Toronto, Ontario, November 10th, 2017 – Aurania Resources Ltd. (TSXV: ARU) (“Aurania” or the “Company”) is pleased to report that it has completed the airborne geophysical survey over its large 2,080 square kilometre Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador. The airborne magnetic and radiometric survey has been completed on budget. The data is now being levelled for analysis and interpretation.
“Management’s previous discoveries that include the Fruta Del Norte (“FDN”) gold-silver deposit and the chain of copper porphyry deposits that encompasses San Carlos, Mirador and Panantza in the mineral belt adjacent to Aurania’s concessions, were made through field work and stream sediment sampling without having the benefit of geophysical data at our disposal,” observed Dr. Keith Barron, CEO of Aurania. “Subsequent geophysical surveys showed how conspicuous these deposits can be. If airborne geophysics had been done as a first step, the discovery process is likely to have been accelerated by several years.”
Similarity to Adjacent Mineral Belt
One of the key features of the adjacent Cordillera del Condor is a core of granitic rocks, the Zamora Batholith, that has been genetically linked with the formation of large gold, silver and copper deposits in southeastern Ecuador. Interpretation of the preliminary magnetic data from our Project indicates that it too contains a previously unknown granitic core. “We knew that the rocks that contain many of the deposits in the adjacent Cordillera del Condor trend into our Project area, but now having geophysical evidence that our area has a granitic core, reinforces the potential of the Project to contain similar deposits,” said Dr. Richard Spencer, Aurania’s President.
Model for copper-gold porphyry targets
A full analysis of the large geophysical datasets is underway, and the interpretation of these data will focus on delineating gold and copper-gold targets. Many copper-gold porphyry targets have a magnetic core, more or less one kilometre in diameter, that generally shows as a bullseye in the magnetic data. The copper-gold – bearing core of these systems typically contains potassium-bearing minerals that are detectable in the radiometric data. Porphyry deposits are also usually clustered along faults that may also be identifiable in the magnetic data. Therefore, our plan entails examining this newly flown data for clusters of magnetic centres with coincident potassic signatures, aligned along fault zones, as potential porphyry copper-gold targets.
Model for epithermal gold-silver targets
Dr. Barron commented, “Gold targets are likely to be subtle features in the geophysical data. However, we are fortunate to have the geological setting of FDN, the biggest gold deposit in the contiguous geological belt, as a template for exploration. FDN lies within a pull-apart basin that formed along a strike-slip fault. Potential pull-apart basins have been identified in satellite imagery of the Project area and are likely to be delineated more fully in the magnetic data. Identification of gold targets clearly demands a thorough integration of diverse datasets that are now available to our exploration team.”
The final geophysical report will be available in about a month, but notwithstanding, we are mobilizing our field crews to the most conspicuous targets we see in the preliminary data and will be ground-truthing them as soon as practicable.
Aurania is a junior exploration mining 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.
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.
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:
Dr. Richard Spencer
Aurania Resources Ltd.
Chief Financial Officer
Aurania Resources Ltd.
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This news release contains 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 company’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 First Nations and other 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.