Indonesia Energy Commences Drilling of Second of Three Back-to-Back Wells

 

New drilling paves way for commencement of additional production at Kruh Block

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / August 25, 2021 / Indonesia Energy Corporation Limited (NYSE American:INDO) (IEC), an oil and gas exploration and production company focused on Indonesia, today announced that the company has commenced the drilling of the second of three new back-to-back wells on its 63,000-acre Kruh Block.

This commencement of drilling is part of IEC’s overall previously announced plan to drill a total of 18 new wells on the Kruh Block over the next 3 years.

This second well (named “Kruh-26”) commenced drilling on Sunday, August 22 at 1:00 p.m. on Sumatra Island. The well has a target total depth of 3,400 feet, and it is expected to take approximately 60 days to complete all drilling operations.

IEC anticipates this well will cost approximately $1.5 million to drill and complete. Based on the terms of IEC’s contract with the Indonesian government and an assumed oil price of $63.50/barrel, this well is expected to generate approximately $3.3 million in net revenue in its first year, which is more than double the cost to drill such well.

The Kruh Block is located on Sumatra Island. IEC is already producing oil from 4 existing wells at Kruh Block.

Mr. Frank Ingriselli, IEC’s President, commented “We are excited to commence drilling our second new well on the Kruh Block. This new well, which we have the cash to drill, has the potential to additionally grow production and cash flow for our company, especially when coupled with our recent discovery well “Kruh-25″. We believe the Kruh Block is a great asset that should significantly grow our cash flow as we continue to seek to maximize returns on our investments and grow shareholder value.”

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including, without limitation, the anticipated results of IEC’s exploration and production activities and the impact of such activities on IEC’s results of operations as descried herein) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020 filed on May 18, 2021 with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited

Great Bear Adds to LP Fault Gold Zone at Both Ends of Drill Grid: 28.18 g/t Gold Over 4.80 m, Within 3.83 g/t Gold Over 43.10 m in Northwest, 64.30 g/t Gold Over 0.55 m, Within 5.90 g/t Gold Over 8.25 m in Southeast; Gold Controls Confirmed

 

August 25, 2021 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) today reported results from its ongoing fully funded $45 million 2021 exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario.

Key Results

• Drill holes reported in this release primarily targeted the previously underexplored northwestern and southeastern areas of the 4.2 kilometre Phase 1 drill grid.  Results expand and characterize the zone outboard from the Central LP Fault, which had seen the highest density Phase 1 drilling prior to this release.  Figure 1.
• High-grade gold controls have been identified along the LP Fault.  Drilling has confirmed these controls in several areas, which will facilitate targeting of high-grade gold during Phase 2 drilling below the current 450 metre drill depth, and elsewhere along strike.
• Steeply-plunging high-grade gold mineralization has been successfully targeted in the northwestern “Discovery” and southeastern “Viggo” areas of the LP Fault.
• The number of high-grade gold domains being modeled at the LP Fault has been expanded from 17 to 23.  This includes seven high-grade gold domains which are being modeled in the northwestern “Discovery” area. 
• Bulk tonnage style gold mineralization has been confirmed as continuous along more than 3 kilometres of strike length of the LP Fault and remains open to extension.  New results from the previously under-drilled northwestern “Discovery” and “Gap” areas illustrate this continuity.

Chris Taylor, President and CEO of Great Bear said, “The confirmation of predictable high-grade gold controls within the LP Fault has clear, positive implications for our ability to target and model higher-grade mineralization, especially at depth.  However, the confirmation of continuous mineralization at shallow depths in the “Gap” area is arguably the more significant development as we progress towards maiden mineral resource estimate publication by early next year.  While clearly not the most strongly mineralized segment of the LP Fault, the “Gap” area contains mineralized intervals with similar grades and widths to those that have been incorporated into mine plans within other Canadian bulk tonnage gold deposits.  These new results confirm the strongly mineralized Central and Discovery areas are connected as a continuously mineralized gold zone with clear bulk tonnage potential over three kilometres of strike length.”

With the 73 new drill holes contained in this release, Great Bear has reported 404 of the 440 LP Fault drill holes completed during Phase 1 drilling which will support maiden mineral resource estimation.

Figure 1: Long section showing Phase 1 drill grid results to date and areas discussed in this release.

High-Grade Gold Controls

Recent drilling has included a focus on modeling higher-grade gold mineralization controls within the broad, bulk tonnage style gold system.  Plunge controls to mineralization were interpreted using over 65,000 oriented core measurements, targeting the intersections of foliation fabrics and stratigraphy.  These intersections frequently host increased widths and grades of gold mineralization.

In this release, Great Bear successfully targeted higher grade zones within the LP Fault in both the “Discovery” and “Viggo” areas, and will apply the same criteria beneath currently drilled areas and along 11 kilometres of strike length of the LP Fault (see news release of February 20, 2020) through 2022.

Examples of confirmed and interpreted plunge controls are included in Figure 1.  These and additional interpreted plunge controls will be tested during Phase 2 drilling.

“Discovery” Area Results

Twenty six drill holes were completed in the original LP Fault “Discovery” area, located along the most northwesterly 700 metres of the 4.2 kilometre long Phase 1 drill grid.  This area was the site of LP Fault discovery hole DNW-011 (May 28, 2019; 12.33 g/t gold over 14.00 metres). Highlights include:

• Drill hole BR-365 extended gold mineralization approximately 100 metres deeper than past drilling on its section, assaying 15.04 g/t gold over 4.00 metres from 545.00 to 549.00 metres downhole, within a broader envelope of 3.13 g/t gold over 29.50 metres from 523.50 to 553.00 metres downhole.  Figure 2.
• Drill hole BR-394 assayed 150.00 g/t gold over 0.80 metres from 331.60 to 332.40 metres downhole, within a broader interval of 28.18 g/t gold over 4.80 metres from 331.60 to 336.40 metres downhole.  The total mineralized interval was 3.83 g/t gold over 43.10 metres from 311.50 to 354.60 metres downhole.  Figure 3.
• Newly defined steeply northwest plunging high-grade gold controls were successfully confirmed in both BR-365 and BR-394, and will be targeted at depth below this area during Phase 2 drilling.
• Most of the drill holes in the “Discovery” area contained multiple mineralized intervals.  An example is drill hole BR-393 which contained four mineralized zones assaying 70.90 g/t gold over 1.00 metre from 110.75 to 111.75 metres, 1.26 g/t gold over 23.00 metres from 209.50 to 232.50 metres downhole, 0.60 g/t gold over 98.35 metres from 237.60 to 335.95 metres downhole, and 16.00 g/t gold over 1.15 metres from 355.25 to 356.40 metres downhole.
• Drill hole BR-360 assayed 22.80 g/t gold over 1.20 metres from bedrock surface, within a broader interval of 1.66 g/t gold over 34.90 metres from 13.20 to 48.10 metres downhole. A separate interval of 0.88 g/t gold over 14.00 metres was also present from 153.00 to 167.00 metres downhole.
• Drill hole BR-333 assayed 26.60 g/t gold over 0.80 metres from 130.30 to 131.10 metres downhole, within a broader interval of 0.71 g/t gold over 84.25 metres from 51.00 to 135.25 metres downhole.
• Great Bear is currently modeling 7 high-grade gold domains within the broader bulk tonnage gold domains in the “Discovery” area of the LP Fault zone.  Results are provided in Table 1, and expand both high-grade and bulk-tonnage style gold mineralization in this area.

Table 1: Drill results from the “Discovery” area of the northwestern LP Fault drill grid.

Table 1 Continued.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

Figure 2: Cross section 22425, located near the northwestern edge of the Phase 1 drill grid in the “Discovery” area.  Drill hole BR-365 extends mineralization by approximately 100 metres vertical depth. Drill core photos are of selected intervals and are not representative of all gold mineralization on the property.  Assay results from past drilling are also provided in the included table.

