Exploration Plans for the Remainder of 2023

Private Placement Financing Closed; Drilling Continues at Tatasham

Drilling Begins at the Tatasham Porphyry Copper Target

Reinterpretation of Geological Data Provides Greater Insight

Mark Reichman

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Aurania Resources Ltd.

Initial Concessions Awarded in Peru&nbsp;
Recall that in 2019, Aurania applied to the Peruvian Mining and Metallurgical Geological Institute (INGEMMET) for certain concessions encompassing an area thought to represent an extension of the mineral belt from Ecuador into Peru. Processing of the concession applications has been hampered by COVID-related restrictions in Peru and entails verifying that the applications do not cover existing concessions or ecologically sensitive areas. Moreover, the applications vetted by INGEMMET must be published in the local press in the province where the concessions are located.&nbsp;
Figure 1: Vicus Project in Peru&nbsp;
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/AUIAFFeb1721a.JPG" style="width: 650px;height: 414px;float: none" />
 Aurania Resources Ltd.
The area does not have the same jungle cover as the company&#8217;s concessions in Peru, has more open country and more outcropping on the surface. Because it may represent an extension of the same mineral belt, management may apply knowledge gained from its exploration activities in Ecuador to the concessions in Peru. Mineral concession fees in Peru are US$3.00 per hectare per year.&nbsp;
Aurania has been analyzing a significant amount of exploration data furnished at no cost from the Peruvian government, including seismic, magnetic and gravity data. Compilation of the data will help Aurania to prioritize the areas with the greatest sedimentary-hosted copper-silver potential for a focused exploration program, and to relinquish lower priority areas to reduce the amount paid in annual concession fees.&nbsp; 
The initial concessions granted are part of a block that adjoins a project joint venture between Hannan Metals Limited (OTC, HANNF, Not Rated) and Japan Oil, Gas and Metals National Corporation (JOGMEC).
Figure 2: Map of Initial Concessions Granted in Peru&nbsp;
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/AUIAFFeb1721.JPG" style="width: 650px;height: 494px;float: none" />
Source: Aurania Resources Ltd.&nbsp;
The map illustrates the location of the initial mineral exploration concessions granted to Aurania in Peru. It does not show all of the area that would represent all of Aurania&#8217;s concession applications. Concessions applied for by Hannan Metals, and included in its joint venture with JOGMEC, are also shown and the grades reported, according to Aurania, are from a Hannan Metals press release dated September 3, 2019.

Aurania Resources Ltd. (ARU:CA)

Initial Vicus Project Concessions Awarded in Peru

Fundamental Analysis:

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Exploration Plans for the Remainder of 2023 (ARU:CA)

Private Placement Financing Closed; Drilling Continues at Tatasham (ARU:CA)

Drilling Begins at the Tatasham Porphyry Copper Target (ARU:CA)

Reinterpretation of Geological Data Provides Greater Insight (ARU:CA)

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