Aurania Discovers Nickel-Rich Beach Placers IN France and Signs Memoranda of Understanding
TSX-V: ARU
NR 2024-20
AURANIA DISCOVERS NICKEL-RICH BEACH PLACERS IN FRANCE AND SIGNS
MEMORANDA OF UNDERSTANDING
Toronto, Ontario, October 3, 2024 – Aurania Resources Ltd. (TSXV: ARU; OTCQB:
AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) . Aurania has signed non- binding
Memoranda of Understanding (“MOUs”) with the Communes of Ogliastro and Nonza in Cap
Corse, Northern Corsica, France, through Aurania’s wholly-owned subsidiary Corsica Ressources
S.A. for the exploitation of heavy mineral beach placers that are highly enriched in nickel (Ni) and
other metals. Analysis by Activation Laboratories Ltd (Actlabs) of Ancaster, Ontario, of a heavy
mineral concentrate produced by simple gold panning the beach sand by hand yielded an assay of
50.4% nickel, 0.701% cobalt (Co), and 0.476% copper (Cu). A Mozley gravity table concentrate
of magnetic beach sand performed by SGS Laboratories of Lakefield, Ontario yielded 40.1%
nickel. These nickel grades are far in excess of any known hard rock deposits to our knowledge.
The Management of Aurania was quick to realize the significance of this “discovery” and has
worked over the last year with the Mineral Resources Department of the Ministry of Economy and
Finance, the Interministral Delegation for the Provision of Critical Minerals and Strategic Metals
as well as various levels of Government within Corsica.
Aurania’s Consultant Geologist, Stefan Ansermet, located a Geological Survey of France (BRGM)
report from 1968 entitled “Le problème du nickel dans le serpentines de Corse ” (The problem of
nickel in the serpentinites of Corsica) which contained a one -paragraph reference to an
accumulation of natural nickel-iron alloy (awaruite) on the beach of Albo, originating from
asbestos mine waste that had been disposed of in the Mediterranean Sea. At the Canari open-pit
mine, processed mine waste was dumped in the sea from 1948-1965. This has been broken up by
storms and tides and travelled up to six kilometres along the coast and silted up two historic ports:
Albo and Nonza. The awaruite mineral resides within the serpentinite host rock which in the surf
has been naturally attrition milled . In the historical data a minus 2 m illimetre fraction of beach
sand from Albo, concentrated by heavy liquids, gave a Ni assay more than double the typical grade
of mine waste. Aurania’s Chairman and CEO, Dr. Keith Barron examined satellite images on
Google Earth and found what appeared to be beach placers of black sand on the nearby Nonza
Beach (Figure 1). Within days, Mr. Ansermet travelled to Corsica and confirmed that there were
indeed black sand accumulations on the beach (Figure 2). Subsequently, 130 kilos of sand were
taken on a N -S traverse of Nonza beach . ALS -Chemex Laboratories determined that 31.7% of
this raw material was magnetic through Davis Tube recovery. This magnetic sand is made up of
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free particles of awaruite ( Ni3Fe) and magnetite (Fe3O4). In the areas of black sand placer , the
awaruite and magnetite content approaches 100%. Awaruite is a natural Ni-Fe mineral alloy with
a composition approximating stainless steel with 77-83% Ni. Though the initial source of the
awaruite was asbestos mine waste, there is no present hazard on the beache s according to the
French National Institute of Industrial Environment and Risks . Both awaruite and magnetite are
heavy minerals and easily recovered from beach sand by gravity techniques that are similar to
placer gold recovery . Both minerals are also highly magnetic, and the magnetic susceptibility
differences between magnetite and awaruite is such that they can easily be separated . The
technology is simple, cheap, and well understood. No chemicals are used in the recovery. The
awaruite product can be dried, bagged and shipped to a potential smelter or battery-grade nickel
sulphate producer. SGS Labs (Lakefield) is currently working on the 130 kg sample to determine
the most efficient means of separating out awaruite.