Figure 3: Cross section 22075 located in the northwestern “Discovery” area of the Phase 1 drill grid. Drill core photos are of selected intervals and are not representative of all gold mineralization on the property. Assay results from past drilling are also provided in the included table.

“Gap” Area Results

Eleven drill holes were completed into the “Gap” area, where bulk tonnage style gold mineralization dominates.  The Gap segment comprises approximately 400 metres of the Phase 1 grid drilling strike length.

Results are provided in Table 2.  Highlights include:

• Confirmation of bulk tonnage style gold mineralization in all areas tested.  Results establish continuity between the adjacent “Discovery” and “Central” areas of the LP Fault zone, for a currently drilled total of over three kilometres of continuous bulk tonnage gold mineralization in the near surface of the zone.
• Drill hole BR-410 assayed 23.80 g/t gold over 0.60 metres from 386.10 to 386.70 metres downhole, within a broader interval of 1.29 g/t over 27.50 metres from 367.00 to 394.50 metres downhole.
• Drill hole BR-356 assayed 0.80 g/t gold over 26.90 metres from 124.10 to 151.00 metres downhole.
• Drill hole BR-355 intersected a new high-grade target assaying 31.40 g/t gold over 1.00 metre from 271.50 to 272.50 metres downhole, in addition to a separate interval of 0.59 g/t gold over 31.90 metres from 165.00 to 196.90 metres downhole.
• Great Bear is currently modeling 2 high-grade gold domains within the bulk tonnage gold domains in the Gap area of the LP Fault zone.
• The “Gap” segment of the LP Fault zone has been found to contain more strongly developed gold mineralization at vertical depths of approximately 750 – 800 metres.  As originally reported on March 29, 2021, deep drill hole BR-260 intersected 15.57 g/t gold over 3.05 metres, within 1.08 g/t gold over 70.25 metres from 906.15 to 976.40 metres downhole.  This remains the deepest drill hole testing the LP Fault to date.

Table 2: Drill results from the “Gap” area of the Northwestern LP Fault drill grid.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

“Viggo” Area Results

The most southeasterly kilometre is the least explored section of the Phase 1 drill grid, and is referred to as the “Viggo” area (October 30, 2019). 

Gold mineralization in the “Viggo” area is transitional between the disseminated, bulk tonnage style gold of the central LP Fault in the west, and mesothermal vein-hosted gold with significant mineralized plunges or “shoots” in the east, such as is observed at the adjacent Hinge zone on the Dixie property, and elsewhere in the Red Lake district.  An example of this mineralization is shown in Figure 4.

All (100%) of twenty new drill holes successfully intersected gold mineralization, including newly predicted high-grade gold plunges, which are the main exploration targets in this area.  Gold results and structural data collected from this drilling will be used to target additional high-grade gold plunges during Phase 2 drilling.

New results are provided in Table 3 and include:

• Drill hole BR-343 intersected the near-surface projection of a high-grade plunge assaying 21.70 g/t gold over 1.25 metres from 27.50 to 28.75 metres downhole, within a broader interval of 6.73 g/t gold over 5.50 metres from 27.50 to 33.00 metres downhole.  Follow-up drilling down plunge from this discovery is now required.
• Eight hundred fifty metres along strike to the southeast, drill hole BR-371 intersected the at-depth projection of a separate high-grade plunge assaying 64.30 g/t gold over 0.55 metres from 334.75 to 335.30 metres downhole, within a broader interval of 5.90 g/t gold over 8.25 metres from 334.75 to 343.00 metres downhole.
• BR-371 is the down-plunge continuation of gold mineralization first intersected in drill hole BR-057 (February 13, 2020), which assayed 38.03 g/t gold over 0.50 metres, within a broader interval of 7.35 g/t gold over 3.50 metres.  Additional up- and down-plunge drilling of this discovery is now required.
• Many of the drill holes in the Viggo area contain multiple gold-bearing vein-like intervals which define priority targets for follow-up drilling.  Great Bear will test for potential structurally thickened plunging zones like those observed in BR-343 and BR-371 in these areas. An example from this release is drill hole BR-343 which intersected three mineralized vein-like intervals assaying 6.14 g/t gold over 0.50 metres from 34.05 to 34.55 metres downhole, 6.61 g/t gold over 0.95 metres from 79.85 to 80.80 metres downhole, and 10.20 g/t gold over 0.55 metres from 174.10 to 174.65 metres downhole. 
• Other drilling in this area targeted shallow bulk-tonnage style gold mineralization immediately east of the central LP Fault zone, which will inform ongoing resource modeling.  New results include BR-341 which assayed 2.66 g/t gold over 20.90 metres from 61.50 to 82.40 metres downhole.
• Drill density is currently limited in the Viggo area.  Additional drilling will be required during the Phase 2 program to further define the bulk tonnage style and high-grade gold in this area, and to explore for additional vein-like high-grade gold plunges.

Figure 4: Cross section 18750 located in the southeastern “Viggo” area of the Phase 1 drill grid.  The mineralized zone intersected in BR-371 and BR-057 plunges towards the west, into this view.  Drill core photos are of selected intervals and are not representative of all gold mineralization on the property. Assay results from past drilling are also provided in the included table.

Table 3: Drill results from the southeastern “Viggo” area.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

Additional Drilling Peripheral to the LP Fault Zone

Fifteen of the 440 Phase 1 LP Fault drill holes were completed outside of the primary drill grid, up to 200 metres to the south of the zone at various locations along its strike length.  Results for these holes are available on the Company ‘s web site at www.greatbearresources.ca.  This drilling was undertaken to assess:

1. The lateral extent of gold mineralization into the footwall of the LP Fault Zone host rocks,
2. Geotechnical considerations such as rock density, competency and geochemistry that will be integrated into resource modeling, and
3. Condemnation drilling that will be integrated into advanced project planning.

Bulk disseminated gold mineralization at the LP Fault generally lacks discrete boundaries and decreases in intensity with increasing distance from the centre of the zone.  As such, despite not targeting the LP Fault zone, all 15 (100%) of the drill holes completed into the periphery of the system still contained anomalous to low-grade gold over various interval widths.

Examples include peripheral drill holes BR-329a which intersected 0.22 g/t gold over 12.30 metres from 64.90 to 77.20 metres downhole, BR-345 which intersected 0.18 g/t gold over 16.35 metres from 21.60 to 37.95 metres downhole, and BR-405 which intersected 0.14 g/t gold over 14.10 metres from 40.90 to 55.00 metres downhole.

Peripheral drill hole BR-380 intersected high-grade gold assaying 23.50 g/t gold over 0.50 metres from 16.55 to 17.05 metres at bedrock surface.  While the hole was drilled away from system, it was collared in the footwall of high-grade zone BR7 (May 19, 2021), and hence intersected a portion of the high-grade domain prior to exiting the system.

On a go-forward basis, drill holes completed outside the LP Fault and other gold zones will be included in a separate table in the data download section of Great Bear’s website.  All LP Fault drill hole highlighted assays, plus drill collar locations and orientations can be downloaded at the Company’s web site.

Drill collar location, azimuth and dip for drill holes targeting the LP Fault zone included in this release are provided in the table below (UTM zone 15N, NAD 83):

About the Dixie Project

The 100% owned flagship Dixie project boasts one of the largest recent gold discoveries in a Canadian mining jurisdiction.  Proximal to major infrastructure near the town of Red Lake, Ontario, the Dixie property comprises over 91.4 square kilometres of contiguous claims that extend over 22 kilometres with a paved highway and provincial power and natural gas lines.  The property also hosts a network of well-maintained logging roads which facilitate access.

