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Aurania Resources reports on meeting with Ecuadorian President; updates on exploration and corporate activity

Published: 08:13 03 Sep 2021 EDT

Aurania Resources Ltd -
Left to right: Mr Cesar Zumarraga, Dr Richard Spencer, President Guillermo Lasso, Dr Keith Barron and Ms Jeanette Hinostroza

Aurania Resources Ltd (TSX-V:ARU, OTCQB:AUIAF) told investors that its management had a meeting in August this year with the President of Ecuador, where the company's flagship Lost Cities-Cutucu project is located, while it also updated on recent exploration activity.

CEO and chairman of Aurania, Dr Keith Barron and president, Dr Richard Spencer met President Guillermo Lasso to discuss its exploration programs and the Ecuadorian President re-affirmed his support for responsible mining as an economic driver for the country, the company said.

The Lost Cities project lies along a mineral trend, which contains 26 million ounces of gold and almost 40 billion pounds of copper in the Cordillera del Condor region.

READ: Aurania Resources reveals new epithermal gold-silver target on its Lost Cities-Cutucu project

Aurania has been drilling at the Tsenken N1 copper, silver target and at the silver-zinc-lead Tiria-Shimpia target. At the latter, silver-zinc mineralization has now been found over an area that is 22km long, it highlighted.

Meanwhile, at Tsenken N1, one hole hit a layer in the red-bed sequence at a depth of 157m down-hole and copper mineralization is present as green malachite (copper carbonate) and black tenorite (copper oxide).

The company has decided to continue this hole to test for copper sulphides in the sediments beneath the pyrite zone, it reported.

Elsewhere at the project, drilling on the epithermal gold-silver systems will start again later this year while the firm prioritizes various targets that continue to emerge in the southwestern part of the property. These targets are the Latorre C target, the Kuri-Yawi C1 target, the Kuri-Yawi B1 target and the Kuripan target.

Another high-priority target for scout drilling is the prominent Tatasham target, which Aurania reckons could house a porphyry core, while the adjacent conductive area is sulphide-rich.

Stream sediment sampling was completed over 63% of Lost Cities by the end of the second quarter this year, it added.

In regard to the pandemic, the firm continues to adhere to the strict health and safety protocols mandated by Ecuadorian federal and provincial governments, it said.

During the three and six months ended June 30 this year, the company also noted it had raised C$9 million through an overnight marketed public offering and concurrent private placement in April, resulting in it issuing around 2.9 million shares.

Contact the writer at giles@proactiveinvestors.com

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