the batches reported on above, lie within acceptable limits.

In addition, t

he lab

reported that the analyses had passed

its

internal QAQC tests.

Qualified Person

The te

chnical information contained in this news release has been verified and approved by Jean

Paul

Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and

Qualified Person as defined by National Instrument 43

101, S

tandards of Disclosure for Mineral Projects

of the Canadian Securities Administrators.

About Aurania

Aurania is a

mineral

exploration company engaged in the identification, evaluation, acquisition

and

exploration of mineral property interests, 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 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

VP Investor

Relations

Aurania Resources Ltd.

(416) 367

3200

[email protected]

Dr. Richard Spencer

Pre

sident

Aurania Resources Ltd.

(416) 367

3200

[email protected]

Neither the TSX

enture 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 availabl

e 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

opportuniti

es 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, pot

ential 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

marke

t 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 inabili

ty 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, politica

l 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 pri

ces, 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 SE

DAR. 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 r

elease, 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 even

ts or otherwise, other than as required by law.

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