To date, Great Bear has completed a total of 630 drill holes (283,000 metres), identifying three high-grade gold discoveries.  The most significant discovery is the large-scale “LP Fault” zone, which comprises high-grade disseminated gold mineralization within broad moderate-to-lower-grade envelopes in felsic volcanic and sediment units.  LP Fault drilling has identified gold mineralization along 11 kilometres of strike length to date, and a detailed drill grid is being completed along approximately 4 kilometres of strike length.  The nearby “Hinge” and “Limb” gold zones are more characteristic of the renowned Red Lake mined deposits, comprising gold-bearing quartz veins and silica-sulphide replacement zones hosted by mafic volcanic units.  Over 80% of the Company’s drill holes into the LP Fault, Dixie Limb and Hinge zones contain visible gold mineralization.  Gold occurs mainly as free gold, neither bound to nor within sulphide minerals.

Great Bear adheres to industry-leading quality assurance / quality control (QA/QC) practices in data collection, analysis and disclosure, and detailed assays including all historical LP Fault drill hole data are available on the Company’s website at https://greatbearresources.ca/projects/overview/dixie-project-data/.

About Great Bear

Great Bear Resources Ltd. is a Vancouver-based gold exploration company focused on advancing its 100% owned Dixie project in Northwestern Ontario, Canada.  A significant exploration drill program is currently underway to define the mineralization within a large-scale, high-grade disseminated gold discovery made in 2019, the LP Fault.  Additional exploration drilling is also in progress to expand and infill nearby high-grade gold zones, as well as to test new regional targets.  The Company is currently in the process of compiling all historical data together with incoming assay results, with the goal of publishing an initial NI 43-101 compliant multi-million ounce mineral resource estimate for the Dixie project in early 2022. 

Great Bear is a committed partner to all stakeholders, with a long-term vision of sustainable exploration to advance the Dixie project in a manner that demonstrates good stewardship of land, operational excellence and accountability.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods.  Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab.  Selected samples are also chosen for duplicate assay from the coarse reject of the original sample.  Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, VP Exploration, and Ms. Andrea Diakow P.Geo, VP Projects for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”

Chris Taylor, President and CEO

Investor Inquiries:
Ms. Jenni Piette,
Director, Sustainability and Stakeholder Relations
Tel: 604-646-8354
info@greatbearresources.ca
www.greatbearresources.ca

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Great Bear Adds to LP Fault Gold Zone at Both Ends of Drill Grid Great Bear Resources announced results from its ongoing fully funded $45 million 2021 exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario Research, News & Market Data on Great Bear Resources Watch recent presentation from Great Bear Resources

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Great Bear Adds to LP Fault Gold Zone at Both Ends of Drill Grid: 28.18 g/t Gold Over 4.80 m, Within 3.83 g/t Gold Over 43.10 m in Northwest, 64.30 g/t Gold Over 0.55 m, Within 5.90 g/t Gold Over 8.25 m in Southeast; Gold Controls Confirmed

 

August 25, 2021 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) today reported results from its ongoing fully funded $45 million 2021 exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario.

Key Results

• Drill holes reported in this release primarily targeted the previously underexplored northwestern and southeastern areas of the 4.2 kilometre Phase 1 drill grid.  Results expand and characterize the zone outboard from the Central LP Fault, which had seen the highest density Phase 1 drilling prior to this release.  Figure 1.
• High-grade gold controls have been identified along the LP Fault.  Drilling has confirmed these controls in several areas, which will facilitate targeting of high-grade gold during Phase 2 drilling below the current 450 metre drill depth, and elsewhere along strike.
• Steeply-plunging high-grade gold mineralization has been successfully targeted in the northwestern “Discovery” and southeastern “Viggo” areas of the LP Fault.
• The number of high-grade gold domains being modeled at the LP Fault has been expanded from 17 to 23.  This includes seven high-grade gold domains which are being modeled in the northwestern “Discovery” area. 
• Bulk tonnage style gold mineralization has been confirmed as continuous along more than 3 kilometres of strike length of the LP Fault and remains open to extension.  New results from the previously under-drilled northwestern “Discovery” and “Gap” areas illustrate this continuity.

Chris Taylor, President and CEO of Great Bear said, “The confirmation of predictable high-grade gold controls within the LP Fault has clear, positive implications for our ability to target and model higher-grade mineralization, especially at depth.  However, the confirmation of continuous mineralization at shallow depths in the “Gap” area is arguably the more significant development as we progress towards maiden mineral resource estimate publication by early next year.  While clearly not the most strongly mineralized segment of the LP Fault, the “Gap” area contains mineralized intervals with similar grades and widths to those that have been incorporated into mine plans within other Canadian bulk tonnage gold deposits.  These new results confirm the strongly mineralized Central and Discovery areas are connected as a continuously mineralized gold zone with clear bulk tonnage potential over three kilometres of strike length.”

With the 73 new drill holes contained in this release, Great Bear has reported 404 of the 440 LP Fault drill holes completed during Phase 1 drilling which will support maiden mineral resource estimation.

Figure 1: Long section showing Phase 1 drill grid results to date and areas discussed in this release.

High-Grade Gold Controls

Recent drilling has included a focus on modeling higher-grade gold mineralization controls within the broad, bulk tonnage style gold system.  Plunge controls to mineralization were interpreted using over 65,000 oriented core measurements, targeting the intersections of foliation fabrics and stratigraphy.  These intersections frequently host increased widths and grades of gold mineralization.

In this release, Great Bear successfully targeted higher grade zones within the LP Fault in both the “Discovery” and “Viggo” areas, and will apply the same criteria beneath currently drilled areas and along 11 kilometres of strike length of the LP Fault (see news release of February 20, 2020) through 2022.

Examples of confirmed and interpreted plunge controls are included in Figure 1.  These and additional interpreted plunge controls will be tested during Phase 2 drilling.

“Discovery” Area Results

Twenty six drill holes were completed in the original LP Fault “Discovery” area, located along the most northwesterly 700 metres of the 4.2 kilometre long Phase 1 drill grid.  This area was the site of LP Fault discovery hole DNW-011 (May 28, 2019; 12.33 g/t gold over 14.00 metres). Highlights include:

• Drill hole BR-365 extended gold mineralization approximately 100 metres deeper than past drilling on its section, assaying 15.04 g/t gold over 4.00 metres from 545.00 to 549.00 metres downhole, within a broader envelope of 3.13 g/t gold over 29.50 metres from 523.50 to 553.00 metres downhole.  Figure 2.
• Drill hole BR-394 assayed 150.00 g/t gold over 0.80 metres from 331.60 to 332.40 metres downhole, within a broader interval of 28.18 g/t gold over 4.80 metres from 331.60 to 336.40 metres downhole.  The total mineralized interval was 3.83 g/t gold over 43.10 metres from 311.50 to 354.60 metres downhole.  Figure 3.
• Newly defined steeply northwest plunging high-grade gold controls were successfully confirmed in both BR-365 and BR-394, and will be targeted at depth below this area during Phase 2 drilling.
• Most of the drill holes in the “Discovery” area contained multiple mineralized intervals.  An example is drill hole BR-393 which contained four mineralized zones assaying 70.90 g/t gold over 1.00 metre from 110.75 to 111.75 metres, 1.26 g/t gold over 23.00 metres from 209.50 to 232.50 metres downhole, 0.60 g/t gold over 98.35 metres from 237.60 to 335.95 metres downhole, and 16.00 g/t gold over 1.15 metres from 355.25 to 356.40 metres downhole.
• Drill hole BR-360 assayed 22.80 g/t gold over 1.20 metres from bedrock surface, within a broader interval of 1.66 g/t gold over 34.90 metres from 13.20 to 48.10 metres downhole. A separate interval of 0.88 g/t gold over 14.00 metres was also present from 153.00 to 167.00 metres downhole.
• Drill hole BR-333 assayed 26.60 g/t gold over 0.80 metres from 130.30 to 131.10 metres downhole, within a broader interval of 0.71 g/t gold over 84.25 metres from 51.00 to 135.25 metres downhole.
• Great Bear is currently modeling 7 high-grade gold domains within the broader bulk tonnage gold domains in the “Discovery” area of the LP Fault zone.  Results are provided in Table 1, and expand both high-grade and bulk-tonnage style gold mineralization in this area.

