Aurania Finds a New Epithermal Target and Reports ON Soil Sample Results from Crunchy Hill
TSX-V: ARU
NR 2018-14
AURANIA FINDS A NEW EPITHERMAL TARGET AND REPORTS ON SOIL SAMPLE
RESULTS FROM CRUNCHY HILL
Toronto, Ontario, April 26, 2018 – Aurania Resources Ltd. (TSX -V: ARU) (“Aurania” or the
“Company”) is pleased to report that reconnaissance exploration crews have found silica blocks indicative
of a n entirely new epithermal system , the “Charip” target, some 50 kilometres (30 miles) north of the
Latorre area in its Lost Cities – Cutucu Project (the “Project”) in southeastern Ecuador . In addition, the
Company has received soil geochemistry results that refine the Crunchy Hill target and move it a step closer
to drill-testing.
Aurania’s Chairman and CEO, Dr. Keith Barron commented, “We were convinced from the outset, that in
addition to gold deposits associated with the two “lost cities”, the Cutucu mountain range would reveal
multiple additional gold and copper targets . Our exploration results are confirming this through the
identification of a completely new area which is totally distinct from the cluster of five targets that comprise
the Latorre area and is entirely separate from the Awacha porphyry copper target . In addition, analytical
results of soil samples taken from Crunchy Hill define a 400-metre-long target and our teams have recently
found vuggy silica – a known indicator of epithermal gold- silver systems – throughout a one-kilometre-
long extension of the Crunchy Hill system.”
Charip Target
Chalcedonic silica blocks, with textures typical of modern-day geyser platforms, and a feature of the upper
parts of epithermal mineralized systems, have been found by the Company’s reconnaissance exploration
teams in an entirely new part of the Project. Data from the heliborne geophysical survey in that area define
various strongly magnetic features that had been flagged as possible porphyry targets (Figure 1). The silica
blocks were found in streams peripheral to the strongly magnetic features , which is encouraging since
epithermal deposits commonly lie above deep- seated porphyries, or lateral to them. The F ruta del Norte
(“FDN”) Deposit in Ecuador (being developed by Lundin Gold) , for example, is located between two
porphyries and a porphyry has been f ound beneath the giant Yanacocha gold deposit in northern Peru.
Stream sediment samples from this new target area have been sent for analysis. Results will be reported as
soon as they become available.
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Figure 1. a. Airborne magnetic data from the Charip t arget area after reduction to the pole processing.
Areas of strong magnetism are shown in warm colours and weak magnetism in cool colours. b. Finely
banded chalcedonic silica with rust-coloured oxidized iron sulphides from the Charip target area.
Soil Geochemistry from Crunchy Hill
Results have recently been received from soil samples that were collected over a regular grid on the recently
discovered Crunchy Hill target area, identified by vuggy silica in outcrop (see press release dated April 6,
2018). The soil sample analytical results identify metal enrichment that effectively refines the size and
shape of this target. Based on this, we estimate that the target could cover an area of 400 metres by 100-
200 metres.
Chemical analyse s show a core area in which silver, volatile elements (naturally -occurring arsenic,
antimony, selenium and mercury) and base metals (molybden um and zinc), are concentrated (Figure 2).
The distribution of manganese, which occurs with the silver and volatile elements, provides an important
clue as to the type of mineralization tha t can be expected at Crunchy Hill: only intermediate sulphidation
epithermal systems, of which FDN, is a prime example, have manganese in their core. The low gold values
in the soil results are consistent with textures in the silica found at surface at Crunchy Hill that suggest that
the very top of the epithermal system is exposed. The upper part of these systems is often completely barren
in gold: for comparison, there was no gold at surface at FDN – where the gold-bearing zone was found at
depth of 125 metres below surface.
Based on this success, the soil grid at Crunchy Hill has been extended to cover an area to the west in which
vuggy silica, with cross-cutting veinlets of banded chalcedonic silica, have been discovered along a trend
measuring approximately one kilometre in length.
Crunchy Hill is now one of the top targets for the initial scout-drilling program, planned for later this year.
A program likely consisting of five bore holes, each of about 300 metres, would be based in part on these
soil geochemistry results. However, intermediate sulphidation epithermal deposits are typically associated
with abundant sulphides, which can be detected by induced polarization (“IP”) geophysical surveying. As
a result, the Company is considering focused IP surveying in order to further refine the three-dimensional
shape of the Crunchy Hill target. To optimize the selection of the initial drill hole locations, the team plans
Possible porphyry
centres
Chalcedonic silica
a.
1km
b.
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to integrate the results of the soil geochemistry, the distribution of specific features identified in silica, and
IP results.
Soil sampling has proven highly successful at refining these epithermal targets and as a result, soil sampling
over the other targets in the 100 square kilometre Latorre area will start as soon as the soil sampling of the
western extension of the Crunchy Hill target has been completed.
Figure 2. Gridded soil geochemical values for silver, naturally-occurring arsenic, antimony, selenium and
mercury, as well as molybdenum, zinc and manganese.
Technical Disclosure
The technical information contained in this pres s release has been verified and approved by Jean -Paul
Pallier, MSc., a EurGeol designated by the European Federation of Geologists. Mr. Pallier is 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 exploration mining company engaged in the identification, evaluation, acquisition and
exploration of mineral property interests, with a focus 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/auranialtd/, Twitter at https://twitter.com/auranialtd,
and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
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For further information, please contact:
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
Carolyn Muir
Manager, Investor Services
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 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 v ery 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 management’s expectations. Risks, uncertainties and oth er factors
involved with forward-looking information 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 news release includes, but is not limited to, Aurania’s co rporate
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 development 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 resources to reserves, the inability 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, political
risks, inability to fulfill the duty to accommodate certain 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 prices, 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 SEDAR. 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 release, 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 events or otherwise, other than as required by
law.