Dr. Barron commented, “A nickel prospect where a potential nickel -matte furnace feedstock
requires no need for drilling, blasting, or beneficiation, and can possibly be shipped from Corsica
direct to a purchaser sounds like a dream scenario. Encouraging local community support makes
this even more attractive. I would like to thank Stefan Ansermet for alerting Aurania to this
exceptional opportunity.”
Although this does represent a considerable departure from Aurania’s on- going copper and gold
exploration project in Ecuador, Dr. Barron, who has considerable experience in commercial heavy
mineral recovery , immediately recognized the economic significance of this phenomenon and
initiated a project of geological investigation. Though artificial, it is believed that these are the
sole alluvial concentrations of nickel known on Earth and that they potentially constitute a major
resource of the metal he retofore unrecognized. According to the BRGM, more than 11Mt of
processed serpentinite grading 0.2% Ni were dumped in the sea. However, the beach pebbles are
predominantly larger than the historical 3 cm crushing width, suggesting that large amounts of
development rock from stripping was also disposed of in the sea. At this juncture , the Company
has not determined a Resource or Reserve.
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Figure 1: Much evidence of Beach Placer concentration indicated by arrows (taken August
7, 2020) Google Earth ( cf. Hou et al., 2017). Carried by longshore drift southwards 6
kilometres from the abandoned open pit mine to Nonza. This beach is approximately 1350
metres long and 350 metres at its widest . The beach placers are believed to be very high
grade.
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Figure 2: One of many beach placer accumulations of Black Sand (awaruite and
magnetite). Boot imprints in the foreground for scale. Grains of magnetite extracted from
Black Sand by attraction to a simple magnet, inset photo.
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Figure 3: Fairly pure concentrate of awaruite in a gold pan. This material assayed 50.1%
nickel. Awaruite is present as silvery scales which tarnish yellow. Maximum grain size is
approximately 2 mm.
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Figure 4: Historical airphoto on the left and present-day photo on the right, showing the
progradation of the beaches over time.
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Figure 5: Nonza Beach, Corsica
Independently published studies have concluded that heavy metals (Ni, Co, Cu) are leaching from
the beach material and contaminating marine life. The beaches themselves appear to be entirely
sterile. We con sider our Project equally as a critical metals recovery project and a “clean up
operation”. Both of these are “wins” for the planet.
The Company has retained SGS Laboratories/Lakefield to determine the best method for awaruite
commercial recovery. SGS has sent a Geologist to Corsica to verify the material above and to take
umpire samples. His report is pending receipt of final assays. The Company has also retained
IHC Mining B.V. a Netherlands-based company, which specializes in dredging solutions, that is
currently preparing a scoping study to best advise on suitable heavy mineral recovery methods and
equipment.
Technical Information
All sampling reported in this release was supervised by project geologists, including chain of
custody. Hand sediment panning and alluvial grab samples have been prepared at the indicated
laboratories, and certified reference standards are inserted into the sample stream to monitor
laboratory performance. A portion of the material is stored in a secured storage facility for future
assay verification. No capping has been applied to sample composites. The Company utilizes a
rigorous, industry- standard QA/QC program. Rock samples are reconnaissance select grab
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samples that display mineralization and assay results may not be representative of, nor verify
economically mineable mineralization.
Qualified Persons:
The geological information contained in this news release has been verified and approved by
Aurania’s VP Exploration, Mr. 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 – Cutucú 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.sedarplus.ca, 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 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 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 Aurania’s
objectives, goals or future plans, statements, exploration results, potential mineralization, the
tonnage and grade of mineralization which has the potential for economic extraction and
processing, the merits and effectiveness of known process and recovery methods, the corporation’s
portfolio, treasury, management team and enhanced capital markets profile, the estimation of
mineral resources, exploration, timing of the commencement of operations, the Company’s teams
being on track ahead of any drill program, the commencement of any drill program 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