Table 1: Drill results from the “Discovery” area of the northwestern LP Fault drill grid.

Table 1 Continued.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

Figure 2: Cross section 22425, located near the northwestern edge of the Phase 1 drill grid in the “Discovery” area.  Drill hole BR-365 extends mineralization by approximately 100 metres vertical depth. Drill core photos are of selected intervals and are not representative of all gold mineralization on the property.  Assay results from past drilling are also provided in the included table.

Figure 3: Cross section 22075 located in the northwestern “Discovery” area of the Phase 1 drill grid. Drill core photos are of selected intervals and are not representative of all gold mineralization on the property. Assay results from past drilling are also provided in the included table.

“Gap” Area Results

Eleven drill holes were completed into the “Gap” area, where bulk tonnage style gold mineralization dominates.  The Gap segment comprises approximately 400 metres of the Phase 1 grid drilling strike length.

Results are provided in Table 2.  Highlights include:

• Confirmation of bulk tonnage style gold mineralization in all areas tested.  Results establish continuity between the adjacent “Discovery” and “Central” areas of the LP Fault zone, for a currently drilled total of over three kilometres of continuous bulk tonnage gold mineralization in the near surface of the zone.
• Drill hole BR-410 assayed 23.80 g/t gold over 0.60 metres from 386.10 to 386.70 metres downhole, within a broader interval of 1.29 g/t over 27.50 metres from 367.00 to 394.50 metres downhole.
• Drill hole BR-356 assayed 0.80 g/t gold over 26.90 metres from 124.10 to 151.00 metres downhole.
• Drill hole BR-355 intersected a new high-grade target assaying 31.40 g/t gold over 1.00 metre from 271.50 to 272.50 metres downhole, in addition to a separate interval of 0.59 g/t gold over 31.90 metres from 165.00 to 196.90 metres downhole.
• Great Bear is currently modeling 2 high-grade gold domains within the bulk tonnage gold domains in the Gap area of the LP Fault zone.
• The “Gap” segment of the LP Fault zone has been found to contain more strongly developed gold mineralization at vertical depths of approximately 750 – 800 metres.  As originally reported on March 29, 2021, deep drill hole BR-260 intersected 15.57 g/t gold over 3.05 metres, within 1.08 g/t gold over 70.25 metres from 906.15 to 976.40 metres downhole.  This remains the deepest drill hole testing the LP Fault to date.

Table 2: Drill results from the “Gap” area of the Northwestern LP Fault drill grid.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

“Viggo” Area Results

The most southeasterly kilometre is the least explored section of the Phase 1 drill grid, and is referred to as the “Viggo” area (October 30, 2019). 

Gold mineralization in the “Viggo” area is transitional between the disseminated, bulk tonnage style gold of the central LP Fault in the west, and mesothermal vein-hosted gold with significant mineralized plunges or “shoots” in the east, such as is observed at the adjacent Hinge zone on the Dixie property, and elsewhere in the Red Lake district.  An example of this mineralization is shown in Figure 4.

All (100%) of twenty new drill holes successfully intersected gold mineralization, including newly predicted high-grade gold plunges, which are the main exploration targets in this area.  Gold results and structural data collected from this drilling will be used to target additional high-grade gold plunges during Phase 2 drilling.

New results are provided in Table 3 and include:

• Drill hole BR-343 intersected the near-surface projection of a high-grade plunge assaying 21.70 g/t gold over 1.25 metres from 27.50 to 28.75 metres downhole, within a broader interval of 6.73 g/t gold over 5.50 metres from 27.50 to 33.00 metres downhole.  Follow-up drilling down plunge from this discovery is now required.
• Eight hundred fifty metres along strike to the southeast, drill hole BR-371 intersected the at-depth projection of a separate high-grade plunge assaying 64.30 g/t gold over 0.55 metres from 334.75 to 335.30 metres downhole, within a broader interval of 5.90 g/t gold over 8.25 metres from 334.75 to 343.00 metres downhole.
• BR-371 is the down-plunge continuation of gold mineralization first intersected in drill hole BR-057 (February 13, 2020), which assayed 38.03 g/t gold over 0.50 metres, within a broader interval of 7.35 g/t gold over 3.50 metres.  Additional up- and down-plunge drilling of this discovery is now required.
• Many of the drill holes in the Viggo area contain multiple gold-bearing vein-like intervals which define priority targets for follow-up drilling.  Great Bear will test for potential structurally thickened plunging zones like those observed in BR-343 and BR-371 in these areas. An example from this release is drill hole BR-343 which intersected three mineralized vein-like intervals assaying 6.14 g/t gold over 0.50 metres from 34.05 to 34.55 metres downhole, 6.61 g/t gold over 0.95 metres from 79.85 to 80.80 metres downhole, and 10.20 g/t gold over 0.55 metres from 174.10 to 174.65 metres downhole. 
• Other drilling in this area targeted shallow bulk-tonnage style gold mineralization immediately east of the central LP Fault zone, which will inform ongoing resource modeling.  New results include BR-341 which assayed 2.66 g/t gold over 20.90 metres from 61.50 to 82.40 metres downhole.
• Drill density is currently limited in the Viggo area.  Additional drilling will be required during the Phase 2 program to further define the bulk tonnage style and high-grade gold in this area, and to explore for additional vein-like high-grade gold plunges.

Figure 4: Cross section 18750 located in the southeastern “Viggo” area of the Phase 1 drill grid.  The mineralized zone intersected in BR-371 and BR-057 plunges towards the west, into this view.  Drill core photos are of selected intervals and are not representative of all gold mineralization on the property. Assay results from past drilling are also provided in the included table.

Table 3: Drill results from the southeastern “Viggo” area.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

Additional Drilling Peripheral to the LP Fault Zone

Fifteen of the 440 Phase 1 LP Fault drill holes were completed outside of the primary drill grid, up to 200 metres to the south of the zone at various locations along its strike length.  Results for these holes are available on the Company ‘s web site at www.greatbearresources.ca.  This drilling was undertaken to assess:

1. The lateral extent of gold mineralization into the footwall of the LP Fault Zone host rocks,
2. Geotechnical considerations such as rock density, competency and geochemistry that will be integrated into resource modeling, and
3. Condemnation drilling that will be integrated into advanced project planning.

Bulk disseminated gold mineralization at the LP Fault generally lacks discrete boundaries and decreases in intensity with increasing distance from the centre of the zone.  As such, despite not targeting the LP Fault zone, all 15 (100%) of the drill holes completed into the periphery of the system still contained anomalous to low-grade gold over various interval widths.

Examples include peripheral drill holes BR-329a which intersected 0.22 g/t gold over 12.30 metres from 64.90 to 77.20 metres downhole, BR-345 which intersected 0.18 g/t gold over 16.35 metres from 21.60 to 37.95 metres downhole, and BR-405 which intersected 0.14 g/t gold over 14.10 metres from 40.90 to 55.00 metres downhole.

Peripheral drill hole BR-380 intersected high-grade gold assaying 23.50 g/t gold over 0.50 metres from 16.55 to 17.05 metres at bedrock surface.  While the hole was drilled away from system, it was collared in the footwall of high-grade zone BR7 (May 19, 2021), and hence intersected a portion of the high-grade domain prior to exiting the system.

