Toronto - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) ('Aurania' or the 'Company') reports that the iron oxide copper-gold ('IOCG') system identified in the Tsenken N2 target area extends to Tsenken N3, where it strengthens and the first copper mineralization has been identified in the drill core at the Company's Lost Cities Cutucu Project in southeastern Ecuador.

Assays from holes TS001-003 are awaited to determine whether there is gold in the system, and pathfinder element concentrations should supplement observations from the core to allow us to vector towards the centre of the system.

Aurania's Chairman & CEO, Dr. Keith Barron commented, 'We are delighted to report that the Tsenken N2 and N3 targets form part of a single, large IOCG target that is over 20 square kilometres in extent. By analogy with other IOCG systems around the world, they are typically large and, as their name implies, they contain gold as well as copper. Our exploration elsewhere in the concession area is identifying other IOCG targets - which is consistent with IOCGs typically being in clusters.'

Dr. Keith Barron, continued, 'Alteration mineral vectors indicate that the centre of the system is in the northern part of Tsenken N3 - and hole 6 is planned to test that area. The copper-silver mineralized breccia at Tsenken N1 appears to be part of a different IOCG centre, and the plan is to drill that after hole 6. The Mobile Magnetotellurics ('MobileMT' or 'MMT') survey that is planned to commence shortly should detect conductive sulphides that are expected to lie in the central part of the IOCG system.'

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.

Contact:

Carolyn Muir

Tel: (416) 367-3200

Email: carolyn.muir@aurania.com

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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