Aurania Resources Identifies Areas of Metal Enrichment That Refine the Epithermal Target at Yawi
TSX VENTURE: ARU
Toronto, Ontario--(Newsfile Corp. - October 11, 2018) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") reports that ridge and spur soil sampling has identified extensive and coherent areas of elevated silver and other pathfinder elements at the Yawi target in its Lost Cities — Cutucu Project (the "Project") in Ecuador. These pathfinder elements are typical of the upper parts of epithermal gold-silver systems in the region. This data delineates two roughly parallel areas of metal enrichment each approximately 600 metres long and open along trend.
Soil Geochemistry Results
Ridge and spur soil sampling has defined two distinct areas of metal enrichment that are roughly perpendicular to the slope of the topography (Figure 1). The two zones are up to 250 metres wide and are separated by a horizontal distance of approximately 500 metres, and 200 metres in elevation. The areas of metal concentration are open to the east and west, where additional soil sampling is required to determine the full extent of the area of enrichment. Silver, which has proven to be relatively immobile in soils in the Cutucu mountain range, is broadly coincident with naturally-occurring arsenic, antimony, selenium, thallium, mercury and molybdenum. The suite of pathfinder elements is consistent with the upper parts of a "low sulphidation" gold-silver epithermal target.
Figure 1 (above). Summary results of ridge and spur soil sampling from the Yawi target. Sample points are black dots shown on a base of topographic contours (contour spacing is 20 metres elevation). Each map shows the shape of the zone of silver enrichment (purple outline) relative to the shape of the zone of enrichment of the other elements (shown in colour).
Sinter Textures & Telescoping
The Yawi target has some of the clearest sinter textures found in the Project area to date. Chalcedony-encrusted fossilized twigs and branches found at Yawi (Figure 2) are similar to those that can be seen forming in Yellowstone National Park today where vegetation on the edge of geyser pools is being splashed with hot silica-saturated water. Silica precipitates as a gel as the water cools, leaving the vegetation encrusted in silica that hardens as it dries.
Sinter, or silica platforms formed in geyser fields, are located at a similar altitude as the lower area of metal enrichment in soil at Yawi. This suggests that there was "telescoping" of the epithermal system — that the lower-elevation metal enrichment and associated sinter formed after the higher-elevation enrichment area had been partially eroded (Figure 3). The implication of telescoping is that different mineralization levels may be superimposed — for instance, the volatile-rich upper part of the sinter-related zone may be overprinted on, or juxtaposed to, the precious-metal zone of the earlier and higher-level system.
Detailed field mapping is underway while the ridge and spur soil sampling is being completed. Additional soil sampling will probably be required on a grid pattern to augment the ridge and spur sampling to more precisely define the location and shape of the zones of metal and pathfinder enrichment at Yawi.
Sample Analysis & QAQC
Approximately one kilogram of material was collected from the iron-rich "B" horizon of the soil profile at each sample point (black dots on Figure 1). The samples were sent in batches to ALS's preparation lab in Quito for drying and screening at 80 mesh (approximately 0.18 millimetre apertures). A split of 250 grams was taken at the preparation lab and shipped to Lima, Peru, for analysis by ICP-MS, and for gold by fire assay with an ICP-AES finish.
A certified standard pulp sample, alternating with a field blank, was inserted approximately every twentieth sample. Analysis of the QAQC samples showed the batches reported on above to lie within acceptable limits.
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.
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.
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 — Corporate & 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.