Aurania Defines Porphyry Drill Targets at Tatasham IN Ecuador
TSX-V: ARU
NR 2022-22
AURANIA DEFINES PORPHYRY DRILL TARGETS AT TATASHAM IN ECUADOR
Toronto, Ontario, November 16, 2022 – Aurania Resources Ltd. (TSXV: ARU ; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce that results of the intensive
“Anaconda method” mapping program (see press releases dated August 8, 2022 and September 26, 2022)
at the Company’s Tatasham target together with Infra-Red (IR) spectrometry (Terraspec), soil geochemical
results, airborne magnetics and the MobileMT (“MMT”) survey have enabled Aurania’s exploration team
to define porphyry drill target areas at Aurania’s Lost Cities-Cutucu project in southeastern Ecuador (the
“Project”). Drilling is expected to commence at Tatasham around the end of November/beginning of
December.
The Anaconda mapping at Tatasham took place over an area of three -square kilometres (“km”) where the
soil geochemistry anomalies coincided with the magnetic high. In parallel, IR spectrometry (Terraspec) was
conducted on a selection of rock samples collected during the mapping program. Magnetic data collected
during the 2017 airborne survey on the Project was merged with the data collected during the MMT survey
that was flown interpolated between the 2017 survey lines. The interpretation of the combined data has
resulted in a new magnetic inversion that is more accurate than the previous version.
The magnetic inversion shows the presence of a low magnetic area l ying within the major high magnetic
anomaly. This low magnetic is interpreted to be a classic de- magnetization of the rock by hydrothermal
alteration related to the core of a porphyr y system. The IR spectrometry (Terraspec) study show s the
presence of hydrothermal alteration zones characterized by illite over the magnetic low anomaly that
extends in the west part along a major N-trending ridge, which is inferred to represent a regional structure.
Mapped zones of elevated fracture abundance and silicification are coinciding with the illite alteration zone
(see fig. 1) . Mapping also highlight ed a central region of elevated goethite / hematite ratios, which is
inferred to represent the oxidation of rocks with elevated chalcopyrite / pyrite ratios (see fig. 2).
The data was reviewed by Senior Technical Advisor, Dr. Steven Garwin , together with Auran ia’s
exploration team to define specific target areas for the upcoming drill program planned at Tatasham. The
target areas of interest are distributed over 3.5 km along the anomalous N-trending ridge and are planned
to test the following:
• The middle part of a zone of interest, characterized by northerly-trending, illite- and silica-alteration
zones, elevated goethite / hematite and a magnetic high and adjacent magnetic low;
• An area beneath an outcrop of NE-trending, sheeted quartz veins that lie along the southern margin
of a magnetic high; and
• The northern extent of the mapped illit e alteration zone which is also a major M MT conductive
zone.
The planned program at Tatasham is an iterative process and will be subject to change as drilling progresses.
Figure 1: Total magnetic intensity inversion map at 1200m above sea level (ASL) with the silicification
from the mapping and the hydrothermal alterations from the IR spectrometry (Terraspec) study. Illite is a
high temperature clay mineral that is a common component of porphyry alteration systems. Smectite is also
a clay mineral that results from hydrothermal alteration at lower temperatures.
Figure 2: Total magnetic intensity inversion map at 1200m ASL with the copper / zinc ratio from the soil
geochemistry results and the goethite / hematite ratio from the mapping.
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 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 Corporate Development &
Investor Relations
Aurania Resources Ltd.
(416) 367-3200
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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 performance 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 a vailable 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 ar e 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.