IP Survey Commences at Aurania's Kuri-Yawi Gold Target in Ecuador

Rhea-AI Summary

Aurania Resources has initiated an induced polarization (IP) geophysical survey at its Kuri-Yawi gold target in southeastern Ecuador. The survey, conducted by GexplOre, aims to identify deep conductors potentially indicating gold mineralization for a planned 2025 drilling program. Kuri-Yawi, discovered in 2018 through sinter findings, is the most advanced epithermal target in the company's Cutucu project.

The area shows promising signs with thallium-rich chalcedony veins and epithermal chlorite-smectite-illite zonation, suggesting intense hydrothermal alteration. Previous exploration included nine scout holes during 2020-2021, with results indicating mineralization vectors northeast. The IP survey is expected to conclude by mid-December 2024, with results anticipated in early 2025.

Toronto, Ontario--(Newsfile Corp. - November 1, 2024) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") announces the start of the induced polarization (IP) geophysical survey at its Kuri-Yawi project in southeastern Ecuador. The survey is being carried out by the geophysics company GexplOre, which has extensive experience developing this technique within the Amazon rainforest. The geophysicists have arrived in the field last week following the completion of the line-cutting preparation work.

Kuri-Yawi is the most advanced epithermal target in the Company's Cutucu project. The discovery of numerous sinters by the Aurania team in 2018 highlighted the area as highly prospective for epithermal gold mineralization. Extensive fieldwork subsequently conducted in the area, including geology, soil geochemistry and a Mobile MagnetoTellurics (MobileMT) airborne survey led to the drilling of nine scout holes during 2020 and 2021 to investigate the soil anomalies at depth. The results of the program indicated a vector to mineralization toward the northeast, the subject area of the current IP survey. Subsequent prospecting in this area discovered thallium-rich chalcedony veins (see Figure 1). Importantly, thallium is a volatile element often present in the upper parts of epithermal deposits. As well, TerraSpec infrared analyses of the alteration minerals in this area show typical epithermal chlorite-smectite-illite zonation towards the vein zone. The presence of these minerals suggests an intense hydrothermal alteration in the center of an epithermal system, which is interpreted to be responsible for the demagnetization of rocks observed in the area and also shown on the 2017 magnetic airborne survey (see Figure 2).

The IP survey is designed to identify deep conductors that could correspond to gold mineralization, and to target drill holes for the planned program in 2025. The IP survey is expected to be completed by mid-December 2024, with results expected in early 2025 following a review and interpretation of the data.

Figure 1: Alteration zonation by TerraSpec survey on the outcrop and thallium results from outcrop at Kuri Yawi.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/228557_042c330914c91bcc_001full.jpg

Figure 2: Magnetic airborne anomalies (blue areas indicate low magnetic conductivity and warm colours such as red-pink are highly magnetic) and thallium results on outcrop at Kuri Yawi.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/228557_042c330914c91bcc_002full.jpg

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

Laboratories: The samples were prepared for analysis at ALS Global's ("ALS") lab in Quito, or at MS Analytical ("MSA") in Cuenca, Ecuador. Analysis by ALS was done in Lima, Peru, and MSA conducted their analyses in Vancouver, Canada.

Sample preparation: 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 200g split was set aside for analysis.

Analytical procedure: A 0.5g split of the -0.075mm fraction of rock samples underwent digestion by four-acids, and the liquid was analyzed for 48 elements by ICP-MS. Gold was 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 labs reported that the analyses had passed their internal QAQC tests.

Qualified Persons:

The geological information contained in this news release has been verified and approved by Aurania's VP Exploration, Mr. 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.

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 - Cutucú 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.sedarplus.ca, 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 Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

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 contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes 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, the Company's teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company's public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company 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. The Company 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/228557

FAQ

What is the purpose of Aurania Resources' (AUIAF) IP survey at Kuri-Yawi?

The IP survey aims to identify deep conductors that could indicate gold mineralization and help target drill holes for the planned 2025 drilling program.

When will Aurania Resources (AUIAF) complete the Kuri-Yawi IP survey?

The IP survey is expected to be completed by mid-December 2024, with results anticipated in early 2025 following data review and interpretation.

What significant findings were discovered at Aurania's (AUIAF) Kuri-Yawi target in 2018?

In 2018, Aurania's team discovered numerous sinters at Kuri-Yawi, highlighting the area as highly prospective for epithermal gold mineralization.

What geological indicators suggest mineralization at Aurania's (AUIAF) Kuri-Yawi site?

The site shows thallium-rich chalcedony veins and epithermal chlorite-smectite-illite zonation, indicating intense hydrothermal alteration typical of epithermal systems.