ARU.V · 2020-07-30 12:00:00

Confirms Extensive, High - Grade Copper - Silver at ‘ Tsenken B ’ Target I N Ecuador

Corporate Updates

TSX

V: ARU

NR 20

AURANIA

CONFIRMS EXTENSIVE, HIGH

GRADE

COPPER

SILVER AT

‘

TSENKEN

’

TARGET

N ECUADOR

Toronto, Ontario,

–

Aurania Resources Ltd. (TSXV: ARU)

(OTCQB: AUIAF)

rankfurt

: 20Q)

(“Aurania” or the “Company”)

is pleased to r

eport

on extensive, sedimentary

hosted

high

grade copper

silver in the Tsenken B

target area in

its

Lost Cities

–

Cutucu Project

(“

Project”) in

southeastern Ecuador.

A summary of targets in the Tsenken area

and next steps is provided in Table 1.

Dr. Keith Barron, Chairman and CEO of Aurania commented, “We

are very

encouraged to see the copper

silver in the Tsenken area resolving into specific targets

that we aim to drill

test as soon as possible. The light

eight drill rig

, that has a

maximum reach of

800

metres (

600 feet)

is in country and will be deployed to site in

the coming weeks to start the drill program on Tsenken N2 and N3, before proceeding

to the other

priority

targets

”

The results reported ex

tend from the intensely mineralized fault breccia at Tsenken A northwards over 6

kilometres (“km”). The copper

silver is hosted by sedimentary layers that contain fossilized, carbonized

plant fragments within an enclosing stack of red

coloured sandstone o

r red beds. Copper minerals include

malachite, chrysocolla, tenorite and chalcocite. Samples from sporadic

outcrops

that stick up through the

jungle floor are distinguished from boulders found in streams and on hillsides in Figure 1.

Table 1.

Summary

of the targets with associated next steps in the Tsenken area

Target name

Characteristics of target

Next steps

Tsenken N1

Copper

silver

–

bearing hydrothermal (diatreme?)

breccia

Field mapping & set

up for

scout drilling

Tsenken N2

Copper

enrichment in soil over conspicuous

magnetic feature evident in the geophysical data

Detailed mapping & scout

drilling

Tsenken N3

Tsenken N4

Conspicuous magnetic feature evident in the

geophysical data

Soil sampling underway

Tsenken A

Fault

related breccia with high

grade copper

silver.

Adjacent sedimentary

hosted copper

silver likely

related to metal

bearing fluid that rose up the fault

Field mapping & set

up for

scout drilling

Tsenken B

Sedimentary

hosted copper

silver mineralizatio

n in

outcrop & boulders in carbon

bearing layers

Field mapping & soil

sampling to define drill

targets

Tsenken

magnetic centre

Possible porphyry

or “intrusive

related”

cluster

Wide

spaced soil sampling

Figure 1.

Location of

high

grade copper

silver samples taken from

outcrops

and boulders in streams in

the Tsenken B target area o

n a background of magnetic data (negative reduction to the equator

which is

roughly equivalent to reduction to the pole

(“RTP”

Figure

Photo of a piece of

Sample

Y991879

showing green copper mineral (malachite)

and black

mineral (chalcocite).

The sample contains

7.2

% copper and

g/t silver.

Scale bar is in centimetres.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories:

The

rock

samples were prepared for analysis at

MS Analytical (“MSA”) in Cuenca,

Ecuador

, and the

analyses were done in Vancouver, Canada.

Sample preparation:

The rock samples were jaw

crushed to 10 mesh (crushed material passes through a

mesh

with apertures of 2 millimetres (“mm”)

)

, from which a one

kilogram sub

sample 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.

Analytical procedure:

pproximately 0.25g of rock pulp underwent four

acid digestion and analysis for

48 elements by ICP

MS. For the over

limit samples, those that had

grade of greater than 1%

copper and

100g/t silver

, 0.4 grams of pulp underwent digestion in four acids

and t

he resulting liquid was diluted

and

analy

zed

by ICP

QAQC:

Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at

approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its

independent

QAQC samples showed the batches reported on above, lie within acceptable limits.

In addition, t

he labs

reported that the analyses had passed their internal QAQC tests.

Qualified Person

The technical information contained in this news release h

as been verified and approved by Jean

Paul

Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and

Qualified Person as defined by National Instrument 43

101, Standards of Disclosure for Mineral Projects

of the C

anadian 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

–

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 c

ontact:

Carolyn Muir

VP Investor

Relations

Aurania Resources Ltd.

(416) 367

3200

[email protected]

Dr. Richard Spencer

President

Aurania Resources Ltd.

(416) 367

3200

[email protected]

Neither the TSX

enture 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 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 thei

r 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 th

is 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 estima

tion of mineral resources,

exploration and mine development 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 result

s, 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

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 ris

ks 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 an

y 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.

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