Aurania Provides Update ON Geological Mapping Program
TSX-V: ARU
NR 2022-17
AURANIA PROVIDES UPDATE ON GEOLOGICAL MAPPING PROGRAM
Toronto, Ontario, August 8, 2022 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to report that , under the guidance of Senior
Technical Advisor, Dr. Steve Garwin, detailed geological mapping at its Tatasham target is progressing and
is expected to be completed in the coming weeks. The second phase of mapping at the Company’s Awacha
target is planned to start by the end of August.
The purpose of this field work is to apply the Anaconda mapping method to define the drill target s at
Tatasham and Awacha. The Anaconda method was developed in the 60’s and 70’s by Anaconda Copper
and has led to the discovery and resource expansion of several porphyry copper-gold deposits including the
Apala deposit in Ecuador and Cortadera in Chile . To learn more about the importance of geological
mapping and the Anaconda technique, click here to view a video with Steve Garwin recorded during the
GeoHug webinar series July 2021.
The Company also announces that its Chairman, President and Chief Ex ecutive Officer, Dr. Keith Barron
(the “Lender”) completed a loan of C$1,000,000 to the Company. The loan is unsecured, bears interest at
2% per annum and matures upon notice of twelve months and one day from the Lender. The loan will help
fund the Company’s working capital and ongoing exploration activities.
Dr. Keith Barron is a related party of the Company by virtue of the fact that he is the Chairman, the President
and Chief Executive Officer, a promoter and a principal shareholder of the Company, and as a result, each
of the Loan constitutes a “related party transaction” for the purposes of Multilateral Instrument 61 -101 –
Protection of Minority Security Holders in Special Transactions (“MI 61 -101”). The Company is relying
upon an exemption from the formal valuation and minority shareholder approval requirements under MI
61-101 in respect of the Related Party Transactions, in reliance on Sections 5.5(a) and 5.7(1) of MI 61-101,
respectively, as the fair market value of the Related Party Tran saction, collectively, does not exceed 25%
of the Company’s market capitalization, as determined in accordance with MI 61 -101. The Company did
not file a material change report related to the Loan more than 21 days before the expected closing of the
Loan as required by MI 61-101, as the Company required the funds from closing on an expedited basis for
sound business reasons.
The Loan and the Insider Participation were approved by the members of the board of directors of the
Company who are independent for purposes of the Related Party Transactions, being all directors other
than Dr. Barron. No special committee was established in connection with the Loan and the Insider
Participation, and no materially contrary view or abstention was expressed or made by an y director of the
Company in relation thereto.
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.com/auranialtd/
, Twitter at
https://twitter.com/auranialtd
,
and LinkedIn at
https://www.linkedin.com/company/aurani
a
-
resources
-
ltd
-
.
For further information, please contact:
Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
(416) 367
-
3200
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
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 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
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 management’s expectations. Risks, uncertainties and other 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 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, 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
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,
the effects of COVID-19 on the
business of the Company including but not limited
to the effects of COVID-19 on the
price of commodities,
capital market conditions, restrictions on labour
and international travel and supply chains,
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.