Aurania Nickel Samples from Corsica Yield Precious Metals as Well as Cobalt and Copper
TSX-V: ARU
NR 2024-25
AURANIA NICKEL SAMPLES FROM CORSICA YIELD PRECIOUS METALS AS WELL AS
COBALT AND COPPER
Toronto, Ontario, November 11, 2024 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) has received preliminary results from ongoing mineral
processing, laboratory assay and metallurg ical studies conducted by SGS Laboratories (Lakefield) Ltd.
(“SGS”) on a sample of magnetic sand taken from Nonza B each, Corsica, under independent supervision
by Mr. John Rae, P. Geo. of Ontario, Canada. The nickel -bearing mineral in the black magnetic sand is
awaruite, a naturally occurring nickel-iron alloy, which is both of high specific gravity (dense) and of high
magnetic susceptibility (magnetic).
Project Highlights:
• Black beach sands from Nonza Beach, Corsica, contain the magnetic nickel-iron mineral awaruite
transported by longshore drift from a nearby historic mine.
• The beach is approximately 1350 metres long and up to 350 metres wide, with the beach material
extending on the seabed up to at least an additional 600 metres offshore . The maximum beach
thickness is estimated at 14 metres but this has yet to be tested by drilling.
• Preliminary studies indicate the beach is 40% sand, up to 31.7% of which is magnetic, and a
magnetic concentrate of the sand (containing awaruite+magnetite) yielded 40.1% nickel. 98% of
the awaruite reports to the ˂ 1 mm fraction
• New a ssays of an awaruite flotation concentrate yielded 71.4% nickel, 0.98% cobalt, 0.65%
copper, 0.58 g/t gold, 0.09 g/t platinum and 0.39 g/t palladium
• Further metallurgical studies are underway to determine the potential marketability of the mixed
awaruite-magnetite as nickel-matte feedstock versus pure awaruite as a polymetallic product
• Study of identical sands at the nearby Albo Beach are also underway
SGS was able to isolate a nearly pure awaruite concentrate using a combination of grinding and flotation
of magnetic sand collected in a traverse of Nonza Beach using a high field strength rare earth magnet. The
awaruite flotation concentrate assayed 71.4% nickel, 0.98% cobalt, 0.65% copper, 0.58 g/t gold, 0.09 g/t
platinum and 0.39 g/t palladium. The flotation method was able to recover 83.8% of the nickel contained
in the magnetic sand, which had a head grade of 6% nickel. Using reverse flotation, a second product of
nearly pure (93%) magnetite was obtained. This process has not been optimised and is a “first pass” only.
It is believed that the recovery of nickel from the raw magnetic sand can be improved.
An examination of the literature shows that platinum group metal (“PGM”) enrichment in awaruite is quite
rare. The only other occurrence documented being in the Kamchatka Peninsula of Russia 1 The Company
1 A. Kutyrev, V.S. Kamenetsky, A. Kontonikas -Charos, D. P. Saveley, T.Y. Yakich, Lithosphere Volume 2023;
Behaviour of platinum-group elements during hydrous metamorphism; constraints from awaruite mineralization.
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had previously determined that the Corsican awaruite contain s PGMs by electron microprobe analysis
carried out at Western University in Canada, and these new assay results by SGS confirm and quantify this.
As presented in the Company’s press release dated October 3, 2024, a Mozley gravity table concentrate of
magnetic beach sand generated by SGS yielded 40.1% nickel. The Company believes that an “impure”
awaruite-magnetite gravity concentrate by itself could be potentially saleable as feedstock for a nickel -
matte furnace. However, recovery and isolation of a pure awaruite product may allow for the extraction of
cobalt, copper, and precious metals in a “ value-added” scenario. Hydrometallurgical studies using an
atmospheric leach on the remainder of the sample recovered by flotation is in progress with encouraging
early results. The Company has no plan at this time to build a refinery or manufacture any battery grade
materials but would like to explore all possibilities for commerciality.
The Company notes that it has not done sufficient work to determine a compliant resource at this juncture.
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
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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 resul ts 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: 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; the inability to recover and process
mineralization using known mining methods; the presence of deleterious mineralization or the inability to
process mineralization in an environmentally acceptable manner; commodity prices, supply chain
disruptions, restrictions on labour and workplace attendance and local and international travel; 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; a weakening of market and industry reliance on precious metals and base metals; and those
risks set out in the Company’s public documents fil ed on SEDAR+. Aurania cautions the reader that the
above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors
used in preparing the forward- looking information in this news release are reasonable, undue rel iance
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. The Company
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.