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Aurania Provides Update on Exploration at Awacha and Announces Appointment of Keith Barron as President

28.01.2022 | 19:54 Uhr | Newsfile

Toronto, January 28, 2022 - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") provides an update on its exploration activities at the Awacha target area at its Lost Cities-Cutucu project in southeastern Ecuador. There appears to be a large porphyry body and possibly others at Awacha. The goal of field work here will be to define the porphyry targets in the area. Awacha is geographically isolated from communities and the Company is following strict COVID-19 protocols while working.

Chairman, CEO and President, Dr. Keith Barron comments, "Over the upcoming month Aurania will be engaged in basic field exploration north of the Awacha porphyry target on lands that only became accessible to the Company through a signed agreement with the local Shuar stakeholders on January 19th, 2022, prior to which we had never visited. It is suspected that more porphyry bodies exist in this area. On Awacha itself, soil sampling and field surveys are in progress. Mobile Magnetotellurics ("MobileMT") geophysics has indicated a buried conductive body in excess of 4 x 5 kilometres in size. The anomaly has the "classic doughnut" shape of a porphyry body. The conductive anomaly coincides with copper and molybdenum stream sediment anomalies (Figures 1 and 2), and with quartz-sericite-pyrite ("QSP") alteration exposed in stream beds (see press release dated March 15, 2018). This is classic "phyllic" alteration seen in porphyry systems (Figure 3)."

Aurania is also pleased to announce that Dr. Keith Barron will be assuming the role of President moving forward. Dr. Barron is presently on the ground in Ecuador and is taking the reins of the Company's COVID response.

Notwithstanding that year 2021 was a difficult year for the Company given the many pandemic issues to deal with, Aurania remains extremely optimistic about its future. Aurania's Board is studying all options to maximize value for our shareholders, and we continue to believe that there is significant value to our projects.

Figure 1: MobileMT conductivity image of Awacha with molybdenum stream sediment results superimposed.

To view an enhanced version of Figure 1, please visit:

Figure 2: MobileMT conductivity image of Awacha with copper stream sediment results superimposed.

To view an enhanced version of Figure 2, please visit:

Figure 3: Example of quartz-sericite-pyrite phyllic alteration at Awacha.

To view an enhanced version of Figure 3, please visit:

Sample Analysis & Quality Assurance / Quality Control ("QAQC")

Laboratories: before 2020, the samples were prepared for analysis at ALS Global's ("ALS") lab in Quito, Ecuador and then sent to its analytical facility in Lima, Peru. Since 2020, the samples were prepared for analysis in MS Analytical ("MSA") in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: Stream sediment samples were wet-sieved through a 20 mesh (0.84mm) screen in the field and placed in cloth bags so that excess water could drain. The samples were transported from the field to Aurania's field office in Macas, Ecuador and batched for delivery to the laboratory for drying and screening at 80 mesh (0.18mm sieve aperture). 250g of the -80 mesh silt was pulverized to 85% passing 0.075mm.

Analytical procedure: Approximately 0.5g split of the -80 mesh fraction of the stream silt underwent digestion with aqua regia and the liquid was analyzed for 51 elements by ICP-MS; and for gold by fire assay.

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 labs reported that the analyses had passed their internal QAQC tests.

Qualified Person
The geological information contained in this news release has been reviewed 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

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, 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, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, 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/111969

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