Aurania Reports First Target Defined from the Geophysics Program ON Its Lost Cities – Cutucu Project IN Ecuador
TSX-V: ARU
NR 2017-15
AURANIA REPORTS FIRST TARGET DEFINED FROM THE GEOPHYSICS PROGRAM ON
ITS LOST CITIES – CUTUCU PROJECT IN ECUADOR
Toronto, Ontario, December 6, 2017 – Aurania Resources Ltd. (TSX -V: ARU) (“Aurania” or the
“Company”) is pleased to report on the first of a number of targets defined by the recently -completed
airborne geophysics survey over its Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador. The
data continue to be processed, analyzed and then integrated with geological information and satellite
imagery in order to identify priority targets . The “Awacha Target” is defined by magnetic features and a
structural setting similar to the known porphyry copper-gold and copper deposits in the adjacent Cordillera
del Condor.
Jeremy S. Brett, P.Geo., senior geophysical consultant, was retained to assure quality control and to
interpret the data on behalf of A urania as the survey progressed. He commented, “ The quality of the
geophysical data that MPX Geophysics Ltd. acquired over th e large survey ar ea is excellent. An
examination of preliminary data from the Awacha area has led me to conclude that the multiple kilometre-
scale magnetic signatures could conform to intrusive centres, such as porphyries.”
Geophysical Characteristics of the Awacha Target
The Awacha Target area consists of ten magnetic centres that are similar in size and intensity contrast to
magnetic features related to known porphyry deposits in the adjacent Cordillera del Condor, that lies along
geological trend. Principal features of the Awacha Target are as follows (Figure 1):
• The ten centres of discrete magnetism (pink to red colours on Figure 1 A) are aligned within two
northeast trending zones 5km-8km long;
• The areas of discrete magnetism are 0.5km - 2km in diameter – similar in size to the magnetic core
of porphyry stocks in the adjacent Cordillera del Condor mineral belt;
• The centres of discrete magnetism are partially bordered by magnetic lows that may be caused by
structurally-controlled alteration in which magnetite may have been replaced by non-magnetic clay
minerals;
• The northeast-orientated trends in the magnetic data are disrupted by many northwest-trending
features that are interpreted as f aults. The San Carlos and Panantza copper porphyries, that lie
approximately 40km from the southern boundary of the P roject, occur in an area similarly
transected by northwest-trending faults; and
• Many of the mineral deposits in the Cordillera del Condor are related to a 200km-long granitic
body, the Zamora Batholith, which is the probable source of magma and metal for the associated
porphyry copper and copper -gold deposits , and related epithermal gold -silver and gold skarn
deposits. The new aeromagnetic data suggest that a similar granitic batholith lies beneath the
central part the Project area. If this interpretation is correct, this Cutucu Batholith may have
provided a similar source as the Zamora B atholith for porphyry, epithermal and skarn
mineralization in the Project area.
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Comparison of Magnetic Signature of the Awacha Target with SolGold’s Cascabel Project
Public domain geophysical images from SolGold PLC’s (“SolGold’s”) large copper-gold porphyry system
in northern Ecuador provide useful context for the targets identified in the geophysical data from the Lost
Cities – Cutucu Project. The images in Figure 1 show data from our newly identified Awacha Target
compared with SolGold’s Cascabel Project after Reduction to the Pole (“RTP”) processing.
Statement: The data presented in SolGold’s NI 43-101 report from which the image presented in Figure 1B
was taken have not been independently verified by Aurania.
Additional Data Supporting Geophysical Interpretation
Interpretation o f satellite imagery that was completed months before the geophysics survey started,
identified three possible intrusive centres or stocks within the same window of magnetic data shown in this
press release (Figure 1 A). Two of those interpreted intrusive centres coincide with areas of elevated
magnetism that were identified as possible porphyry centres on the basis of the magnetic data alone. The
fact that these areas were identified as possible porphyries from two completely different data sets elevates
their status in ranking targets for more detailed follow-up exploration.
Next Steps
The final report on the geophysical survey is expected in mid-December and details of additional targets
will be press released as their merits are evaluated. Stream sediment sampling is in progress by the
reconnaissance exploration teams, and will be reported as results become available. Experienced geologists
are leading teams dedicated to the more detailed exploration of iden tified targets. The aim is to have
multiple targets ready for initial scout-drilling in mid-2018.
Figure 1.A. Airborne magnetic data from the Awacha Target area of the Lost Cities – Cutucu
Project. Three interpreted intrusive centres identified in satellite imagery are shown in yellow
circles. B. An image of airborne magnetic data of SolGold’s Cascabel Project in northern Ecuador.
Blue outlines represent anomalous metal content of soil samples that refine the location of porphyry
targets. (Source: Technical Report on the Cascabel Project in Ecuador , NI 43-101 report prepared
by SRK Exploration Services Ltd, 15 February, 2017). Positive RTP magnetic anomalies show in
warm colours (pink and red) on both images. The images are RTP processed data. The images are
of a similar scale.
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Technical Disclosure
The heliborne survey contract was undertaken by MPX Geophysics L td. (“MPX”), a Markham, Ontario -
based company, using an Ecuadorian he licopter and local pilots. Jeremy S. Brett , a Senior Geophysical
Consultant with MPH Consulting Limited of Toronto, was retained by Aurania to undertake QA/QC
verification of the airborne survey data , every few days as it was collected, and to assist with its
interpretation.
The technical information contained in this press release has been verified and approved by Jean -Paul
Pallier, MSc. and Jeremy S. Brett, MSc. Mr. Pallier is a designated EurGeol by the European Federation
of Geologists and Mr. Brett is designated a P.Geo . through his registration with the Association of
Professional Geoscientists of Ontario. Both Messrs Pallier and Brett are Qualified Persons 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-.
For further information, please contact:
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
Donna McLean
Chief Financial Officer
Aurania Resources Ltd.
(416) 417-8349
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 “believ es”, “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 co rporate
objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s
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portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral
resources, exploration and mine dev elopment 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.