Aurania Reports the Discovery of the First Significant Copper Mineralization IN the Lost Cities - Cutucu Project
TSX-V: ARU
NR 2018-32
AURANIA REPORTS THE DISCOVERY OF THE FIRST SIGNIFICANT COPPER
MINERALIZATION IN THE LOST CITIES - CUTUCU PROJECT
Toronto, Ontario, October 4, 2018 – Aurania R esources Ltd. (TSXV: ARU) (“Aurania” or the
“Company”) reports that significant copper mineralization has been discovered by two separate regional
exploration teams in the Lost Cities – Cutucu Project (“Project”) in Ecuador. The discoveries are
approximately 20 kilometres (14 miles) apart: the first target is called “Jempe” and the other, “Kirus.”
The discoveries were made during exploration of tw o of the many magnetic targets identified from the
geophysical survey conducted over the Project.
Aurania Chairman and CEO, Dr. Keith Barron commented, “We are delighted to have linked outcropping
copper mineralization with geophysical targets for the first time in our Project area. This gives us
confidence that the numerous geophysical features that have been identified as prospective porphyry
copper targets in the Project area have real potential.”
Jempe Target:
Copper mineralization has been found in outcropping volcanic rock that was routinely sampled during
reconnaissance stream sediment sampling. The sampl es, which contain conspicuous green malachite and
blue-grey chalcocite, returned a maximum value of 3% copper and up to 47g/t silver (Figure 1). This
copper mineralization is significant because it:
• Occurs in an area of weak magnetism (defined in data from the geophysical survey that was
flown last year); and
• Occurs in tuff (hardened volcanic ash) that is typically deposited above, or lateral to, the copper-
rich core of porphyry systems.
These features, along with the low molybdenum c ontent of the tuff, suggests that the copper
mineralization found at Jempe does not lie in the core of the mineralized system: the core is likely to be
associated with either or both areas of strong magn etism that flank the magnetic low evident in the
geophysical data (Figure 2A).
Kirus Target:
Final assays have not yet been received from routine rock-chip sampling that was done during the stream
sediment sampling of the Kirus geophysical target. However, initial results show in excess of 1% copper
and up to 59g/t silver – final copper results will be reported when they are received from the lab. As with
the Jempe target, the host rock to the copper-silver mi neralization at Kirus is finely banded tuff (Figure
3).
The copper mineralization encountered in the first re connaissance of Kirus lies on the northern edge of an
area of anomalously strong magnetism that is approximately 4 km in diameter (Figure 2B and 2C).
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Figure 1. Copper mineralization (2.97 % Cu, green is malachite – a copper carbonate mineral) in
sandy-textured tuff from the Jempe target. The bl ack layers are secondary biotite alteration of
hornblende crystals. Biotite alteration is typical of porphyry systems.
Figure 2. Map showing the magnetic feature in the geophysical data from the Jempe (A.) and Kirus
(B. & C.) targets. The colour range on the map is dark blue for the areas of weakest magnetism
through to pink for the most highly magnetic areas. The location of the rock chip samples is also
shown.
Aurania’s President, Dr. Richard Spencer, noted, “I w as involved with the initial discoveries of the San
Carlos, Panantza and Mirador c opper porphyry deposits in Ecuador that are currently being
developed. The discovery of this initial copper mine ralization at surface at Kirus and Jempe on Aurania’s
property approximately 25 kilometres to the north of San Carlos and Panantza and approximately 75 km
to the north of Mirador, is more impr essive in the samples taken to date. It is also important to note that
our copper mineralization occurs in tuffaceous rocks versus the occurrence in granitic rocks at San Carlos,
Panantza and Mirador. This would suggest that we may have the full porphyry system preserved with
little to none eroded off.”
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The geophysical signature of the Kirus target is similar to that of porphyry systems elsewhere in the world
where copper mineralization is concentrated near th e magnetic core of granitic bodies. Most porphyry
systems have characteristic alteration zoning from magnetite-biotite at the core – formed under the
highest temperature – through concentric bands of lowe r-temperature minerals that form further from the
core. Three features of the rock-chip samples from Kiru s suggest that they are from the outer parts of a
porphyry system:
• The pervasive alteration mineral is white clay – su spected to be illite-smectite – that forms in the
outer and upper periphery of porphyry systems. It is unusual to have high-grade copper so far
from the core of a copper porphyry;
• The host rock is a volcanic tuff – again, typically found outward of the core of porphyry systems
that are usually centered on intrusive stocks of broadly granitic composition; and
• The molybdenum values of the rock chip sampl es are relatively low in comparison to porphyry
copper deposits such as Mirador, Sa n Carlos and Panantza that lie along-trend in the Cordillera
del Condor. Molybdenum is concentrated in the core of those deposits.
The conclusion of this early-stage work is that bot h the Kirus and Jempe targets represent the upper parts
of porphyry systems, and the porphyries are expected to lie at relatively shallow depth beneath, and lateral
to, the reconnaissance sample positions.
Figure 3. Copper mineralization (green is malachit e – a copper carbonate mineral) in tuff from the
Kirus target.
Next Steps:
The plan is to complete the str eam sediment sampling program over the geophysical targets and to cover
the catchment areas that are enriched in copper and associated metals, with ridge and spur soil sampling
to refine the location and shape of the target. It is anticipated that Jempe and Kuris will join the list of
targets being ranked for near-term scout drilling.
About Aurania
Aurania is a junior exploration mining company engage d in the identification, evaluation, acquisition and
exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset,
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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:
Carolyn Muir
Manager – Investor Services
Aurania Resources Ltd.
(416) 367-3200
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
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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. Forw ard-looking statements
include estimates and statements that describe Aur ania’s future plans, objectives or goals, including
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and uncertainties. Although these statements are based on information currently available to Aurania,
Aurania provides no assurance that actual resu lts will meet management’s expectations. Risks,
uncertainties and other factors involved with forwar d-looking information could cause actual events,
results, performance, prospects and opportunities to diff er materially from those expressed or implied by
such forward-looking information. Forward looking info rmation 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, trea sury, management team and enhanced capital markets
profile, the estimation of mineral resources, explora tion and mine development plans, timing of the
commencement of operations and estimates of market c onditions. Factors that could cause actual results
to differ materially from such forward-looking in formation include, but are not limited to, failure to
identify mineral resources, failure to convert estimated mineral resources to r eserves, 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 ava ilability and costs of financing needed in the future,
changes in equity markets, inflation, changes in exchange rates, fluctuati ons in commodity prices, delays
in the development of projects, capital and operatin g costs varying significantly from estimates and the
other risks involved in the min eral exploration and development industry, and those risks set out in
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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 rev ise any forward-looking information, whether as a
result of new information, future events or otherwise, other than as required by law.