Toronto, Ontario--(Newsfile Corp. - November 21, 2019) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to provide a quarterly update on operations including scout drilling at the first of four targets at Yawi, the search for the historic gold mining centres of Logroño and Sevilla, and the copper exploration in its Lost Cities - Cutucu Project ("Project") in southeastern Ecuador.
Update on Drilling at Yawi Gold-Silver Target
Drilling is progressing well at 'Yawi Target A' with the second bore hole having reached a depth of 256 metres. Updates will be provided as the drill program advances.
The Search for the "Lost Cities"
The search for the historic gold mining areas of Logroño and Sevilla continues to be spearheaded by field work, Metron's Bayesian statistical analysis of multiple datasets and through LiDAR. The company that was contracted to survey the entire Project area has had multiple technical and operational issues, as well as the weather being challenging for their sophisticated LiDAR instrumentation. Aurania needs LiDAR data from a key area immediately, and therefore has contracted another LiDAR company to conduct that small survey. The second contractor's equipment provides much lower resolution data, but the fact that it is collected at lower altitude means that the survey area can be flown beneath cloud cover that would otherwise impede data collection with the high-altitude system. Aurania considers the need to complete the LiDAR survey over the key area to be time sensitive and therefore the Company is not willing to risk any further operational delays from the original contractor.
The original contractor has assured the Company that it will resolve its operational issues, many of which have arisen due to the highly sophisticated nature of the LiDAR equipment. LiDAR coverage of the remainder of the Project area is less time sensitive and likely will be completed by the original contractor.
The basic field-based exploration for gold-silver in the Project area continues to uncover extensive indications of copper mineralization. This is being advanced on two fronts:
- Sedimentary-hosted copper-silver: Channel sampling with a diamond-encrusted saw aims to demonstrate continuity in copper-silver mineralization along specific layers in the sedimentary host rock. Results will be reported shortly; and
- Porphyry copper: Field work continues to underscore the potential for porphyry copper targets in the Project area.
Porphyry copper zones are emerging near sediment-hosted copper-silver areas, forming clusters of targets. Both target types are being advanced to a point where these clusters could be scout drilled in the most efficient and cost-effective way.
The Company's interim Financial Statements and Management's Discussion and Analysis for the period ended September 30, 2019 are now available on SEDAR and on Aurania's website.
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.
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:
Manager - Investor Services
Aurania Resources Ltd.
Dr. Richard Spencer
Aurania Resources Ltd.
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.
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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