Aurania Receives Corsica Study from Ihc Mining B.v. of Holland
TSX-V: ARU
NR 2024-24
AURANIA RECEIVES CORSICA STUDY FROM IHC MINING B.V. OF HOLLAND
Toronto, Ontario, November 5, 2024 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) reports that IHC Mining Advisory Services (“IMAS”)
of IHC Mining B.V. were commissioned by the Company to prepare a conceptual desktop study identifying
a potential extraction and recovery methodology for the Albo-Nonza black beach sands in Corsica (see
related press releases dated October 3, 2024 and November 4, 2024) followed by a potential processing
solution for extraction of the heavy minerals located in the beach sand. These sands are believed to be
derived from the longshore drift of waste material from the historic Canari Mine. The 73-page report
focused on the identification of a potential solution that could be practical and technically possible, taking
into account the marine environment and a preliminary processing flow sheet focused on the extraction of
the heavy minerals containing nickel (Ni) and iron (Fe). The proposed equipment for both processes has
been defined with an estimated combined capital of 13 MM Euro and an estimated operational cost of 2.82
Euro/t. The IMAS study focused on the beach material only and did not include any potential additional
material offshore of Nonza and Albo Beaches as described in the press release dated November 4, 2024.
Many critical assumptions were made in this study, and these will be better constrained by a forthcoming
environmental study when sonic drilling of the beaches is planned. It is not possible at this point in time to
identify a compliant mineral resource. These minerals of interest are accumulated in the sand fraction of
the beach deposits of Nonza and Albo and can be extracted using simple magnetic methods. The beach is
40% sand*, with the remaining 60% consisting of pebbles that are, for the purpose of this preliminary study,
not considered to have potential economic value. Initial analyses determined that 31.7% of Nonza beach
sand is magnetic, and a magnetic concentrate of black beach sand at Nonza yielded 40.1% nickel.
The present-day thickness of the Nonza and Albo beach deposits was estimated by comparison of r ecent
LiDAR topographic and bathymetric survey data of the beach areas with a reconstructed pre-depositional
survey that was derived from historic al aerial photography and mapping. Wireframes were constructed
from both historic and recent survey data sets and the present-day thickness of the beach deposits was
estimated by determining the vertical thickness between the wireframes (Figures 1 and 2).
2
Figure 1: Estimated beach sediment thickness (in metres), Nonza.
Figure 2: Estimated beach sediment thickness (in metres), Albo.
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IMAS proposed two different scenarios for recovery of the heavy minerals. The first one is a backhoe
mounted on a barge, with a screening plant on board . The second is a floating suction and cutter -head
dredge on floating pontoons (like that shown in Figure 3). The dredge is expected to have higher capacity
and require less maintenance than the barge -mounted excavator and is regarded by the Company as the
favoured proposal.
Figure 3: A cutter head suction dredge moored in the channel behind the Rick Rule Conference
venue, (Boca Raton, Florida) in July 2024 that Aurania attended. Note that these dredges are used
for both civil purposes to clean canals and harbours and for mining alluvials . It operates with a
minimum of noise and disturbance and is ideal for clearing channels in proximity to hotels and
housing developments.
The cutter suction dredger excavates panels perpendicular to the coastline up to a maximum dredging depth
of 14m. Proposed dredging depths were estimated using the calculated thickness of the beach sands and
limitations of the equipment (Figures 4 and 5).
4
Figure 4: Proposed dredging depth (in metres), Nonza.
Figure 5: Proposed dredging depth (in metres), Albo.
The cutter head of the dredger is equipped with grizzly bars (cage) to prevent large rocks from entering the
suction pipe of the dredger as they can block the pump or discharge pipeline. Sand and pebbles pass through
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the dredge pump and are pumped to a beach-based primary screening & slurrification plant via a floating
pipeline that is up to 1000 metres long.
This conceptual study produced a potential process flow diagram for the proposed recovery of awaruite and
magnetite using the cutter suction dredger and magnetic separation (Figure 6). At the primary screening &
slurrification plant the dredging slurry passes a grizzly and double deck vibrating screen where oversized
(>6mm) pebbles are removed and the sands fraction (<6mm) reports to a slurrification bin and subsequent
magnetic separation. The pebbles and non-magnetic sand are re-distributed to restore the original beach.
Additional processing and metallurgical studies to refine the process are underway at SGS Laboratories
(Lakefield).
Figure 6: Potential flowsheet for the proposed recovery of awaruite and magnetite from the
conceptual study.
In this conceptual study IMAS has calculated the Cutter Suction Dredge Scenario to have a total potential
capital cost (“CAPEX”) of € 7,830,581 for the dredging equipment, with the estimated potential CAPEX
for the processing plant an additional € 5,225,920.
The estimated potential Operating Expenditure (“OPEX”) calculated in the conceptual study for the
recovery of the heavy minerals (dredging and screening for size) is presented in Table 1 with details of the
potential OPEX for magnetic separation of awaruite and magnetite presented in Table 2.
Table 1: Estimated potential OPEX for recovery of heavy minerals.
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Table 2: Estimated potential OPEX for metallurgical plant (magnetite and awaruite recovery).
IMAS has worked independently of SGS Labs who are currently working with 130 kilos of magnetic sand
collected from Nonza Beach to assess the best way of obtaining 1.) a potentially saleable magnetite -
awaruite concentrate, and also 2.) exploiting the significant density contrast between the two minerals*, an
awaruite concentrate with a separate magnetite concentrate. A mixed magnetite-awaruite concentrate could
be saleable for nickel matte production which may present a more profitable and marketable option. SGS
is also assessing the need for the currently proposed grinding of the <6mm magnetite concentrate in the
proposed circuit.
The proposed extraction activities would be halted each year during the tourist season and the beach
pebbles, and the non-magnetic sand would be returned to the beach which would be recontoured after
extraction at the end of each season.
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*Specific gravities and p article size analysis from P. Bernier, J-B Guidi and M. E. Bottcher, “Coastal
progradation and very early diagenesis of ultramafic sands as a result of rubble discharge from asbestos
excavations (northern Corsica, western Mediterranean)” published in Marine Geology, volume 144, 1997.
Qualified Persons:
The geological information contained in this news release and the IMAS report 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 comm encement 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 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
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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 filed on SEDAR +. Aurania cautions t he 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 reliance
should not be placed on su ch 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.