Aurelius Minerals Continues to Intersect High-Grade Gold at Aureus East - 149 g/t Gold over 0.7 Metres

Toronto, August 10, 2021 - Aurelius Minerals Inc. (TSXV: AUL) (OTCQB: AURQF) is pleased to report high-grade results from the Aureus East Project in Nova Scotia, Canada. The Company is drilling at the Aureus East Project to define a new gold mineral resource and continue expanding upon the success of the Phase 1 program. This release covers 10 holes (3,554m) from our 10,000m Phase 2 drilling campaign.

Highlights from Aureus East drill program

• 0.7m at 149.0 g/t gold, from 329.3m in Hole AE-21-026 (surface drilling, intersected)

• 4.8m at 5.2 g/t gold, from 338.5m in Hole AE-21-027 (surface drilling, intersected)
  • Including 0.8m at 25.5 g/t gold, from 339.4m

• 1.3m at 17.72 g/t gold, from 283.0m in Hole AE-21-024 (underground, intersected)
  • Including 0.6m at 36.8 g/t gold, from 283.7m

• 2.4m at 13.9 g/t gold, from 306.9m in Hole AE-21-024 (underground, intersected)
  • Including 1.0m at 26.1 g/t gold from 306.9m

CEO of Aurelius, Mark Ashcroft, stated, "We are very pleased with the continued success of our drilling program. These results continue to demonstrate the high-grade and continuous nature of the Aureus East Gold Project. The combination of surface and underground drilling continues to validate our thesis that this substantial gold system has been underexplored and misunderstood. We continue to take a systematic approach to our drilling program, and these assay results confirm we are on the right track."

Phase 2 drilling concentrates on discovering new gold horizons and expanding on historically known gold horizons and ones recently identified in Phase 1 drilling. The advanced exploration will focus on a 500m by 500m pocket proximal to the underground openings and utilize two rigs (see Figure 2). The gold horizons at Aureus East are stacked within folded host rocks that gently dip toward the east. The near-surface horizons have been intersected in historical drilling along the trend at least 1.6km to the east with little exploration work laterally and into the limbs of the anticline. Future exploration programs will aim to expand eastward and outward from the hinge of the anticline to grow the volume of rock with gold mineralization (see Figure 3).

Figure 1: Core photo showing large gold nugget in hole AE-21-026 at a depth of 329.5m - 0.7m sample graded 149 g/t gold.

To view an enhanced version of Figure 1, please visit:
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"Finding huge nuggets like the one in hole twenty-six fuels our excitement for exploring in Nova Scotia," stated Jeremy Niemi, Vice President Exploration. "Exploring on the flanks of a former gold mine is exciting, and we see incredible opportunity to grow a near-surface gold resource with some serious depth potential. By drilling the under-explored limbs with our surface rig, we can add a lot of volume to the gold system, and our underground rig continues to expand the hinge and find new zones at depth."

Figure 2: Aureus East longitudinal section shows reported hole locations, underground development, drill locations and trend of the gold horizons.

To view an enhanced version of Figure 2, please visit:
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Figure 3: Aureus East schematic cross-section demonstrates geometry of stacked gold veins and opportunity for gold mineralization growth in limbs - Gold veins displayed in yellow and as black lines in the limbs.

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Table 1. Gold intersections from Aureus East surface and underground holes

Gold grades are not capped, and due to folded geometry of veins, the intervals may not reflect actual width.

Table 2. Hole location, final depth and orientation for reported holes

COVID-19 Precautions

Aurelius has developed and implemented compliant precautions and procedures that are in line with guidelines for the Province of Nova Scotia. Protocols were put in place to ensure the safety of our employees, contractors and the communities in which we operate.

Qualified Person and Analytical Procedures

Mr. Jeremy Niemi, P.Geo. and Vice President, Exploration of Aurelius and the Company's Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release.

Individual drill core samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped by courier for analyses to ALS Geochemistry, Moncton, New Brunswick. Sample preparation occurs at ALS in Moncton where samples are weighed, dried, crushing one kilogram to 70 percent less than two millimeters and then pulverized to create a one-kilogram sample with 85 percent less than seventy-five microns. Potential high-grade gold samples are sent for metallic screen fire assay and remaining material is assayed for 50-gram fire assay and samples grading more than 100 parts per million have a gravimetric finish performed. When visible gold is encountered the company samples both halves of the core. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed. The Company inserted control samples (accredited gold standards, blanks and duplicates) at least every 20 samples and monitors the control samples inserted by ALS.

About Aurelius

Aurelius is a well-positioned gold exploration company focused on advancing its recently acquired and renamed Aureus Gold Properties, including Aureus East and West, the Tangier Gold Project and the Forest Hill Gold Project located in Nova Scotia and described in detail in the Company's press release of November 18, 2019.

Aurelius is also focused on advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario, Canada, one of the world's most prolific mining districts; the 968-hectare Mikwam Property, in the Burntbush area on the Casa Berardi trend and the 12,425-hectare Lipton Property, on the Lower Detour Trend.

The Company has a management team with experience in all facets of the mineral exploration and mining industry who will be considering additional acquisitions of advanced staged opportunities in Nova Scotia, the Abitibi and other proven mining districts.

On Behalf of the Board
Aurelius Minerals Inc.

For further information please contact:

Aurelius Minerals Inc.
Mark N.J. Ashcroft, P.Eng., President and CEO
info@aureliusminerals.com
Tel.: (416) 304-9095
www.aureliusminerals.com

Neither 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.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Aurelius. All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Aurelius within the meaning of applicable securities laws, including statements with respect to the Company's planned drilling and exploration activities, the anticipated benefits of the Acquisition and the development of the Aureus Gold Properties, the future price of gold, the estimation of Mineral Resources, the realization of Mineral Resource estimates, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" , "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" , "believes", or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information is necessarily based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of Aurelius to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Aurelius will operate in the future, including the price of gold, anticipated costs and ability to achieve goals.

Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking information include, among others, gold price volatility, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, delays, suspension and technical challenges associated with projects, higher prices for fuel, steel, power, labour and other consumables, currency fluctuations, the speculative nature of gold exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Although Aurelius believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

The Company provides forward-looking information for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Aurelius to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to difficulties in executing exploration programs at the Mikwam, Lipton and Aureus Gold Properties on the Company's proposed schedules and within its cost and scheduling estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates, the integration of acquisition; risks related to current global financial conditions including market reaction to the coronavirus outbreak; competition within the industry; actual results of current exploration activities; environmental risks; changes in project parameters as plans continue to be refined; future price of gold; failure of plant, equipment or processes to operate as anticipated; mine development and operating risks; accidents, labour disputes and other risks of the mining industry; delays in obtaining approvals or financing; risks related to indebtedness and the service of such indebtedness, as well as those factors, risks and uncertainties identified and reported in Aurelius' public filings under Aurelius' SEDAR profile at www.sedar.com. Although Aurelius has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. Aurelius disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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