Aurania Discovers High-Grade Silver-Zinc-Lead Associated with Epithermal GOLD-Silver and Porphyry Copper Targets at Its Ecuador Project
TSX-V: ARU; OTCQB: AUIAF; FSE: 20Q
NR 2018-38
AURANIA DISCOVERS HIGH-GRADE SILVER-ZINC-LEAD ASSOCIATED WITH
EPITHERMAL GOLD-SILVER AND PORPHYRY COPPER TARGETS AT ITS ECUADOR
PROJECT
Toronto, Ontario, November 29, 2018 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF)
(Frankfurt: 20Q) (“Aurania” or the “Company”) reports that its explora tion teams have discovered
silver-lead-zinc mineralization in grab samples that run as high as 325 g/t silver, 48% zinc, and 39% lead,
discovered between the new Tiria epithermal gold-silver target and the Jempe copper porphyry zone in its
Lost Cities – Cutucu Project (“Project”) in Ecuador.
Aurania’s Chairman and CEO, Dr. Keith Barron commented, “A few days ago, we announced that we are
seeing evidence of a gold-silver epithermal target being linked with a copper porphyry in the Kirus-Tinchi
mineralized system (see Aurania’s press release dated November 27, 2018). We are now seeing evidence
of a second complete mineralized system that has th e Jempe copper porphyry at its core, which evolves
outwards through a silver-zinc-lead zone (Shimpia targ et) and finally into the Tiria epithermal targets for
gold-silver at the furthest extremity of the system . Having these indicators of an entire mineralized
systems within our Project will allow us to develop ea ch target efficiently and turbocharges our definition
of value in the Project. Our focus remains on gold. Howe ver, we feel it is in the best interest of all our
stakeholders to responsibly pursue these additional emerging opportunities in copper – the electric metal –
and other commodities that can add value to the Project at minimal extra cost to Aurania.”
Conference Call - Update on Exploration
Aurania will be hosting a webcasted conference call on Monday, December 3rd, 2018 at 11:00am ET
to provide an update on exploration:
Webcast URL: http://services.choruscall.ca/links/aurania20181203.html
When prompted, webcast participants enter: First Name, Last Name, Company, Email Address.
PARTICIPANT TELEPHONE NUMBERS
Canada/USA Toll Free: 1-800-319-4610
Toronto Toll: +1-416-915-3239
UK & Europe Toll Free: 0808-101-2791
Callers should dial in 5 – 10 min prior to the scheduled start time and ask to jo in Aurania’s conference
call.
Shimpia Target
Stream sediment sampling has identified silver, zi nc and lead enrichment over an area measuring 8
kilometres (“km”) by 4km at Shimpia (Figure 1). Gr ab samples of rock collected by the reconnaissance
exploration teams contained up to 32 5 grams per tonne (“g/t”) of silver , 39% lead and 48% zinc within
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the target area (Table 1). The grab samples contain semi-massive sphalerite (z inc sulphide mineral) and
galena (lead sulphide) with abundant barite (barium su lphate) within limestone host-rock. The silver is
not identifiable to the naked eye, but is suspected to occur within the galena.
Shimpia lies within a fault-bounded area that is linked with the conspicuous magnetic zone evident in the
geophysical data at Jempe. Grab samples of ro ck from reconnaissance at Jempe returned a maximum
value of 3% copper and 47g/t silver. The copper is contained in the minerals malachite, chrysocolla,
tenorite, chalcocite and cuprite.
Table 1: Selected analytical results for grab samples of rocks from the Shimpia target.
Tiria Target
Initial exploration has identified two areas adjacent to Shimpia in which streams contain concentrations of
pathfinder elements typical of epithermal gold-si lver mineralization including arsenic, antimony,
selenium, thallium and molybdenum (Figure 1). There are two areas of enrichment of these elements at
Tiria. Tiria East covers an area of 7km by 2km in extent and Tiria West, 4km by 2km. A conceptual link
between these targets is illustrate d in a schematic cross section th rough an ancient volcano shown in
Figure 2.
Sample Number Silver (g/t) Lead (%) Zinc (%)
E797985 325.00 38.95 0.35
E797989 16.70 0.10 47.87
E797988 21.10 0.10 29.30
E797979 28.70 3.63 1.97
Y003454 11.90 0.35 1.32
E 797971 6.33 <0.1 25.90
Y003453 15.65 <0.1 0.58
E797987 10.65 0.18 <0.1
E797983 9.55 <0.1 0.37
Y003455 8.98 0.15 0.11
E 797967 8.82 0.84 <0.1
Y003471 7.72 <0.1 0.36
Y003452 2.98 <0.1 2.66
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Figure 1. Map of the Jempe – Shimpia - Tiria minerali zed system showing the extent of areas of
enrichment of metals and pathfinders in streams as well as the location of grab samples of rock with
grade. (Ag = silver, Ba = barium, Bi = bismuth, Cd = cadmium, Hg = mercury Mo = molybdenum, Pb =
lead, Sb = antimony, Se = selenium, Tl = thallium, Zn = zinc)
Next Steps
Further exploration will focus on the structural corridor that links the mineralized areas within the Jempe
– Shimpia – Tiria system. Apart from completion of the stream sediment sampling program in the area,
ridge and spur soil sampling will commence to refine the location and shape of the specific targets in
preparation for scout drilling in 2019.
