Sixth Hole Being Drilled at Crunchy Hill
Toronto, Ontario–(Newsfile Corp. – April 9, 2019) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) reports that high-grade copper and silver have been found over an area measuring 6 kilometres (“km”) by 3km in the Kirus target area in the Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador. Samples from boulders in streams contain up to 12% copper with 166 grams per tonne (“g/t”) silver. Follow-up exploration of these streams has led to the discovery of outcrop with grades of up to 5% copper with 70g/t silver.
Aurania’s President, Dr. Richard Spencer, commented, “Kirus is remarkably like the Tsenken target reported on last week (see press release dated April 2, 2019). The targets, 6km apart, are associated with highly magnetic features evident in the geophysics survey that we flew over the Cutucu – Lost Cities Project. Both targets have high-grade copper and silver in sedimentary rocks over, and adjacent to, their respective magnetic feature. The significance of these sediment-hosted targets is that they are sheet-like and would be relatively simple to drill. The magnetic features are interpreted to be porphyry bodies that represent deeper targets that would be drill-tested later in our exploration program.”
“The sixth bore hole is underway at Crunchy Hill. No assays have yet been received from the Lab. We intend to release results once we have assays from a cluster of drill holes that allow us to understand the context of any mineralization intersected.”
Copper-Silver Mineralization at Kirus
Reconnaissance exploration identified boulders in streams that contain up to 11.9% copper with 166g/t silver. Follow-up exploration has led to the discovery of mineralization of up to 5.1% copper and 70g/t silver in sporadic outcrops in dense jungle over a 2km trend immediately northwest of the Kirus magnetic feature evident in the Company’s geophysics data (Figure 1). The copper and silver mineralization is in sandstone and shale, and is especially concentrated where these rocks contain layers of carbon in the form of fossilized plant fragments. The copper minerals observed include malachite, chrysocolla, tenorite and chalcocite.
Samples from boulders in streams 3km to the east of the main Kirus target returned grades of 5.6% copper and 146 g/t silver. The source of these boulders has yet to be found and exploration teams will return to that area to find the source of that mineralization.
The magnetic feature at Kirus is about 4km in diameter (Figure 1) and is of a similar size to the one at Tsenken. Our current thinking, outlined in the Company’s press releases on January 10, 2019 and April 2, 2019, is that these magnetic features relate to clusters of porphyry bodies.
Figure 1: Kirus target
To view an enhanced version of Figure 1, please visit:
Sample Analysis & Quality Assurance / Quality Control (“QAQC”)
Some of the samples were prepared for analysis at ALS Global’s (“ALS”) lab in Quito, Ecuador and others at MS Analytical in Cuenca, Ecuador. The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken. The sub-sample was crushed to a grain size of 0.075mm and a 200 gram (“g”) split was set aside for analysis.
Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at intervals of approximately 20 samples in all sample batches.
ALS’s preparation lab in Quito sent the prepared samples to its analytical facility in Lima, Peru, while those prepared by MS Analytical were sent to its assay facility in Vancouver, for analysis. Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. A repeat analysis was done on all samples with a grade of greater than 1% copper and/or 100g/t silver. The repeat analysis was done on a 0.4g sample of pulp that underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.
ALS and MS Analytical reported that the analyses had passed their internal QAQC tests. In addition, Aurania’s analysis of control samples showed that they passed its internal QAQC standards.
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 is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43950