Aurania Reports New GOLD Target Along Trend of the Kirus Copper Zone IN Its Project IN Ecuador
TSX-V: ARU; OTCQB: AUIAF; Frankfurt: 20Q
NR 2018-37
AURANIA REPORTS NEW GOLD TARGET ALONG TREND OF THE KIRUS COPPER ZONE
IN ITS PROJECT IN ECUADOR
Toronto, Ontario, November 27, 2018 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF)
(Frankfurt: 20Q) (“Aurania” or the “Company”) reports that gold and pathfinder elements typical of
epithermal systems have been detected in stream sediments from an area about 5 kilometres (“km”) long
in the Tinchi target in the Company’s Lost Cities Cutucu project (“Project”) in southeastern Ecuador.
The Tinchi target lies along trend of the Kirus area in which high-grade copper has been discovered (see
news release dated November 1, 2018).
Aurania’s President, Dr. Richard Spencer commented, “Many epithermal gold-silver deposits throughout
the world have a close genetic relationship with po rphyry copper or copper- gold deposits. A similar
relationship is emerging that the new Tinchi gold targ et and the Kirus copper target are part of a single
mineralizing system that lies entirely within the Proj ect area. These deposits are often linked by fault
corridors – conduits along which the metal-beari ng fluids derived from the copper porphyries flow,
evolve and cool to form epithermal gold-silver deposits.”
“The recognition of linked epithermal and porphyry syst ems confirms that we are in “elephant country” –
it highlights the potential for the Project to contain very large deposits,” said Dr. Keith Barron, Aurania’s
Chairman and CEO. “An example of a linked porphyry-epithermal system is the Far Southeast – Lepanto
– Victoria system in the Philippines: Far Southeast is a porphyry that forms the core of the system and
contained a resource of 27 million ounces (“Moz”) of gold with by-product copper. Lepanto is an
epithermal deposit from which a further 3.6Moz of gold was mined right on the shoulder of the porphyry,
while the Victoria Veins on the other side of the porp hyry, contained a further 2.5Moz of gold. This is
the kind of system we are looking for.”
Tinchi Target
Gold occurs in streams draining an area approximately 3km long that is flanked by streams with elevated
levels of pathfinder elements such as tellurium and arsenic at higher elevations from an area a further 2km
long (Figure 1). Tinchi lies on the north-northwest -trending fault zone that bounds the Kirus copper
target, from which grab samples of rock returned gr ades of between 4.3% and 5.4% copper and 48 to 79
grams per tonne (“g/t”) of silver. The high-grade co pper is in secondary minerals malachite, chrysocolla,
tenorite, chalcocite and cuprite, and likely represents part of a secondary copper blanket as discussed in
the Company’s news release issued on November 1, 2018.
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Figure 1. Map of magnetic data from the Ki rus and Tsenken copper porphyry centres showing the
fault corridor on which the Tinchi epithermal gold ta rget lies. Magnetic data are illustrated by colour,
dark blue being the least magnetic areas and purp le/pink shades being the most intensely magnetic.
The map also shows the area in which gold, arsenic and tellurium have been encountered in streams in
the Tinchi target. (ppb = parts per billion and ppm = parts per million).
Next Steps
The recognition of linked por phyry-epithermal targets represents a br eakthrough in the exploration of the
Project area since it dictates that precious metal e xploration should focus on the structural corridors in
which porphyry systems, conspicuous in the regional geophysics, were emplaced. This observation helps
to focus the regional exploration work, which ha s now covered 35% of the Company’s large, 2,080
square km project area.
Additional stream sediment sampling will be undertaken to refine the area of enrichment of pathfinder
elements and will be followed by ri dge and spur soil sampling to better-define the location and shape of
the target at Tinchi. Ridge and spur soil sampli ng and detailed geological work is underway at the
Company’s Yawi and Kirus target to prepare them for scout drilling.
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Status of Permits for Scout Drilling
The Company is awaiting the final permit for scout drilling of the epithermal gold-silver target at Crunchy
Hill. A drill company has been selected for the scout drilling in the Project area.