On a go-forward basis, drill holes completed outside the LP Fault and other gold zones will be included in a separate table in the data download section of Great Bear’s website.  All LP Fault drill hole highlighted assays, plus drill collar locations and orientations can be downloaded at the Company’s web site.

Drill collar location, azimuth and dip for drill holes targeting the LP Fault zone included in this release are provided in the table below (UTM zone 15N, NAD 83):

About the Dixie Project

The 100% owned flagship Dixie project boasts one of the largest recent gold discoveries in a Canadian mining jurisdiction.  Proximal to major infrastructure near the town of Red Lake, Ontario, the Dixie property comprises over 91.4 square kilometres of contiguous claims that extend over 22 kilometres with a paved highway and provincial power and natural gas lines.  The property also hosts a network of well-maintained logging roads which facilitate access.

To date, Great Bear has completed a total of 630 drill holes (283,000 metres), identifying three high-grade gold discoveries.  The most significant discovery is the large-scale “LP Fault” zone, which comprises high-grade disseminated gold mineralization within broad moderate-to-lower-grade envelopes in felsic volcanic and sediment units.  LP Fault drilling has identified gold mineralization along 11 kilometres of strike length to date, and a detailed drill grid is being completed along approximately 4 kilometres of strike length.  The nearby “Hinge” and “Limb” gold zones are more characteristic of the renowned Red Lake mined deposits, comprising gold-bearing quartz veins and silica-sulphide replacement zones hosted by mafic volcanic units.  Over 80% of the Company’s drill holes into the LP Fault, Dixie Limb and Hinge zones contain visible gold mineralization.  Gold occurs mainly as free gold, neither bound to nor within sulphide minerals.

Great Bear adheres to industry-leading quality assurance / quality control (QA/QC) practices in data collection, analysis and disclosure, and detailed assays including all historical LP Fault drill hole data are available on the Company’s website at https://greatbearresources.ca/projects/overview/dixie-project-data/.

About Great Bear

Great Bear Resources Ltd. is a Vancouver-based gold exploration company focused on advancing its 100% owned Dixie project in Northwestern Ontario, Canada.  A significant exploration drill program is currently underway to define the mineralization within a large-scale, high-grade disseminated gold discovery made in 2019, the LP Fault.  Additional exploration drilling is also in progress to expand and infill nearby high-grade gold zones, as well as to test new regional targets.  The Company is currently in the process of compiling all historical data together with incoming assay results, with the goal of publishing an initial NI 43-101 compliant multi-million ounce mineral resource estimate for the Dixie project in early 2022. 

Great Bear is a committed partner to all stakeholders, with a long-term vision of sustainable exploration to advance the Dixie project in a manner that demonstrates good stewardship of land, operational excellence and accountability.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods.  Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab.  Selected samples are also chosen for duplicate assay from the coarse reject of the original sample.  Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, VP Exploration, and Ms. Andrea Diakow P.Geo, VP Projects for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”

Chris Taylor, President and CEO

Investor Inquiries:
Ms. Jenni Piette,
Director, Sustainability and Stakeholder Relations
Tel: 604-646-8354
info@greatbearresources.ca
www.greatbearresources.ca

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Indonesia Energy Commences Drilling of Second of Three Back-to-Back Wells

 

New drilling paves way for commencement of additional production at Kruh Block

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / August 25, 2021 / Indonesia Energy Corporation Limited (NYSE American:INDO) (IEC), an oil and gas exploration and production company focused on Indonesia, today announced that the company has commenced the drilling of the second of three new back-to-back wells on its 63,000-acre Kruh Block.

This commencement of drilling is part of IEC’s overall previously announced plan to drill a total of 18 new wells on the Kruh Block over the next 3 years.

This second well (named “Kruh-26”) commenced drilling on Sunday, August 22 at 1:00 p.m. on Sumatra Island. The well has a target total depth of 3,400 feet, and it is expected to take approximately 60 days to complete all drilling operations.

IEC anticipates this well will cost approximately $1.5 million to drill and complete. Based on the terms of IEC’s contract with the Indonesian government and an assumed oil price of $63.50/barrel, this well is expected to generate approximately $3.3 million in net revenue in its first year, which is more than double the cost to drill such well.

The Kruh Block is located on Sumatra Island. IEC is already producing oil from 4 existing wells at Kruh Block.

Mr. Frank Ingriselli, IEC’s President, commented “We are excited to commence drilling our second new well on the Kruh Block. This new well, which we have the cash to drill, has the potential to additionally grow production and cash flow for our company, especially when coupled with our recent discovery well “Kruh-25″. We believe the Kruh Block is a great asset that should significantly grow our cash flow as we continue to seek to maximize returns on our investments and grow shareholder value.”

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including, without limitation, the anticipated results of IEC’s exploration and production activities and the impact of such activities on IEC’s results of operations as descried herein) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020 filed on May 18, 2021 with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited

Aurania Identifies New Epithermal Gold-Silver Target in Ecuador

 

Toronto, Ontario, August 25, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that a new epithermal target with associated gold enrichment in soil over an area of 0.67 square kilometres, has been identified near the Kuri-Yawi target in the Company’s Lost Cities – Cutucu Project area (“Project”) in southeastern Ecuador.

Sinter blocks and outcrops were found in an area approximately 1 kilometre long at Latorre C target (see Press Release dated February 28, 2018) situated immediately north of the Kuri-Yawi targets. Soil sampling returned gold values up to 0.56 grams per tonne (“g/t”) in close proximity to the Latorre C sinters.  MobileMT geophysical data show that a conductive area is located beneath the sinter area – the conductive area could be due to sulphides in an epithermal system.

Aurania’s Chairman & CEO, Dr. Keith Barron commented, “Our epithermal exploration team has identified a new target while the other teams have been driving our drilling programs in the Tsenken and Tiria-Shimpia areas.  The enrichment of gold in soil is up to 0.56 g/t, which is of considerable significance in soil.    The target therefore is epithermal gold below the sinter – which would have been a Yellowstone-like silica platform around geyser systems at the time of gold deposition approximately 170 million years ago.  We believe that this Latorre C target forms part of the same epithermal system as Kuri-Yawi where other relicts of sinter terraces have been found.”

 

Reconstruction of Sinter Platforms at Latorre C

In exploration for epithermal gold-silver in an area dominated by silica terraces, and where the target mineralization is “blind” and covered, the goal is to find the actual geyser conduit where boiling water or steam would have escaped to the surface.  This is the plumbing system which would have transitioned downward to open fractures, which over time would be filled in by minerals to form veins.

The hottest part of the system, where the vent is located, is too hostile environment for life, other than bacteria, to thrive. The hot water that is ejected can travel considerable distances downslope away from the vent, supporting more diverse life-forms and depositing silica as it cools.  Silica-encrusted bacterial formations, algal mats and reed or bullrush impressions in silica will indicate where you are in relation to the vent.    A close examination of the sinter fossils allows one to vector into the geyser vent, which can be a drill target.

Silica-encrusted, fossilized features have been used to partially reconstruct the sinter platforms to identify the likely position of buried silica veins at Latorre C as shown in Figure 1b.  Three core areas have been identified.  These targets are prioritized on the basis of support from other datasets, including soil geochemistry and MobileMT geophysics, as discussed below.

Figure 1. Interpretation of sinter in the Latorre C area.
a.) Simplified model profile through a sinter system showing the location of the different siliceous features in a hot spring deposit system (from Hamilton et al., 2019).
b.) Interpretation of sinter features in the Kuri-Yawi target area: 1. Domal stromatolite; 2. Packed fragmental; 3. Streamer; 4. Ropy pool mat; 5. Conical tuff; 6. Clotted fabric with plant stems and roots.
c.) Gold in soil relative to the sinters

Soil Geochemistry and Geophysics Data from the Sinter area

MobileMT data show a weakly conductive zone lying beneath the sinter area (Figure 1b) that could be due to limited sulphide content typical of low sulphidation epithermal systems.  Soil samples taken from a soil grid returned gold values up to 0.56g/t in the vicinity of the sinter centres (Figure 1c).

