Aurania Completes Initial Exploration Drilling on Swiss Properties
Toronto, Ontario -- (Newsfile Corp. - November 15, 2013) - Aurania Resources Ltd. (TSXV: AOZ) ("Aurania" ) is pleased to report that it has completed its initial exploration drill programs on the Mont Chemin gold and Siviez uranium-copper-gold properties, consisting of 1390.3 meters of drilling in 12 holes. Geonor Servicios Tecnicos S.L. of Galicia, Spain was contracted for the drilling. The drilling on Mont Chemin consisted of 1390.3 metres in 12 holes and at Siviez of 622.9 metres in 4 holes.
On the Mont Chemin gold project, the holes tested a number of surface gold showings including the Goilly Vein (where grades of up to 40.7 g/t gold were returned from trenching), gold showings at the Scheelite, Crevace, and Vouillamoz pit areas, as well as a number of geophysics anomalies. Samples from the drilling are presently at ALS Chemex's laboratory in Ireland and results are expected shortly.
Upon completion of the Mont Chemin drilling, the diamond drill was mobilized to the Siviez uranium-copper-gold project to complete an initial four holes. This decision was based on the availability of the drill, the minimal mobilization cost, and road access to the northern-most part of the large Siviez property. The holes were selected to better understand the structural geology with the goal of improving target selection for the more significant drill program planned for 2014. Of note, the Siviez property has uranium-copper mineralization exposed along more than a 6 km strike length. The mineralization straddles the contact between the Nendaz Series, a Permo-Carboniferous unit of greenschist metamorphosed fluvial to fluvial-deltaic sediments, and the Siviez Series, a complex of predominantly banded metamorphosed mafic volcanic rocks. Uranium mineralization observed in outcrop at Siviez consists of disseminations, pods, and swarms of small veins of pitchblende and coffinite, together with pyrite and ubiquitous copper sulphides (chalcopyrite, tetrahedrite, chalcocite, covellite), as well as secondary copper carbonates (azurite and malachite). Native gold has been identified, but its distribution at Siviez is as yet unclear.
Dr. Keith Barron, Chairman and CEO reports "We are pleased that the drilling was completed within budget and achieved the objectives of the initial exploration drilling on our Swiss projects. We continue to be cognizant of the tight capital market conditions and are using our cash wisely. We have been examining and evaluating a number of business opportunities and gold-silver property submittals over the last several months, as industry conditions are creating opportunities for companies with even a modest cash position."
The technical information contained in this news release has been verified and approved by Aurania's Chief Geologist, Jean-Paul Pallier, a 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
For further information please contact:
| Dr. Keith Barron | Donna McLean |
| President and CEO | CFO |
| Tel: 416 367-3200 | Tel: 416 367-3200 |
| E: keith@auraniaresources.com | E: donna@auraniaresources.com |
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that 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, potential mineralization, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions and the estimated timing and cost of the exploration of the Mont Chemin, Marécottes and Siviez projects. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining of failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, changes in exchange rates, fluctuations in commodity prices, delays in the developments of the company’s projects 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, 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.