Movers and SHAKERS
Aurania Reports Progress in Drilling Kuri-Yawi Target in Ecuador
Toronto, Ontario, April 9, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that diamond drilling of the Kuri-Yawi target is well underway and proceeding as planned in the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador. The drill hole, inclined at 60° is still a significant distance away from the MobileMT target, however epithermal-type veining has been encountered in brecciated lava in the upper part of the hole.
The target is about 1.1 kilometres from siliceous sinter outcrop and 200 metres from geochemical anomalies of pathfinder elements (arsenic, antimony, selenium, thallium, mercury and silver) at surface. Epithermal veins are reportedly outcropping in a riverbank below the current drill hole, and an underlying area of geophysical interest has been identified in MobileMT data as reported on in the Company’s press release dated January 29, 2021. The target at depth is a strong conductor, which may be a zone of sulphide, capped by a strong resistor, which itself may be a zone of silica-flooding. The epithermal-type veining encountered in brecciated basalt contains significant amounts of black “pyrobitumen”, which is a pseudo-mineral composed of carbon and derived from hydrocarbon (crude petroleum or related substances). The pyrobitumen lies as colloform layers within the veins with pyrite/marcasite, quartz, sphalerite and carbonate also in bands.
Aurania’s Chairman & CEO, Dr. Keith Barron commented, “I consider this discovery of pyrobitumen to be potentially of high significance. It is rarely documented in epithermal scenarios but perhaps significantly it occurs at gold deposits and occurrences such as McLaughlin in California, Esquel in Argentina, Waiotapu in North Island New Zealand, several Carlin Trend gold mines and in the Witwatersrand of South Africa. The genetic relationship between gold deposits and hydrocarbon as a transport mechanism in gold systems may be tenuous, but hydrocarbon in geothermal fluids may have scavenged gold much as a carbon-in-pulp system is used in commercial gold recovery in many operating mines to strip gold from pregnant solution. It has been a mystery for us that we have very high levels of pathfinder elements such as arsenic, antimony, selenium and thallium on surface in the area and yet samples are entirely devoid of gold. The implication is that a very efficient natural mechanism is stripping hydrothermal fluids of their gold before they get anywhere near the paleosurface.”
Image 1: Photo of core from hole YW-008 of a banded vein in lava. The vein has pyrite at its margin, lined with a thin layer of dark pyrobitumen, then carbonate, a thick band of pyrobitumen, with the core of the vein being filled with carbonate.
Image 2: Photo of core from hole YW-008 of a banded epithermal vein in lava. The vein has pyrite at its margin, lined with carbonate, followed by dark pyrobitumen, a second layer of carbonate, then a second layer of pyrobitumen, carbonate and silica at the centre with more pyrite.
Image 3: Photo of banded cavity-filling in lava in core from hole YW-008. The margin of the cavity is pyrite-rich and is lined by carbonate, then pyrobitumen, a second layer of carbonate, sphalerite in the carbonate, a second layer of pyrobitumen, with chalcedonic silica in the centre.
The Company plans to report on progress at its other key drill targets and exploration programs in subsequent press releases.
MobileMT Geophysical Survey
The heliborne MobileMT survey is now completed and is being interpreted. The MobileMT survey was undertaken by MPX Geophysics Ltd. in association with Expert Geophysics Limited, both of Toronto, Canada.
The geological information contained in this news release 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 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-.
|Carolyn Muir||Dr. Richard Spencer|
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