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories: The samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: Soil samples consisted of approximately one kilogram of clay from the iron-rich “B” horizon at each sample point. The soil samples were dried and subsequently screened through 80 mesh (using screens with apertures of approximately 0.18 millimetres).  A 250 gram (“g”) split of the material that passed through 80 mesh was pulverized to 85% passing 0.075mm and was packaged for shipment to the analytical facility.

Analytical procedure:  A 0.5g split of the -0.075mm fraction of soil samples underwent digestion with aqua regia, and the liquid was analyzed for 48 elements by ICP-MS. Apart from being analyzed by ICP-MS, gold was also analyzed by fire assay with an ICP-AES finish.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

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.

	Image Credit: Stuart Rankin (Via USAF – Flickr)

Afghanistan’s Mineral Resources are Estimated to be Worth $1 Trillion to $3 Trillion

 

Besides leaving the Taliban billions of dollars of military equipment, including aircraft, grenades, firearms, and helicopters, the United States is exiting a country with a rich mineral endowment in terms of metals, minerals, and gemstones and providing an opening for other countries such as China and Russia to extend their influence in the region.

According to an article published by The Hill, the United States provided Afghan forces with 7,035 machine guns, 4,702 Humvees, 20,040 hand grenades, 2,520 bombs, and 1,394 grenade launchers from 2017 to 2019 based on a report from the Special Inspector General for Afghanistan Reconstruction (SIGAR). The Taliban has taken possession of U.S. military equipment following the recent fall of the Afghan government.

Afghanistan is Rich in Natural Resources

Like many countries in the world with long histories of political instability and corruption, Afghanistan has significant natural resources, including gold, silver, platinum, copper, iron, chromite, lithium, uranium, and rare earths. Additionally, the country is a rich source of gemstones, including, emeralds, lapis lazuli, rubies, sapphires, and turquoise. According to a 2007 preliminary assessment of non-fuel mineral resources by the United States Geological Survey (USGS) in cooperation with the Afghanistan Geological Survey, Afghanistan may hold 60 million metric tons of copper, 2.2 billion metric tons of iron ore, and 1.4 million metric tons of rare earth elements (REE). Based on the study, Afghanistan’s mineral deposits were estimated to be worth nearly $1 trillion. Some now believe the value could be upwards of $3 trillion.

A map of Afghanistan’s mineral wealth, sourced from the U.S. Geological Survey report is illustrated below.

Map of Mineralized Areas in Afghanistan

Source: Preliminary Assessment of Non-Fuel Mineral Resources of Afghanistan, 2007, U.S. Department of the Interior, U.S. Geological Survey, October 2007.

 

Responsible Mining May Hold the Key to Afghanistan’s Future

Many believe that if Afghanistan’s mineral resources were developed and extracted effectively, the country could improve its economic fortunes while lowering its dependence on foreign aid. Illegal mining, most often done irresponsibly, is common throughout Afghanistan to raise money for terrorists, armed militias, and insurgency groups. A stable government with sound policies could promote economic growth by fostering a healthy mining industry. However, with an undeveloped mining industry or infrastructure in place, it could take many years for Afghanistan to fully exploit its mineral wealth.

Who Will Partner with Afghanistan?

In late July, Chinese Foreign Minister Wang Yi met with a delegation led by Taliban leader Mullah Abdul Ghani Baradar in Tianjin, China. Shortly following the Taliban’s take-over of Afghanistan, China’s foreign ministry signaled that it was ready for friendly cooperation with Afghanistan. China dominates the rare earths market globally. Russia has been engaging with the Taliban for years and is expected to seek opportunities to extend its influence.

 

Take-Away

Many of the world’s richest mineral resources are found in countries characterized by widespread poverty, extreme wealth inequality, unstable political regimes, and corruption. It should not be surprising that for those that hold democratic elections, populist or left-leaning candidates promising greater wealth equality and social programs are gaining more traction in countries like Mexico and Peru. This may provide an opening for countries like China that have instituted global development programs, such as the Belt and Road initiative, that provide financing and aid in exchange for greater influence. The lesson in Afghanistan may be that economic and intellectual resources aimed at economic development may have a more durable impact than seeking purely military solutions. In the case of Afghanistan, it may be too late.

 

Suggested Reading:

Metals & Mining Second Quarter 2021 Review and Outlook

Energy Exploration and Production Second Quarter 2021 Review and Outlook

Will Investors Keep Reducing Leverage?

High Tech Search for Copper

 

Sierra Metals (SMTS) Virtual Road Show Series – Tuesday, August 24 @ 1pm EDT Join Sierra Metals CEO Luis Marchese for this exclusive corporate presentation, followed by a Q & A session moderated by Mark Reichman, Noble’s senior research analyst, featuring questions taken from the audience. Registration is free and open to all investors, at any level. Register Now  |  View All Upcoming Road Shows

 

Sources:

Billions
in US Weaponry Seized by Taliban, The Hill, Rebecca Kheel, August 19, 2021.

Planes, Guns, Night-Vision Goggles: The Taliban’s New U.S.-Made War Chest, Reuters, Idrees Ali and Patricia Zengerle, Jonathan Landay, August 19, 2021.

Factbox: What are Afghanistan’s Untapped Minerals and Resources?, Reuters, Ahmad Masood, August 19, 2021.

The
Taliban Are Sitting on $1 Trillion Worth of Minerals the World Desperately Needs, CNN, Julia Horowitz, August 19, 2021.

Preliminary Assessment of Non-Fuel Mineral Resources of Afghanistan, 2007, U.S. Department of the Interior, U.S. Geological Survey, October 2007.

Russia
Was Ready for Taliban’s Win Due to Longtime Contacts, Associated Press, Vladimir Isachenkov, August 19,2021.

Russia
Has Been Engaging with the Taliban for Years. The U.S. Withdrawal Might Give It an Opportunity to Expand its Role, CBS News, Mary Ilyushina, August 21, 2021.

Afghanistan:
Taliban to Reap $1 Trillion Mineral Wealth, DW Akademie, Nik Martin, August 18, 2021.

China May Align Itself with Taliban and Try to Exploit Afghanistan’s Rare Earth
Metals, Analyst Warns, CNBC, World Markets, Weizen Tan, August 17, 2021.

U.S. Identifies Vast Mineral Riches in Afghanistan, The New York Times, James Risen, June 13, 2010.

Afghanistan’s Mineral Resources Are a Lost Opportunity and a Threat, The Diplomat, Ahmad Shah Katawazai, February 1, 2020.

As U.S. Retreats, China Looks to Back Taliban with Afghan Mining Investments, Forbes, Ariel Cohen, August 17, 2021.

Image

 

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	Image Credit: Stuart Rankin (Via USAF – Flickr)

Afghanistan’s Mineral Resources are Estimated to be Worth $1 Trillion to $3 Trillion

 

Besides leaving the Taliban billions of dollars of military equipment, including aircraft, grenades, firearms, and helicopters, the United States is exiting a country with a rich mineral endowment in terms of metals, minerals, and gemstones and providing an opening for other countries such as China and Russia to extend their influence in the region.

According to an article published by The Hill, the United States provided Afghan forces with 7,035 machine guns, 4,702 Humvees, 20,040 hand grenades, 2,520 bombs, and 1,394 grenade launchers from 2017 to 2019 based on a report from the Special Inspector General for Afghanistan Reconstruction (SIGAR). The Taliban has taken possession of U.S. military equipment following the recent fall of the Afghan government.

