Aurania Finds High-Grade Copper-Silver at Tsenken Target IN Ecuador
TSX-V: ARU
NR 2020-23
AURANIA FINDS HIGH-GRADE COPPER-SILVER AT TSENKEN TARGET IN ECUADOR
Toronto, Ontario, July 16, 2020 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF)
(Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to r eport that grades of up to 7% copper
with 55 grams per tonne (“g/t”) silver have been found in the Tsenken N1 target area in its Lost Cities –
Cutucu Project (“Project”) in southeastern Ecuador.
Dr. Keith Barron, Chairman and CEO of Aurania commented, “We’re delighted to
have found high-grade copper-silver at Tsenken N1 in what appears to be a very large
breccia body. This represents a relatively simple target that is likely cylindrical in
shape – and this will be readied for scout drilling using an ultra-lightweight rig as soon
as possible behind the drilling that is planned for the Tsenken N2 and N3 targets. We
are seeing a common theme in this area: we have copper-silver in breccia, sedimentary-
hosted mineralization, and also in intrusive rocks. The combination of c opper with
silver without significant enrichment of other metals is unusual – and hence we believe
that all three “types” of mineralization are likely linked. We expect to provide further
updates on the Tsenken targets as our understanding of the mineralization evolves.”
The next steps at the Tsenken target area are more detailed mapping and sampling, soil sampling, and a
heliborne Mobile MT geophysical survey is being considered to provide more detail on the possible shape
of the mineralized br eccia and to further investigate the rest of the 5km wide Tsenken magnetic feature.
The intention is to ready the target for scout drilling with an ultra-lightweight drill rig. Drilling is expected
to commence at Tsenken targets N2 and N3 prior to the end of Q 3, and the N1 target to be drilled
immediately thereafter.
Details of the Copper-Silver at Tsenken N1
The high-grade copper-silver has been found in boulders protruding from beneath the jungle floor over an
area of 500 metres (“m”) by 400m on the northern margin of the large magnetic feature at Tsenken – and
this target is termed Tsenken N1 (Figure 1). The host rock is “breccia” - a rock that consists of rock
fragments within a fine-grained matrix. Importantly, the matrix of the breccia is mineralized, not just the
fragments, and hence the whole breccia body is a target for copper-silver (Figure 2).
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Figure 1. Location of breccia with high- grade copper-silver from the Tsenken N1 target area shown on a
background of magnetic data (negative reduction to the equator , which is roughly equivalent to reduction
to the pole (“RTP”).
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Figure 2. Photo of a piece of Sample Y991449 showing green copper mineral (malachite) in the matrix as
well as in fragments in the breccia. The sampl e contains 7.10% copper and 55g/t silver. Scale bar is in
centimetres.
Details of the Breccia Target at Tsenken N1
The breccia occurs in deep jungle -cover – and contains poorly- sorted, polylithic clasts up to 15cm in
diameter that range from angular to rounded in shape. The rock fragments are supported by a matrix of
sand-sized granules and rock flour. Copper minerals include malachite, chrysocolla, chalcocite and traces
of bornite. Mineralization is primarily in the matrix, but also extend s into the fragments along fractures,
which suggests that mineralization occurred after the breccia was formed – and therefore that the breccia
body itself is the target.
This is different from the situation at the Yawi target where fragments of mineralized rock were found in
an otherwise unmineralized breccia. These fragments were plucked off the side of the breccia pipe and
detailed geophysics is required to determine where th ose fragments came from, and how much of the
associated mineralized systems remains intact on the edge of the diatreme.
Update on Field Work in Ecuador
Aurania’s exploration teams re-entered the field in mid-June and the first teams deployed have now returned
safely to base. Other teams have rotated into the field, doing two-week exploration campaigns in isolated
areas. The Company is strictly complying with the government-imposed COVID restrictions that require
a maximum 50% capacity in the field office at any one time. Exploration teams are working in six target
areas including Tsenken N3, Tsenken N4, Tiria, Kirus, Awacha and Crunchy Hill. Teams are also working
on the establishment of the remote camp from which scout drilling at Tsenken N2 and N3 is planned to be
undertaken.
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Sample Analysis & Quality Assurance / Quality Control (“QAQC”)
Laboratories: The soil samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador,
and the analyses were done in Vancouver, Canada.
Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a
mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample 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.
Analytical procedure: Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for
48 elements by ICP-MS. For the over-limit samples, those that had a grade of greater than 1% copper and
100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and
analyzed by ICP-MS.
QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at
approximate 20 sample intervals in all sample batches. Aurania’s analysis of results fr om its independent
QAQC samples showed the batches reported on above, lie within acceptable limits. In addition, the labs
reported that the analyses had passed their internal QAQC tests.
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 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 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.co m/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 Investor Relations
Aurania Resources Ltd.
(416) 367-3200
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
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Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown
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Although these statements are based on information currently available to Aurania, Aurani a provides no
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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 Aura nia 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
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whether as a result of new information, future events or otherwise, other than as required by law.