ARU.V · 2019-10-21 12:00:00

Lidar Survey over the Lost Cities – Cutucu Project IN Ecuador

Exploration Programs

TSX

V: ARU

NR 201

AURANIA

TO COMMENCE

LiDAR SURVEY OVER THE

LOST CITIES

–

CUTUCU

PROJECT

IN ECUADOR

Toronto, Ontario,

Octo

ber

201

–

Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF)

(Frankfurt: 20Q) (“Aurania” or the “Company”)

is pleased to r

eport that

VeriDaaS Corp. of

Denver

olorado

, USA

which

has

been contracted to complete

LiDAR

(“

ght

istance

anging

”)

survey

over the

Company’s

208,000 hectare flagship Lost Cities

Cutucu Project area (“the Project”)

, has received

the permits

required

to commence

the survey

The aircraft equipped with the LiDAR device has arrived in

Ecuador and the survey is expected to

start within the next few days

, and to

be completed in about a month

Aurania’s Chairman and CEO, Dr. Keith Barron commented, “We’re delighted to report that the permit for

the survey

has been issued and w

e’re extremely grateful to the authorities

in Ecua

dor

for their prompt

attention to this matter.”

LiDAR survey

The rationale for undertaking the survey is as follows:



To detect vestiges of

infrastructure that point to the location of

the two “

ost

ities” of

Logro

de los Caballeros and Sevilla del Oro

;



To detect quartz veins

and alteration

in epithermal gold

silver systems

that could be rapidly

advanced

towards scout drilling;

and



show the extent of the sedimentary layers in which sediment

hosted copper and silver has been

discovered.

Dr.

Barron continued, “

The LiDAR survey should detect old roads, rock dumps, trenches, pits and water

canals that were constructed by the Spaniards in the age of the Conquistadors. Since buildings were almost

certainly made of thatch, wattle and daub, or logs

, these would have perished, along with the wooden

palisade forts mentioned in the colonial records. In 2003, Aurelian Resources staff discovered trenches, a

horizontal mine adit and a road with a 2

metre

diameter

tree growing out of it, in an area in the

southern

part of the Cordillera del Condor. The trenches contained abundant stone axes, used for mining.

Presumably mine workings in the Cutucu would be similarly recognizable

”

he gold mines of Logroño and Sevilla

are suspected to have been developed on

skarn deposits like

Nambija, the “Lost City” that was rediscovered in

southeastern Ecuador in

1981, or “bonanza

grade”

epithermal gold

silver deposits like Fruta del Norte.

It is possible that

detailed

LiDAR

imagery

may

identify

individual

faults hosting

veins or vein systems

related to epithermal gold

silver system

The

third area in which the LiDAR data is expected to be extremely useful is for the

sedimentary

hosted

copper

silver

discovered in the Project area

(see press release May 17, 2019). The copper

silver

lies in

specific sedimentary layers that are likely be

identifiable

LiDAR

imagery

Being able to map these layers

in the LiDAR imagery s

hould simplify the task of

exploration geologists

in their

llow

up of these targets

beneath

dense

jungle cover. This should greatly assist the exploration teams in determining the continuity

of copper

silver mineralization

Application of

LiDAR

technology in jungle

covered areas

LiDAR has been revolutionary in

discovery of a Mayan city beneath the jungles of Honduras (memorialized

in the book “the Lost City of the Monkey God

”),

and

Mahendraparvata

, a 1,200

year

old lost city in

Cambodia found by Sydney University in 2013,

https://www.nationalgeographic.com/culture/archaeology/lasers

lidar

driving

revolution

archaeology/?cmpid=org=ngp::mc=crm

email::src=ngp::cmp=editorial::add=History_20190805::rid=9EE05977C5B9DC8F342622F7B59BC7FF

Recentl

y, to the north and west of the Company’s Project

rea, in the valley of the Upano River, a LiDAR

survey found evidence of roads, building platforms, and burial mounds that may be from a culture as old

as 500 BC

http://www.revistamundodiners.com/?p=11044

. None of these features lie within the

Company’s concessions, and most probably the indigenous peoples kept to the fertile valley, and away from

the steep Cordillera which is mostly unsuited to agr

iculture.

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

Qualified Person as define

d by National Instrument 43

101, Standards of Disclosure for Mineral Projects

of the Canadian Securities Administrators.

About Aurania

Aurania is a junior

mineral

exploration 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.

Infor

mation on Aurania and technical reports are available at

www.aurania.com

and

www.sedar.com

, as

well as on Facebook at

https://w

ww.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

[email protected]

Dr. R

ichard Spencer

President

Aurania Resources Ltd.

(416) 367

3200

[email protected]

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 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 their very nature they involve inherent risks and uncertainties.

Although these statements are based on information curren

tly 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 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 development plans, timing of the commencement of operations and estima

tes 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 approva

ls, political risks, inability to

fulfill the duty to accommodate 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 c

ommodity 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.

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