Afghanistan is Rich in Natural Resources

Like many countries in the world with long histories of political instability and corruption, Afghanistan has significant natural resources, including gold, silver, platinum, copper, iron, chromite, lithium, uranium, and rare earths. Additionally, the country is a rich source of gemstones, including, emeralds, lapis lazuli, rubies, sapphires, and turquoise. According to a 2007 preliminary assessment of non-fuel mineral resources by the United States Geological Survey (USGS) in cooperation with the Afghanistan Geological Survey, Afghanistan may hold 60 million metric tons of copper, 2.2 billion metric tons of iron ore, and 1.4 million metric tons of rare earth elements (REE). Based on the study, Afghanistan’s mineral deposits were estimated to be worth nearly $1 trillion. Some now believe the value could be upwards of $3 trillion.

A map of Afghanistan’s mineral wealth, sourced from the U.S. Geological Survey report is illustrated below.

Map of Mineralized Areas in Afghanistan

Source: Preliminary Assessment of Non-Fuel Mineral Resources of Afghanistan, 2007, U.S. Department of the Interior, U.S. Geological Survey, October 2007.

 

Responsible Mining May Hold the Key to Afghanistan’s Future

Many believe that if Afghanistan’s mineral resources were developed and extracted effectively, the country could improve its economic fortunes while lowering its dependence on foreign aid. Illegal mining, most often done irresponsibly, is common throughout Afghanistan to raise money for terrorists, armed militias, and insurgency groups. A stable government with sound policies could promote economic growth by fostering a healthy mining industry. However, with an undeveloped mining industry or infrastructure in place, it could take many years for Afghanistan to fully exploit its mineral wealth.

Who Will Partner with Afghanistan?

In late July, Chinese Foreign Minister Wang Yi met with a delegation led by Taliban leader Mullah Abdul Ghani Baradar in Tianjin, China. Shortly following the Taliban’s take-over of Afghanistan, China’s foreign ministry signaled that it was ready for friendly cooperation with Afghanistan. China dominates the rare earths market globally. Russia has been engaging with the Taliban for years and is expected to seek opportunities to extend its influence.

 

Take-Away

Many of the world’s richest mineral resources are found in countries characterized by widespread poverty, extreme wealth inequality, unstable political regimes, and corruption. It should not be surprising that for those that hold democratic elections, populist or left-leaning candidates promising greater wealth equality and social programs are gaining more traction in countries like Mexico and Peru. This may provide an opening for countries like China that have instituted global development programs, such as the Belt and Road initiative, that provide financing and aid in exchange for greater influence. The lesson in Afghanistan may be that economic and intellectual resources aimed at economic development may have a more durable impact than seeking purely military solutions. In the case of Afghanistan, it may be too late.

 

Suggested Reading:

Metals & Mining Second Quarter 2021 Review and Outlook

Energy Exploration and Production Second Quarter 2021 Review and Outlook

Will Investors Keep Reducing Leverage?

High Tech Search for Copper

 

Sierra Metals (SMTS) Virtual Road Show Series – Tuesday, August 24 @ 1pm EDT Join Sierra Metals CEO Luis Marchese for this exclusive corporate presentation, followed by a Q & A session moderated by Mark Reichman, Noble’s senior research analyst, featuring questions taken from the audience. Registration is free and open to all investors, at any level. Register Now  |  View All Upcoming Road Shows

 

Sources:

Billions
in US Weaponry Seized by Taliban, The Hill, Rebecca Kheel, August 19, 2021.

Planes, Guns, Night-Vision Goggles: The Taliban’s New U.S.-Made War Chest, Reuters, Idrees Ali and Patricia Zengerle, Jonathan Landay, August 19, 2021.

Factbox: What are Afghanistan’s Untapped Minerals and Resources?, Reuters, Ahmad Masood, August 19, 2021.

The
Taliban Are Sitting on $1 Trillion Worth of Minerals the World Desperately Needs, CNN, Julia Horowitz, August 19, 2021.

Preliminary Assessment of Non-Fuel Mineral Resources of Afghanistan, 2007, U.S. Department of the Interior, U.S. Geological Survey, October 2007.

Russia
Was Ready for Taliban’s Win Due to Longtime Contacts, Associated Press, Vladimir Isachenkov, August 19,2021.

Russia
Has Been Engaging with the Taliban for Years. The U.S. Withdrawal Might Give It an Opportunity to Expand its Role, CBS News, Mary Ilyushina, August 21, 2021.

Afghanistan:
Taliban to Reap $1 Trillion Mineral Wealth, DW Akademie, Nik Martin, August 18, 2021.

China May Align Itself with Taliban and Try to Exploit Afghanistan’s Rare Earth
Metals, Analyst Warns, CNBC, World Markets, Weizen Tan, August 17, 2021.

U.S. Identifies Vast Mineral Riches in Afghanistan, The New York Times, James Risen, June 13, 2010.

Afghanistan’s Mineral Resources Are a Lost Opportunity and a Threat, The Diplomat, Ahmad Shah Katawazai, February 1, 2020.

As U.S. Retreats, China Looks to Back Taliban with Afghan Mining Investments, Forbes, Ariel Cohen, August 17, 2021.

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Friday, August 20, 2021

Aurania Resources (AUIAF)(ARU:CA)
Getting Closer to the Source of Copper at Tsenken N1

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Drilling intersects sediment-hosted copper at Tsenken N1. Six drill holes have been completed, representing 1,859 meters of drilling, at the Tsenken N1 copper-silver target. Hole TSN1-007, which is still underway, intersected sediment-hosted copper mineralization visible over roughly 2 kilometers, along with salt which is a key element of sediment-hosted copper mineralized systems. A fault system is thought to have fed copper into the sediments much in the way it did zinc-silver in the Tiria-Shimpia area. Management believes that Tsenken and Tiria-Shimpia may be part of the same mineralized system, extending over 45 kilometers, that gradually changes from copper-dominant to zinc-dominant mineralization.


Potential for multiple beds of mineralization.  Management believes the copper-silver found within the Lost Cities project is similar to that found in the Kupferschiefer of northern central Europe, one of the world’s largest sediment-hosted accumulations of copper ore. The source for the copper in sediment-hosted layered copper deposits is often sections of oxidized sediments, or red beds, and …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Aurania Receives Approval On Amendment Of Warrant Terms

 

Toronto, Ontario, August 20, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) announces that the TSX Venture Exchange has consented to the proposed amendment of warrant terms as announced on August 6, 2021.  A total of  1,043,567 non-broker warrants (the “Warrants”) were issued in relation to a private placement financing that closed in three tranches on February 28, March 5 and March 13, 2020.  The Warrants carry an exercise price per share of C$4.25 and are scheduled to expire on August 28, September 5 and September 13, 2021, respectively.  These Warrants are the only non-listed warrants currently outstanding.

The amended terms include the following: (a) a reduction of the exercise price to C$3.40 per share issuable upon exercise of a Warrant; (b) an extension to the expiry date to March 13, 2022; and (c) an accelerated expiry provision, such that the Warrants will expire on the earlier of the extended expiry date and 30 days following the 10th consecutive trading day on which the closing price of Aurania’s shares exceeds the amended exercise price of the Warrants by 15% or more.

The amendments will become effective automatically as of the original date and time of expiry of the Warrants. Prior to the original date and time of expiry of the Warrants, the Warrants will remain in force, unamended, per their original terms and conditions.  These amendments do not apply to any Warrants issued to finders or agents as compensation.

Holders of the Warrants may contact the Company at ir@aurania.com or DSA Corporate Services at info@dsacorp.ca, the administrator of the Warrants, should they have any questions or wish to exercise their Warrants.  The Company will accept the original certificate representing the Warrants, together with a duly completed exercise form, together with payment made to Aurania Resources Ltd., in accordance with the instructions provided on the certificate representing the Warrants.

