Aurania Finds First Evidence of Porphyry-Style Alteration Related to a Geophysical Target in Its Lost Cities – Cutucu Proje...
15 March 2018 - 11:00PM
Aurania Resources Ltd. (TSX-V:ARU)
(“Aurania” or the “Company”) is pleased to report
that field work confirms that the Awacha geophysical Target Cluster
also has geological and geochemical features that are typical of
porphyry systems. This finding is significant because it
supports the contention that Aurania’s project area likely contains
porphyry deposits similar to the copper and copper-gold deposits of
the adjacent Cordillera del Condor.
Aurania’s President, Dr. Richard Spencer
commented, “We are using the same stream sediment sampling
technique in our Lost Cities – Cutucu Project (the “Project”) that
was instrumental in the mid-1990’s discovery of large porphyry
copper and copper-gold deposits located just a few tens of
kilometres south of our property boundary. Aurania’s airborne
magnetometer survey detected a cluster of magnetic features that we
believe are the buried magnetic cores of porphyries, and our
exploration team recently discovered surface rock exposures of
quartz-sericite-pyrite (“QSP”) which represents an alteration shell
that would typically enclose porphyry-style mineralization.
This type of alteration further suggests that the target lies at a
reasonably shallow depth. Since numerous similar magnetic
features have been identified by the geophysical survey elsewhere
across the Project, we are now more confident of the potential for
these to be due to porphyry bodies as well”.
Awacha TargetThe Awacha Target
Cluster has been extended to include 13 magnetic centres, three
more than were described in Aurania’s press release dated December
6, 2017
(http://www.aurania.com/aurania-reports-first-target-defined-geophysics-program-lost-cities-cutucu-project-ecuador/).
Each centre is similar in size and intensity to magnetic features
related to drilled and confirmed porphyry deposits along the
geological trend, in the adjacent Cordillera del Condor. The
closest porphyry that has a NI 43-101 copper resource is the
Warintza Deposit, located 25 kilometres from the southwestern
corner of the Project. The Warintza and Panantza copper
deposits are the northernmost in a 150km-long chain of porphyry
deposits that hosts more than 34 billion pounds of
copper.
Initial stream sediment sampling over part of
the Awacha cluster of magnetic targets identified molybdenum
enrichment over the Awacha A Target and molybdenum, arsenic and
slight copper enrichment over the Awacha B geophysical
feature. Molybdenum is a key pathfinder element for porphyry
deposits and arsenic typically occurs in the upper part of porphyry
systems in association with quartz-sericite-pyrite
alteration. Copper and gold typically are concentrated in the
magnetic core that lies beneath the quartz-sericite-pyrite
alteration zone.
Next StepsWith Awacha having
provided the first confirmation of porphyry-style alteration over a
magnetic feature, field teams are now working on other conspicuous
geophysical features in the Project area. The field teams are
sampling silt in streams in these target areas, while a second
group of geologists is mapping geology and alteration patterns to
confirm and refine these target areas for more intense rock-chip
and soil sampling. The objective is to work up targets for
scout drilling later this year. Our expectation is that the
first phase of scout drilling will be done on epithermal
gold-silver targets, such as the Latorre Target described in prior
press releases (eg. February 28, 2018
http://www.aurania.com/aurania-expands-footprint-latorre-epithermal-target-lost-cities-cutucu-project-ecuador/),
and some on porphyry copper and copper-gold targets.
Technical DisclosureThe
technical information contained in this press release has been
verified and approved by Jean-Paul Pallier, MSc., a EurGeol
designated by the European Federation of Geologists. Mr.
Pallier is a Qualified Person as defined by National Instrument
43-101, Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators.
About AuraniaAurania 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:
Dr. Richard Spencer President Aurania Resources
Ltd. (416) 367-3200 richard.spencer@aurania.com |
Carolyn Muir Manager, Investor Services Aurania
Resources Ltd. (416)
367-3200 carolyn.muir@aurania.com |
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking StatementsThis
news release contains 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 corporate 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 certain 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.
A photo accompanying this announcement is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/078f16e8-89a8-4a0f-aaaa-fdbd2303d591
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