AURANIA reports on drilling at Tsenken N2 in Ecuador
(PresseBox) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (?Aurania? or the ?Company? - https://www.commodity-tv.com/ondemand/companies/profil/aurania-resources-ltd/) reports that scout drilling at the Tsenken N2 copper target in Ecuador intersected mineral alteration zoning typical of an iron oxide copper-gold (?IOCG?) system.
Management is very encouraged by the strength of the mineral alteration seen in the core of the first three holes drilled, with some sections of core showing almost wholescale replacement of the original rock by iron oxide (hematite).
Aurania?s Chairman & CEO, Dr. Keith Barron commented, ?Our target concept at Tsenken N2 was a porphyry related with a large magnetic feature evident in the geophysics. Drilling shows that the magnetic feature relates to intense magnetite alteration that is seen in most porphyries, but in Tsenken N2 it occurs with extensive hematite and other alteration minerals that are typical of IOCG systems.
Dr. Keith Barron, continued, ?Aurania has already carried out substantial geochemical and geophysical surveying to define a large number of targets and the objective of
The potential for Aurania?s Lost Cities ? Cutucu Project to host IOCG deposits was previously discussed in the Company?s 43-101 Technical Report authored by Dr. Robert Page, dated December 21, 2019 (available on www.SEDAR.com under Aurania?s profile).
Details of the Drilling
Three drill holes (TS001-TS003) were completed for a total of 645 metres (?m?) in the Tsenken N2 target area.
Next Steps
Due to the large size of many IOCG systems, we have taken a large step-out to drill at Tsenken N3, located 1.7 kilometres to the north of Tsenken N2.
Drilling is planned for the breccia at Tsenken N1. Breccias are a common feature of IOCG systems and the occurrence of bornite ? a copper sulphide mineral that is commonly found in the centre of these systems - at Tsenken N1, is consistent with this being a key target area.
Aurania is contracting MPX Geophysics Ltd. of Ontario, Canada to perform a MMT heliborne survey over the currently known targets to better discriminate mineralization. MMT has the ability to ?see? resistive (silica-bearing zones associated with many deposits would be resistive) or conductive zones (sulphides would be conductive) to depths of up to 1,000m, and variants of the technique have been used successfully elsewhere in Ecuador recently.
Alteration Minerals and Alteration Zoning at Tsenken N2
The drill holes intersected sandstone and a 130m thick layer of trachyandesite lava flows.
Qualified Persons
The technical information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.
The technical information pertaining to geophysical data and related interpretations in this news release has been verified and approved by Jeremy S. Brett, M.Sc., P.Geo., an independent Senior Geophysical Consultant with MPH Consulting Limited.
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.
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 athttps://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(at)aurania.com
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer(at)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 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.
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Datum: 04.11.2020 - 08:57 Uhr
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News-ID 1561988
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