Aurania Resources Ltd. announced that results of the intensive Anaconda method mapping program at the Company's Tatasham target together with Infra-Red (IR) spectrometry (Terraspec), soil geochemical results, airborne magnetics and the MobileMT (MMT) survey have enabled Aurania's exploration team to define porphyry drill target areas at Aurania's Lost Cities-Cutucu project in southeastern Ecuador (the Project). Drilling is expected to commence at Tatasham around the end of November 2022/beginning of December 2022. The Anaconda mapping at Tatasham took place over an area of three-square kilometres where the soil geochemistry anomalies coincided with the magnetic high.

In parallel, IR spectrometry (Terraspec) was conducted on a selection of rock samples collected during the mapping program. Magnetic data collected during the 2017 airborne survey on the Project was merged with the data collected during the MMT survey that was flown interpolated between the 2017 survey lines. The interpretation of the combined data has resulted in a new magnetic inversion that is more accurate than the previous version.

The magnetic inversion shows the presence of a low magnetic area lying within the major high magnetic anomaly. This low magnetic is interpreted to be a classic de-magnetization of the rock by hydrothermal alteration related to the core of a porphyry system. The IR spectrometry (Terraspec) study shows the presence of hydrothermal alteration zones characterized by illite over the magnetic low anomaly that extends in the west part along a major N-trending ridge, which is inferred to represent a regional structure.

Mapped zones of elevated fracture abundance and silicification are coinciding with the illite alteration zone. Mapping also highlighted a central region of elevated goethite /hematite ratios, which is inferred to represent the oxidation of rocks with elevated chalcopyrite /pyrite ratios. The data was reviewed by Senior Technical Advisor, Dr. Steven Garwin, together with Aurania's exploration team to define specific target areas for the upcoming drill program planned at Tatasham.

The target areas of interest are distributed over 3.5 km along the anomalous N-trending ridge and are planned to test the following: The middle part of a zone of interest, characterized by northerly-trending, illite- and silica-alteration zones, elevated goethite /hematite and a magnetic high and adjacent magnetic low; An area beneath an outcrop of NE-trending, sheeted quartz veins that lie along the southern margin of a magnetic high; and The northern extent of the mapped illite alteration zone which is also a major MMT conductive zone. The planned program at Tatasham is an iterative process and will be subject to change as drilling progresses.