Aurania Discovers Epithermal Target #6 in the Latorre District in Southeastern Ecuador
Receive up-to-date information about the company directly via push notification
Toronto, Ontario, May 31, 2018 – Aurania Resources Ltd. (TSX-V: ARU) (“Aurania” or the “Company”) is pleased to report the discovery of a new epithermal zone some eight kilometres south of the “Crunchy Hill” area (See Press Release dated April 6, 2018). The new discovery, named “Yawi” means “thermal spring” or “area with hot water” in the local Shuar language. In addition, two diatremes (breccia bodies) have been found in nearby outcrop, and presumably there is a geological connection between the diatremes and the mineralization. Rocks in the area are clay- and sericite-altered and preliminary XRF (x-ray fluorescence) analysis indicates anomalously high levels of mercury and arsenic in selected samples. These are natural pathfinder elements for precious metals and can be used to vector in to the mineralization.
Aurania’s Chairman and CEO, Dr. Keith Barron commented, “These hot springs are relicts from the Jurassic era, some 155 million years ago and are long since extinct, but they are not too different from the active gas and steam geothermal vents we are seeing on the nightly news from the Kilauea volcano in Hawaii. Hawaiian vents only carry sulphur, which deposits as yellow crusts on the vent fringes, which you can see on some of the photos on the internet. Gold pathfinder elements, arsenic, antimony and mercury are also present in vapour from volcanic vents but only those of specific type and not from the basaltic lavas in Hawaii. We know from empirical evidence that gold and silver deposits are forming today beneath hot spring and geyser areas in the North Island, New Zealand, and are suspected to also be forming beneath Yellowstone Park in the USA. Brilliant-coloured orange and red muds fringing the hot pools are precipitates enriched in arsenic, antimony, thallium and mercury. In the mid 1990’s Simon Ridgway with Mar-West Resources decided on an exploration strategy of staking up all the hot spring areas in Guatemala, Honduras and Nicaragua, and found 4 million gold ounces in two deposits before being acquired by Glamis. The samples from Yawi that have been collected to date have the most impressive epithermal textures I have seen in my career, and the Latorre area contains anomalous levels of arsenic, antimony, mercury, selenium, thallium and silver.
Discovery of Yawi is a very exciting outcome for our Company, and with confidence we can now claim that Latorre is not a collection of isolated occurrences but is an epithermal District. These epithermal systems largely appear to be intact and uneroded, as is Fruta del Norte some 110 kilometres to the south. We now have 15 kilometres length of arsenic and antimony anomalies in stream sediments. We will now be fast-tracking Yawi for drilling in Q4 this year.”
Abundant chalcedonic silica blocks from both float and outcrop at Yawi exhibit classic textures characteristic of a sinter environment. Blocks of pseudocolumnar geyserite would have formed close to an ancient geyser vent, while chalcedony casts of reed stems would have developed on the fringes of a silica terrace where water gushing from a geyser or upwelling in pools would have cooled sufficiently for a marsh to have developed and plant matter to be entombed in silica. The textures of the silica blocks found in the field can be used as a means of vectoring towards the centre of the geyser terraces (Figure 1). It is in these upflow channels beneath geysers that precious metals typically accumulate. A gallery of photographs of Yawi samples can be found at http://www.aurania.com/school-of-rock/
Figure 1. Schematic vertical slice through a typical sinter showing the different components from the hot vent area to the cool, marshy areas on the apron.
The 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.
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 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
Aurania Resources Ltd.
Swiss Resource Capital AG
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.
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 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.