Aurania Announces Proposed 2023 Exploration Activities

As the concessions for its mineral properties in Ecuador are fully renewed and in good standing for another year after payment of all concession fees in March, the Company is able to develop the 2023 exploration programs.

Aurania attended the Prospector’s and Developer’s Association of Canada meeting (PDAC) in Toronto the first week of March, and we were delighted by the interest shown by several Major companies in our Ecuador asset.  As a result of follow-up meetings there are now several companies in our data room.  The primary interest has been in our porphyry copper and sediment-hosted copper-silver prospects. 

To date, approximately 45% of the Awacha Porphyry Target has been covered by “Anaconda-style Mapping”.  This is an intensive mapping technique that was originally developed by the famous Anaconda Copper Company, and has been taught to the Aurania geological staff by consultant Dr. Steve Garwin.  This target is approximately 11 km x 5 km in size and was discovered by stream sediment sampling which showed elevated copper and molybdenum in the vicinity of two strong airborne magnetic anomalies.  This size is significantly larger than any copper porphyry known and so our working hypothesis is that it is a cluster of porphyries, and similar to the Warintza cluster to the south of our concessions.  Intrusive rock types from gabbro to diorite to monzonite and syenite have been mapped.  Many of these intrusives show secondary biotite (potassic) alteration and fine quartz veins containing molybdenite or a centre line of chalcopyrite.  These so called distinctive “B veins” are classic evidence of mineralized porphyry systems.  An independent explanation of B veins can be found at:  https://www.youtube.com/watch?v=gL0WzJ70z3s

Most of the Awacha area is covered by a unit of black shale which obscures the geology except where streams have cut down through the sediments and exposed the porphyry.  The area is also covered by thick jungle.  Nevertheless, Terraspec Mineral Spectrometer analysis of soils in the southern half of the anomaly indicates chlorite, kaolinite, white micas, dickite and pyrophyllite which are compatible with porphyry-style alteration. The last two minerals are typically found in the upper part of porphyry systems.

Copper soil anomalies are patchy, which is in keeping with soil results seen near outcropping sediment hosted copper elsewhere on the property.  It would seem that copper is easily flushed away from surface soils by the significant rainfall in the area.  Molybdenum however, which is essentially insoluble and immobile presents a much more coherent group of anomalies.  Half of the Awacha target is still to be sampled for soils.

The reinterpretation of the surficial geology and structure in the areas of outcropping sediment-hosted copper-silver and zinc-lead-silver has generated a large number of compelling drill targets (see press release dated October 17, 2022).  This copper-silver-zinc system across the concessions is 38 kilometres in lngth and is open to the north over an additional 15 kilometres. We believe this is perhaps one of the best areas of the property to find an economic ore deposit, considering the numerous high assays already yielded to date. A few areas are highlighted for follow-up, but we concede that a comprehensive programme here is more appropriate for a Major mining company partner. 

The Tatasham epithermal gold/porphyry copper target is compelling due to the presence of what are believed to be pipe breccias.  The area is, however, in steep terrain and the geology is mostly covered by post-mineral sedimentary cover and does not outcrop.  Soil samples along the ridgeline above the previous porphyry drilling campaign yielded anomalous antimony, which is a pathfinder element in gold systems.  An additional soil survey is required at Tatasham to extend the antimony anomaly that is still open to the north.  Intensive mapping and prospecting are required.   The discovery of the epithermal system at Tatasham was unexpected, in our pursuit of a copper porphyry target indicated by geophysics.  That porphyry target is still valid, but it may lie at considerable depth, or it may lie laterally.           

Over the next six months it is intended to finish the Anaconda mapping on Awacha, and bring it to drill readiness.  At the same time, Tatasham will be re-examined in the belief that the antimony anomaly in soils may be due to a subcropping mineralized system.  The Fruta del Norte gold deposit was discovered by drilling a geochemical anomaly of antimony, arsenic and mercury which had virtually no gold on surface. Aurania is currently investigating the feasibility of conducting an Induced Polarization (IP) geophysical survey at Tatasham and Awacha.

The proposed exploration programmes are dependent on raising further funding.  The proceeds of the current private placement (as announced on March 13, 2023 and March 23, 2023) to date, have been applied to concession fees and general and administrative expenses. 

Qualified Person

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 – 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 Corporate

Development & Investor

Relations Aurania Resources Ltd.

(416) 367-3200

carolyn.muir@aurania.com

In Europe:

Swiss Resource Capital AG

Jochen Staiger & Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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, the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, 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 copper; 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.