Permitting for the initial drilling is expected shortly, cont ract terms have been finalized and a drill will be
mobilized to the property as soon as the final permit has been received. The hold-up is with the
environmental ministry – the permit cannot be processed until the new Minister of the Environment has
been appointed. Notwithstanding these additional disc overies, the Crunchy Hill epithermal gold target,
located less than one kilometre from a paved road, remains the Company’s initial scout drilling target.
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Figure 2. Schematic vertical profile through a minerali zed system related to volcanism showing a
porphyry at the core and its relationship to “repla cement lead-zinc-silver” and epithermal gold-silver
mineralization. The conceptual location of th e Jempe porphyry, Shimpia “replacement”, and Tiria
epithermal targets are also shown.
Sample Analysis & Quality Assurance / Quality Control (“QAQC”)
The samples were prepared for analysis at ALS Global’s (“ALS”) lab in Quito, Ecuador. The rock
samples were jaw-crushed to 10 me sh (crushed material passes through a mesh with apertures of 2
millimetres (“mm”)), from which a one-kilogram sub-samp le was taken. The sub-sample was crushed to
a grain size of 0.075mm and a 200 gram (“g”) split was set aside for analysis.
Stream sediment samples were wet-sieved through a 20 mesh (0.84mm) screen in the field and placed in
cloth bags so that excess water could drain. The sa mples were transported from the field to Aurania’s
field office in Macas, Ecuador and batched for delivery to ALS’s preparation lab in Quito for drying and
screening at 80 mesh (0.18mm sieve aperture). 250g of the -80 mesh silt was pulverized to 85% passing
0.075mm, and was packaged by ALS for analysis.
Aurania personnel inserted a certified standard pulp sample , alternating with a field blank, at approximate
20 sample intervals in all sample batches.
ALS’s preparation lab in Quito sent the prepared samples to its analy tical facility in Lima, Peru for
analysis by the following methods:
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Stream sediment: a 0.5g split of the -0.075mm frac tion of the stream silt underwent digestion
with aqua regia and the liquid was analyzed for 48 elements by ICP-MS; and
Rock: approximately 0.25g of rock pulp underw ent four-acid digestion and analysis for 48
elements by ICP-MS. The samples that had copper, lead and zinc grades of greater than 1%, and
silver grades of over 100g/t underwent a second analys is in which 0.4 grams of pulp was digested
in a mixture of four acids and the resulting liquid was diluted and analyzed by ICP-MS.
Apart from being analyzed by ICP-MS, gold was also analyzed by fire assay with an ICP-AES finish.
ALS reported that the analyses had passed its internal QAQC tests. In addition, Aurania’s analysis of
results from its independent QAQC samples showed th e batches reported on above, lie within acceptable
limits.
Qualified Person
The technical 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 junior mineral exploration company engaged in the identification, evaluation, acquisition and
exploration of mineral property interests, with a fo cus on precious metals and copper. 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/aurania ltd/, Twitter at https://twitter.com/auranialtd,
and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
Manager – Investor Services
Aurania Resources Ltd.
(416) 367-3200
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
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 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 d escribe Aurania’s future plans, objectives or goals,
including words to the effect that Aurania or its mana gement expects a stated condition or result to occur.
Forward-looking statements may be identified by su ch 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 available to Aurania, Aurania
provides no assurance that actual results will meet ma nagement’s expectations. Risks, uncertainties and
other factors involved with forward-looking informa tion 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 in this ne ws release includes, but is not limited to, Aurania’s
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objectives, goals or future plans, statements, exploration results, potential mineralization, the
corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation
of mineral resources, exploration and mine deve lopment plans, timing of the commencement of
operations 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, failure to convert estimated mineral resour ces to reserves, the inability to complete a feasibility
study which recommends a production decision, the prel iminary nature of metallurgical test results,
delays in obtaining or failures to obtain required gove rnmental, regulatory, environmental or other project
approvals, political risks, inability to fulfill the duty to accommodate indige nous peoples, uncertainties
relating to the availability and costs of financing n eeded in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significan tly 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 SEDAR. Although Aurania believes that the assumptions and factors used in preparing the
forward-looking information in this news release ar e reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release, and no assurance can be given
that such events will occur in th e disclosed time frames or at all. Aurania disclaims any intention or
obligation to update or revise any forward-looking info rmation, whether as a result of new information,
future events or otherwise, other than as required by law.