Aurania Provides Update on Drilling at Tsenken and Tiria-Shimpia Targets

Toronto, Ontario--(Newsfile Corp. - August 19, 2021) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) ("Aurania" or the "Company") reports that drilling at the Tsenken N1 target has intersected sediment-hosted copper mineralization visible over approximately 2 metres ("m") and has also intersected salt, a key element of sediment-hosted copper mineralized systems. Scout drilling continues for sediment-hosted copper at Tsenken N1 and for silver-zinc at Tiria-Shimpia in the Company's Lost Cities - Cutucu Project ("Project") in southeastern Ecuador.

Aurania's Chairman and CEO, Dr. Keith Barron commented, "We recognized early on that the copper-silver within the Project is of Kupferschiefer style, and this was confirmed by Professor Gregor Borg, an international expert on the subject. Essentially, what we have are multiple levels of sandstone with organic plant material which is now carbon in the Jurassic-aged Chapiza Formation. This geological formation is mostly comprised of "red bed" sediments and is analogous to the Rotliegendes (in German "underlying red") found beneath the Kupferschiefer in Poland and Germany. The carbon in the Chapiza has acted as a chemical reductant, causing the dissolved copper to fall out of solution where oxidized, copper-charged groundwaters come in contact with the carbon. At this point we still do not know the grade and thickness of these copper and silver mineralized carbon beds, nor how many individual stacked beds occur on our concessions. We do know through mapping that we are dealing with multiple beds. A presentation of key concepts will be made available shortly on Aurania's website at www.aurania.com."

Tsenken N1

Drill hole TSN1-007, which is still underway, intersected approximately 2m of bleached sandstone, composed of volcanic fragments, that contains disseminated copper mineralization in the form of green malachite (Cu₂CO₃(OH)₂) and black tenorite (CuO). The volcanic sandstone contains carbonized plant fragments similar to the mineralized sandstone found at surface. The mineralized interval has been sampled and the samples have been delivered to the lab in Cuenca in central Ecuador for preparation before despatch to Vancouver for analysis. The intercept is at 157m down-hole and approximately 80m below surface (Figure 1).

Drill hole TSN1-006 ended in salt, which was intersected at a depth down-hole of about 600m, a little higher in the geological profile than anticipated (see Figure 2 in press release dated July 21, 2021.

Six drill holes have been completed for a total of 1859m and hole TSN1-007 is currently at a depth of approximately 350m.

Figure 1. Vertical profile interpretation through the Tsenken N1 area showing the location of drill holes 1, 2 and 3 that tested for sediment-hosted copper-silver in red-beds beneath a lava seal. Hole TSN1-006 intersected salt and hole TSN1-007 is testing for expected sediment-hosted copper in a similar position in the sedimentary layering as the silver-zinc mineralization at Tiria-Shimpia is located. The fault system shown in red is suspected to have fed copper into the sediments in a similar way that it did zinc-silver into the Tiria-Shimpia area. (Evap. is evaporite (salt) and Int. is intrusive such as a porphyry).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/93694_5d5582c8d46f2b65_001full.jpg

Drilling at Tiria-Shimpia

Two drill holes have been completed at Tiria-Shimpia for a total of 762m, and hole SH-003 is underway at approximately 300m depth. Weak silver-zinc mineralization was intersected in 7 sedimentary layers in hole SH-001 and results are awaited from hole 2.

Qualified Person

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.

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 Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain 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 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 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, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, 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.

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