Dr. Keith Barron, Chairman and CEO of Aurania commented, “Though our field operations are presently shut down, lab results have been coming in for samples collected before the lockdown.  It is not surprising to see the 10 square kilometre Tsenken North airborne magnetic target resolving into a cluster of porphyry-type centres on the ground.  This is certainly my own experience through my former work in the Condor Belt, and those of other companies, only some 50 or so kilometres to the south.  It remains for us now to test these with the drill.  An exciting aspect here is that copper is also occurring in the surrounding sedimentary rocks, a feature that we have previously noted in our releases and appears to be a new ore-forming environment.” 

Tsenken North Targets

The targets under discussion are as follows (Figure 1):

• Tsenken N3b: an area 300 metres (“m”) long by 200m on the northern edge of the soil sampling grid with coincident, albeit modest, enrichment of molybdenum and gold in soil. The target lies between the prominent Tsenken N3 and Tsenken N4 magnetic features evident in the Company’s geophysics data.  Soil sampling of this area was underway when the field crews were withdrawn in response to the COVID-related lockdown;
• Tsenken N3a: an “L”-shaped area approximately 1,700m long and 300m wide with two coincident areas of modest, but consistent, gold and molybdenum enrichment in soil. Iron oxides and illite (clay) alteration are also prevalent in this target area.  The areas of coincident copper, gold and molybdenum are suspected to be porphyry targets; and
• Tsenken N2: this target was described in a press release issued on February 13, 2020.  The area of copper enrichment in soil is 2,000m long by 300m wide over part of the Tsenken N2 magnetic feature.  This target is different from the other two described above since the area in which molybdenum is moderately enriched in soil is displaced from the area of copper enrichment. Iron oxides are abundant with sericite/illite alteration. These features are consistent with the upper parts of a porphyry.

Next Steps

Soil sampling crews plan to return to complete the sampling over Tsenken N3 and N4 when the are COVID-related lockdown is lifted.  Geological mapping was also interrupted by the COVID-related restrictions and is planned to continue as soon as possible in preparation for scout drilling with an ultra-lightweight drill rig.   

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories: The soil samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done 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 lab reported that the analyses had passed its 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 is 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 Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@aurania.com

In Europe:
Swiss Resource Capital AG – Jochen Staiger
info@resource-capital.ch  – www.resource-capital.ch

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.