Update on Exploration Conference Call
Aurania will be hosting a webcasted conference call on Monday, December 3 rd, 2018 at 11:00am ET to
provide an update on exploration:
Webcast URL: http://services.choruscall.ca/links/aurania20181203.html
When prompted, webcast participants enter: First Name, Last Name, Company, Email Address.
PARTICIPANT TELEPHONE NUMBERS
Canada/USA Toll Free: 1-800-319-4610
Toronto Toll: +1-416-915-3239
UK Toll Free: 0808-101-2791
Callers should dial in 5 – 10 min prior to the scheduled start time and ask to jo in Aurania’s conference
call.
Sample Analysis & Quality Assurance / Quality Control (“QAQC”)
The samples were prepared for analysis at ALS Global’s (“ALS”) lab in Quito, Ecuador. The rock
samples were jaw-crushed to 10 me sh (crushed material passes through a mesh with apertures of 2
millimetres (“mm”)), from which a one-kilogram sub-samp le 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.
Stream sediment samples were wet-sieved through a 20 mesh (0.84mm) screen in the field and placed in
cloth bags so that excess water could drain. The sa mples were transported from the field to Aurania’s
field office in Macas, Ecuador and batched for delivery to ALS’s preparation lab in Quito for drying and
screening at 80 mesh (0.18mm sieve aperture). 250g of the -80 mesh silt was pulverized to 85% passing
0.075mm, and was packaged by ALS for analysis.
Aurania personnel inserted a certified standard pulp sample , alternating with a field blank, at approximate
20 sample intervals in all sample batches.
ALS’s preparation lab in Quito sent the prepared samples to its analy tical facility in Lima, Peru for
analysis by the following methods:
Stream sediment: a 0.5g split of the -80 mesh frac tion of the stream silt underwent digestion with
aqua regia and the liquid was analyzed for 48 elements by ICP-MS; and
Rock: approximately 0.25g of rock pulp underw ent four-acid digestion and analysis for 48
elements by ICP-MS. For the over-limit samples, those that had a copper grade of greater than
1%, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and
analyzed by ICP-MS.
Apart from being analyzed by ICP-MS, gold was also analyzed by fire assay with an ICP-AES finish.
ALS reported that the analyses had passed its internal QAQC tests. In addition, Aurania’s analysis of
results from its QAQC samples showed the batches reported on above, lie within acceptable limits.
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 a
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Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects
of the Canadian Securities Administrators.
Option Grant
The Company granted a total of 1,260 stock options to a consultant on November 26, 2018. The stock
options have an exercise price of C$3.00 and expire on May 26, 2020.
About Aurania
Aurania is a junior mineral exploration company engaged in the identification, evaluation, acquisition and
exploration of mineral property interests, with a fo cus 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/aurania ltd/, Twitter at https://twitter.com/auranialtd,
and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
Manager – Investor Services
Aurania Resources Ltd.
(416) 367-3200
Dr. Richard Spencer
President
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 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 d escribe Aurania’s future plans, objectives or goals,
including words to the effect that Aurania or its mana gement expects a stated condition or result to occur.
Forward-looking statements may be identified by su ch 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 ma nagement’s expectations. Risks, uncertainties and
other factors involved with forward-looking informa tion 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 ne ws 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 and mine deve lopment 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 resour ces to reserves, the inability to complete a feasibility
study which recommends a production decision, the prel iminary nature of metallurgical test results,
delays in obtaining or failures to obtain required gove rnmental, regulatory, environmental or other project
approvals, political risks, inability to fulfill the duty to accommodate indige nous peoples, uncertainties
relating to the availability and costs of financing n eeded in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of
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projects, capital and operating costs varying significan tly 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 ar e 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 th e disclosed time frames or at all. Aurania disclaims any intention or
obligation to update or revise any forward-looking info rmation, whether as a result of new information,
future events or otherwise, other than as required by law.