Aurania Comments ON Tatasham Drilling Campaign IN Ecuador
TSX-V: ARU
NR 2023-01
AURANIA COMMENTS ON TATASHAM DRILLING CAMPAIGN IN ECUADOR
Toronto, Ontario, January 9, 2023 – Aurania Resources Ltd. (TSXV: ARU ; OTCQB: AUIAF;
Frankfurt: 20Q ) (“Aurania” or the “Company”) reports that the diamond drilling campaign at the
Company’s Tatasham target in southeastern Ecuador, resumed after a holiday break . The initial drill hole
(TT-001) was completed before the break in late 2022 at a final depth of 567.52 metres and a second drill
hole (TT-002) was completed yesterday at a depth of 337.29 metres. A total of four holes are currently
planned at Tatasham.
TT-001 intersected two zones of silicification and silica replacement with potassic alteration over 37 metres
and 30 metres (core length) respectively between two fault zones. In addition, j ust prior to the holiday
break, a zone interpreted as high-level siliceous sinter and breccia was discovered by prospecting (see six
images below). This zone lies in front of the platform where TT-001 was drilled and was only found after
a tumbled down float near the platform was traced to a cliff face almost vertically above the drill. This was
very fortuitous since prospecting the steep cliff face was deemed impractical for safety reasons. The
outcropping cliff face will be closely examined by geologists with the use of ropes and safety harnesses in
the coming month.
TT-002 intersected a zone of intense silicification over more than 60 metres ( core length), surrounding a
zone with hydrothermal breccias and local chalcedonic veins. In addition to these characteristic epithermal
textures, the altered rock in TT-002 has abundant disseminated sulphides locally accompanied by replaced
lattice bladed calcite textures.
The strike length of the entire zone of interest is circa 4 kilometres and remains open to the north. The
distance between TT-001 and TT-002 is 2.1 kilometres.
Rock and drill core samples have been sent to the laboratory for assay; no assays have been received from
the lab as of this time.
Soil samples at Tatasham exhibit low -level anomalies for typical epithermal pathfinder elements As, Sb,
Mo, Tl, Se, and high for Hg and Pb. These are mostly one station anomalies with the exception of a coherent
Sb, Tl, Mo, Pb and Se anomaly, northwest of the sinter on the ridge line. Gold is uniformly low. Due to the
terrain, the area has only been sparsely sampled, and it has not been previously sampled near the sinter.
A PIMA (Terraspec portable infra-red mineral analyzer) assessment of alteration minerals from a mapping
campaign performed over Tatasham prior to drilling delineated a north-south oriented zone of silicification
on surface, within a high temperature illite clay alteration envelope. Further from the axis of the zone, the
presence of pervasive chlorite indicated propylitic alteration. The mineral “kutnahorite” a rare pink calcium
manganese carbonate mineral with magnesium and iron that is a member of the dolomite group, has been
found on surface in several places at Tatasham. This is a common gangue mineral at the Fruta del Norte
gold mine in Ecuador, currently in production in Ecuador by Lundin Gold, some 100 kilometres distant
(Leary et al., 2016).
President and CEO, Dr. Keith Barron commented, “The discovery of Fruta del Norte, of which I was
involved, came about from follow-up of three grab samples which were highly anomalous in arsenic (up to
1,895 ppm), antimony (up to 212 ppm) and mercury (up to 27.9 ppm). Gold was very weakly anomalous
(up to 0.15 g/t). We did not have access to a PIMA instrument at that time, though later it was found that
illite was a common alteration component. Our assessment was that the area represented a leakage zone
from a blind target at depth , and that precipitation kinetics meant that the precious metal zone would be
decoupled and be deeper beneath the volatile pathfinder elements (As, Hg, Sb) . Diamond drilling of the
zone resulted in a gold-silver discovery directly beneath a buried sinter. I do not expect high levels of gold
in the Tatasham sinter samples.”
Tatasham is both a magnetic anomaly and a mobile magnetotelluric (MobileMT) anomaly, geophysical
characteristics common for a combined porphyry-magnetite skarn body but does not outcrop at surface and
is buried at unknown depth. The four drill holes planned at Tatasham are designed to test geophysical targets
at moderate depth and areas of alteration on surface.
A short video of Aurania’s geologist, Faustino Tsenkush, sampling the sinter at Tatasham can be viewed
by clicking on this link.
Vertical exposure of silicious sinter, hydrothermal breccias, banded chalcedonic quartz in silicified
volcanic rock. Located vertically above drill pad for TT-001. Rock hammer for scale.
Figure 1: Hydrothermal breccia disrupting silicified volcanics.
Figure 2: Silicified clasts within breccia.
Figure 3: Opaline white siliceous sinter.
Figure 4: Laminated sinter, brecciated and healed by epithermal banded chalcedonic quartz.
Figure 5: Finely-laminated, siliceous sinter.
Qualified Person
The geological 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 a Qualified
Person as defined by National Instrument 43- 101, Standards 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 a nd 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 Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-
V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward -looking information as such term is defined in applicable securities
laws, which relate to future events or future perfo rmance and reflect management's current expectations
and assumptions. The forward-looking information includes statements about: Aurania’s objectives, goals
or future plans, statements, exploration and drilling results, potential mineralization, the corporation’s
portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral
resources, exploration, timing of the commencement of operations and estimates of market conditions. Such
forward-looking statements reflect management's current beliefs and are based on assumptions made by
and information currently available to Aurania, including the assumption that, there will be no material
adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained,
including various local government licenses and the market. Investors are cautioned that these forward -
looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may
cause future results to differ materially from those expected. Risk factors that could cause actual results to
differ materially from the results expressed or implied by the forward-looking information include, among
other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals
and consents, an inability to access financing as needed, a general economic downturn, a volatile stock
price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, a failure
to comply with environmental regulations and a weakening of market and industry reliance on precious
metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.