Aurania Reports That Drilling at Tsenken N1 Provides Evidence of a Link with the Tiria-Shimpia Target

Toronto, July 21, 2021 - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") reports that review of drill core shows that the fault system which links the Tsenken target with the Tiria-Shimpia target, moved periodically throughout the development of the sedimentary basin, providing a pumping mechanism for metal-bearing fluids that deposited sediment-hosted zinc-silver at Tiria-Shimpia and copper-silver at Tsenken. Further scout drilling at Tsenken N1 is focusing on sediment-hosted copper-silver adjacent to this fault system that extends 45 kilometres from the copper area in the south to the zinc zone in the north in the central part of the Company's Lost Cities - Cutucu Project ("Project") in southeastern Ecuador.

Professor Gregor Borg, an expert on sediment-hosted copper systems, who has worked both in the Central African Copperbelt and the European Kupferschiefer, recently visited site to review the exploration programs and drill core from Tsenken and Tiria-Shimpia. Professor Borg commented, "I have not seen many mineralized systems that extend 45 kilometres along a fault system as we see in the central part of Aurania's Lost Cities Project. The change from copper-centric in the Tsenken area to zinc-rich in the Tiria-Shimpia target is consistent metal zoning that is evident in the Kupferschiefer. I came away from my second review of Aurania's sedimentary copper exploration program as convinced as I was on my first visit that the red-bed basin is highly fertile and has very good potential for sediment-hosted copper. We optimized some of the concepts on the basis of the features that we saw in the drill core, and I have encouraged the exploration team to keep drilling."

Five drill holes have been completed at Tsenken N1 and hole 6 is underway - the objective being to explore the same sedimentary layer in the Tsenken area that contains zinc-silver in the Tiria-Shimpia area as illustrated in Figure 1.

Figure 1. Vertical profile illustrating the target concept for the current drill hole, TSN1-006. The target is copper in the same sedimentary unit in the Tsenken area as contains zinc-silver in the Tiria-Shimpia area. This target is brought to relatively shallow depth on a geological fault as illustrated in Figure 2.

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Geological Detail of Tsenken N1 Drilling

Five drill holes, for a total of 2,184 metres ("m"), have been drilled in the Tsenken N1 target area and hole 6 is underway. The sedimentary layers targeted in hole 6 have been elevated to within a few hundred metres of surface, as illustrated in Figure 2, by faults that are known to have provided pathways for the metal-bearing fluids.

Drill results received to date are not economically significant but do show a clear trend with contained copper increasing towards the east: drill hole TSN1-002 - the westernmost - having no copper, hole TSN1-001 having 0.23% over 1m and hole TSN1-003 - the easternmost - having two mineralized zones; the upper sedimentary layer with 1m at 0.47% copper and the lower with 0.15% copper over 2.6m. Observations from the drill core show that the fault system was active at the time of accumulation of the red-beds in the Tsenken area and field mapping and satellite imagery show that this fault system extends into the Tiria-Shimpia area where it is linked with zinc-silver mineralization.

Holes TSN1-004 and TSN1-005 were collared further north, closer to Tiria-Shimpia and results will be reported when available.

Figure 2. Vertical profile interpretation through the Tsenken N1 area showing the location of drill holes 1, 2 and 3 that tested for sediment-hosted copper-silver in red-beds beneath a lava seal. Hole 6 is testing for expected sediment-hosted copper in a similar position in the sedimentary layering as the silver-zinc mineralization at Tiria-Shimpia is located. The fault system shown in red is suspected to have fed copper into the sediments in a similar way that it did zinc-silver into the Tiria-Shimpia area. (Evap. is evaporite (salt) and Int. is intrusive such as a porphyry).

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Drilling at Tiria-Shimpia

A second drill rig has completed the first hole at Tiria-Shimpia and the second scout drilling hole is underway.

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: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres ("mm")), from which a one-kilogram sub-sample was taken. The sub-sample was crushed to a grain size of 0.075mm and a 200 gram ("g") split was set aside for analysis.

Analytical procedure: Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. For the over-limit samples, those that had a grade of greater than 1% copper, zinc and lead, and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

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

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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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