TORONTO, Aug. 03, 2017 (GLOBE NEWSWIRE) — Aurania Resources Ltd. (TSXV:ARU) (“Aurania” or the “Company”) announces that a heliborne geophysics survey of the Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador commenced yesterday.
“This geophysical survey is a key step toward our objective of discovering mineral deposits in a large tract of exploration concessions that cover the geological extension of a prolific mineral belt in southeastern Ecuador.” said Dr. Keith Barron, CEO of Aurania. “We have recruited a team with considerable experience in the southern part of the cordillera, having had direct involvement in the discovery of the Fruta del Norte gold deposit as well as the San Carlos and Mirador copper deposits, all of which are now in the mine construction phase. We look forward to applying our experience to the northern part of the cordillera and we expect a regular flow of news, now that exploration has started in earnest.”
Geophysics in Context of Aurania’s Exploration Approach
Aurania is applying a methodical approach to ensure thorough exploration of the Lost Cities – Cutucu Project. The approach may be described as consisting of a number of stacked layers as follows:
- Layer 1 – historical records of gold mining in southeastern Ecuador in the late 16th Century. The historical information is being studied to refine the region in which the Logroño de los Caballeros and Sevilla del Oro mining areas are likely to have been located;
- Layer 2 – interpretation of satellite imagery of the Project area. This interpretation has identified 12 areas that are considered to share many of the geological features that characterize epithermal gold and porphyry copper deposits in the Cordillera del Condor which lies immediately adjacent to, and along trend of, the Project;
- Layer 3 – geophysical data. Overlay of geophysical data on the historical maps and interpretation of satellite imagery is expected to provide a powerful tool for prioritising these, and additional target areas, for exploration; and
- Layer 4 – assay data from stream sediment sampling will be used to identify areas of elevated gold, copper and “pathfinder” elements that are commonly associated with mineral deposits.
Objective of the Survey
Geophysical data from the Project are expected to be particularly useful in targeting epithermal gold and porphyry copper mineralization:
- Epithermal gold deposits in the adjacent mineral district, such as the Fruta del Norte deposit, are located near faults that are usually visible as breaks in the magnetic geophysical data. These deposits are also typified by clay alteration that demagnetizes the rock, resulting in an area of low magnetism that is usually discernible in the magnetic data. The clay alteration may also generate an elevated radiometric response. A typical epithermal target may therefore be identifiable as a local area of low magnetic signature, coincident with an elevated radiometric signature, adjacent to a fault break;
- Porphyry copper and/or copper-gold deposits usually have a magnetic core that is typically evident in airborne magnetic data. Since the magnetic core of the San Carlos, Panantza and Mirador porphyries in the adjacent mineral belt are over 800 metres in diameter, magnetic data in Aurania’s geophysical program are being measured along parallel lines that are spaced at 400 metre intervals to ensure that at least two geophysical lines cross a typical porphyry. Having an anomaly detected by several adjacent geophysics lines assists in the differentiation of significant anomalies from spurious “point” sources that are usually less important targets. Porphyry deposits are also typically enclosed by a non-magnetic alteration zone. A typical porphyry would therefore have a doughnut-shaped magnetic signature with a magnetic core enclosed by weak magnetism. Alteration over a porphyry may also result in an elevated radiometric signature.
Details of the Survey
The survey is planned to include approximately 12,000 line kilometres flown at a terrain clearance of approximately 80 metres in east-west orientated parallel lines spaced at 400 metre intervals.
Data will be downloaded at frequent intervals so that target identification can commence immediately, rather than on completion of the survey. Magnetic and radiometric data will be acquired from the entire Project area over a four- to six-week period.
The technical information contained in this news release pertaining to The Lost Cities Project 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. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range, in 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
Aurania Resources Ltd.
Chief Financial Officer
Aurania Resources Ltd.
Neither the TSXV 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.
This 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 company’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.