Aurania Confirms Extension of Silver-Gold Target in Ecuador
Toronto, September 25, 2020 - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") reports that while the scout drilling program at the Tsenken N2 copper target is ongoing, other exploration teams have discovered extensions to the areas of silver enrichment in soil previously reported from the Tiria-Shimpia silver-gold target over a cumulative length of 15 kilometres ("km"). Tiria-Shimpia is on the short-list for scout drilling when the program at Tsenken has been completed.
Dr. Keith Barron, Chairman and CEO of Aurania commented, "Tiria-Shimpia is shaping up to be one of many compelling targets in Aurania's portfolio. Soil sampling has defined four main zones of silver enrichment that total 15 km in length. We're excited about this target area because the silver zone lies in the central part of a far larger mineralized system that, itself, lies on the flank of the biggest magnetic feature of our entire geophysical survey (Figure 1). Gold is slightly enriched adjacent to silver in some parts of the mineralized system - and those areas will be investigated as specific gold-silver targets, while most of the silver occurs with zinc, lead and barium. We expect the roots of the mineralization to be a system of veins from which mineralization likely seeped into the layering of the limestone host rock to form flat-lying "mantos". Our plan is to refine the targets with additional field work during which time the scout drilling program for Tiria-Shimpia will be planned."
Tiria-Shimpia Target
Soil sampling at the Tiria-Shimpia target has defined a large mineralized system that covers an area 75 square kilometres in extent - and is still open along trend - on the margin of a large, intensely magnetic feature that is interpreted to be a porphyry cluster. The silver zone lies in the central part of a more extensive area of enrichment of lead and zinc with epithermal pathfinder elements such as antimony, mercury, selenium, thallium and arsenic (Figure 1). Minor enrichment of gold occurs with, or close to, some of the silver-rich areas. Previous announcements about Tiria-Shimpia can be found in Aurania's press releases dated February 5, 2020, September 9, 2019 and November 29, 2018.
Rock-chip samples from boulders had grades of up to 710g/t silver and 48% zinc, while the highest grade samples from outcrop were 356g/t silver with 12.7% zinc and 11% lead (see press release dated September 9, 2019) and a subsequent sample with 199g/t silver, 22% zinc and 20.6% lead. Epithermal-type pathfinder elements of naturally-occurring arsenic, mercury, antimony, thallium and selenium lie along the same fault structures as the silver, zinc and lead.
Aurania's exploration of the Tiria-Shimpia target is guided by its likeness to the silver-lead-zinc deposits of the Colquijirca district in Peru that contains the Cerro de Pasco deposit that was mined for silver by the Colonial Spanish from the year 1630 onwards.
Figure 1. Distribution of silver and gold plotted on an image of magnetic data (negative reduction to the equator) with antimony, selenium, thallium, zinc and naturally-occurring mercury and arsenic shown relative to the fault system in the Tiria-Shimpia target area.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/64623_9eb3d3e414ec4803_001full.jpg
Next Steps
Despite the large size of the target area at Tiria-Shimpia, regional exploration in adjacent areas suggests that the system is larger and soil sampling will be done to refine those potential extensions. In addition, grid soil sampling will be done to further refine existing target areas so that scout drilling can be efficiently planned.
Sample Analysis & Quality Assurance / Quality Control ("QAQC")
Laboratories: The soil samples were prepared for analysis at ALS Global's ("ALS") lab in Quito, or at MS Analytical ("MSA") in Cuenca, Ecuador. Analysis by ALS was done in Lima, Peru, and MSA conducted their analyses in Vancouver, Canada.
Sample preparation: Soil samples consisted of approximately one kilogram of clay from the iron-rich "B" horizon at each sample point. The soil samples were dried and subsequently screened through 80 mesh (using screens with apertures of approximately 0.18 millimetres). A 250 gram ("g") split of the material that passed through 80 mesh was pulverized to 85% passing 0.075mm and was packaged for shipment to the analytical facility.
Analytical procedure: A 0.5g split of the -0.075mm fraction of soil samples underwent digestion with aqua regia, and the liquid was analyzed for 48 elements by ICP-MS. Apart from being analyzed by ICP-MS, gold was also analyzed by fire assay with an ICP-AES finish.
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, the labs reported that the analyses had passed their internal QAQC tests.
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 Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian 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 contact:
Carolyn Muir
VP - Investor Services
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@aurania.com
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 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 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 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 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 availability and costs of 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 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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