The amendments were accepted by the TSX Venture Exchange effective August 19, 2021.

 

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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Travelling Through Deep Time to Find Copper for a Clean Energy Future

 

More than 100 countries, including the United States and members of the European Union, have committed to net-zero carbon emissions by 2050. The world is going to need a lot of metal, particularly copper.

Recently, the International Energy Agency sounded the warning bell on the global supply of copper as the most widely used metal in renewable energy technologies. With Goldman Sachs predicting copper demand to grow up to 600% by 2030 and global supply becoming increasingly strained, it is clear we need to find new and large deposits of copper fast.

Getting this much copper will be impossible unless we discover significant new copper deposits. But there has been little exploration for copper over the past decade, as prices have been relatively low.

 

This article was republished with permission from  The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of Dietmar Müller, Professor of Geophysics, University of Sydney, Jo Condon, Honorary researcher, The University of Melbourne, Julian Diaz, Exploration Geologist, University of Sydney, and Rohitash Chandra, Senior Lecturer, UNSW

 

We have been developing software to model Earth in four dimensions to look deep inside the planet and back into the past to discover where copper deposits formed along ancient mountain ranges. This software, called GPlates, is a powerful four-dimensional information system for geologists.

How Large Copper Deposits Form

Many of the world’s richest copper deposits formed along volcanic mountain chains such as the Andes and the Rocky Mountains, in these regions, an oceanic tectonic plate and a continent collide, with the oceanic plate sinking under the edge of the continent in a process called subduction.

This process creates a variety of igneous rocks and copper deposits to form along the edge of the continent, at depths of between one and five kilometres in the crust, where hot magmatic fluids containing copper (and other elements) circulate within networks of faults. After millions of years of further plate movement and erosion, these treasures move close to the surface – ready to be discovered.

A sample of copper hosted in a quartz vein in the form of a mineral called chalcopyrite. When exposed to air, the surface oxidises to create this metallic ‘peacock’ lustre. Marek Novot?ák / Wikimedia Commons

Searching for Copper

Geologists typically use a set of well-established tools to look for copper. These include geological mapping, geochemical sampling, geophysical surveys and remote sensing. However, this approach does not consider the origin of the magmatic fluids in space and time as the driver of copper formation.

We know these magmatic fluids come from the “mantle wedge”, a wedge-shaped piece of the mantle between the two plates that is fed by oceanic fluids escaping from the downgoing plate. The oceanic plate heats up on its way down, releasing fluids that rise into the overlying continental crust, which in turn drives volcanic activity at the surface and the accumulation of metals such as copper.

Cross section of the Earth showing one tectonic plate going under the other, creative volcanism and copper deposits directly above

 

 

Copper deposits tend to form above subduction zones along
volcanic chains. This schematic is not to scale.

 

Differences in how subduction occurs and the characteristics of the oceanic plate may hold the secret to better understanding where and when copper deposits form. However, this information is traditionally not used in copper exploration.

 

Building a Virtual Earth

At the EarthByte research group, we are building a virtual Earth powered by our GPlates plate tectonic software, which lets us look deep below the surface and travel back in time. One of its many applications is to understand where copper deposits have formed along mountain belts.

In a recent paper, we outline how it works. We focus on the past 80 million years because most of the known economic copper deposits along mountain belts formed during this period. This period is also most accurate for our models.

We used machine learning to find links between known copper deposits along mountain belts and the evolution of the associated subduction zone. Our model looks at several different subduction zone parameters and determines how important each one is in terms of association with known ore deposits.

 

 

So what turns out to be important? How fast the plates are moving towards each other, how much calcium carbonate is contained in the subducting crust and in deep-sea sediments, how old and thick the subducting plate is, and how far it is to the nearest edge of a subduction zone.

Using our machine learning approach, we can look at different parts of the world and see whether they would have experienced conditions conducive to forming copper deposits at different times. We identified several candidate regions in the US, including in central Alaska, southern Nevada, southern California and Arizona, and numerous regions in Mexico, Chile, Peru and Ecuador.

Knowing when copper ore deposits may have formed is important, as it helps explorers to focus their efforts on rocks of particular ages. In addition, it reveals how much time given deposits might have had to move closer to the surface.

Australia has similar deposits, including the Cadia copper-gold district in New South Wales. However, these rocks are significantly older (roughly 460 million to 430 million years old) and require virtual Earth models to look much further back in time than those applied to the Americas.

 

The Future of Mineral Exploration

Finding 10 million tonnes of copper by 2030 – the equivalent of eight of the largest copper deposits that we mine today – presents an enormous challenge.

With support over a decade from AuScope and the National Collaborative Research Infrastructure Strategy (NCRIS), we are in a position to imagine tackling this challenge. By supercharging GPlates in Australia’s Downward Looking Telescope, together with AI and supercomputing, we can meet it head on.

These emerging technologies are increasingly being used by Australian startups like Lithodat and DeeperX and mining companies in collaboration with universities to develop AI’s enormous potential for critical minerals discovery.

 

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Aurania Receives Approval On Amendment Of Warrant Terms

 

Toronto, Ontario, August 20, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) announces that the TSX Venture Exchange has consented to the proposed amendment of warrant terms as announced on August 6, 2021.  A total of  1,043,567 non-broker warrants (the “Warrants”) were issued in relation to a private placement financing that closed in three tranches on February 28, March 5 and March 13, 2020.  The Warrants carry an exercise price per share of C$4.25 and are scheduled to expire on August 28, September 5 and September 13, 2021, respectively.  These Warrants are the only non-listed warrants currently outstanding.

The amended terms include the following: (a) a reduction of the exercise price to C$3.40 per share issuable upon exercise of a Warrant; (b) an extension to the expiry date to March 13, 2022; and (c) an accelerated expiry provision, such that the Warrants will expire on the earlier of the extended expiry date and 30 days following the 10th consecutive trading day on which the closing price of Aurania’s shares exceeds the amended exercise price of the Warrants by 15% or more.

The amendments will become effective automatically as of the original date and time of expiry of the Warrants. Prior to the original date and time of expiry of the Warrants, the Warrants will remain in force, unamended, per their original terms and conditions.  These amendments do not apply to any Warrants issued to finders or agents as compensation.

Holders of the Warrants may contact the Company at ir@aurania.com or DSA Corporate Services at info@dsacorp.ca, the administrator of the Warrants, should they have any questions or wish to exercise their Warrants.  The Company will accept the original certificate representing the Warrants, together with a duly completed exercise form, together with payment made to Aurania Resources Ltd., in accordance with the instructions provided on the certificate representing the Warrants.

The amendments were accepted by the TSX Venture Exchange effective August 19, 2021.

 

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.

Thursday, August 19, 2021

Ely Gold Royalties (ELYGF)(ELY:CA)
Shareholders Overwhelmingly Approve Combination with Gold Royalty Corp.

As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Business combination approved. During a special meeting on August 17, Ely Gold shareholders approved a special resolution authorizing a business combination by way of statutory plan of arrangement between Ely Gold Royalties and Gold Royalty Corp. (NYSE American, GROY). The resolution was approved by 99.52% of the votes cast by Ely shareholders present in person or by proxy, and by 99.47% of the votes cast excluding votes cast by interested parties. Total votes cast for the arrangement resolution represented approximately 49.02% of Ely’s total issued and outstanding common shares.


Share election outcomes.  Based on elections received from Ely shareholders and after pro-rationing and adjustments, for those shareholders that elected to receive Gold Royalty Corp. shares, each Ely Gold share is expected to be exchanged for 0.2450 of a Gold Royalty share plus $0.0001 in cash. For those that elected to receive cash, each Ely Gold share is expected to be exchanged for $0.869053 in …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.