Aurania Begins Drill Program at Thor's Valley Gold Project in Iceland

Aurania Resources Ltd. has commenced a drill program at its Thor's Valley gold project in Iceland, aiming to re-evaluate historical intercepts and explore new targets. The project, located approximately 20 kilometers east of Reykjavík, the capital of Iceland, is part of a collaborative effort with St-Georges Eco-Mining Corp. and its subsidiary, Iceland Resources ehf.

Aurania has engaged Arctic Drilling Company Oy Ltd., a Finland-based contractor, to conduct the drilling. The program will involve six drill holes, totaling approximately 770 meters, with five twin holes re-testing historical intercepts under modern drilling and quality assurance practices. The sixth hole will target a new area where numerous high-grade rock-chip boulder samples, reaching up to 102 parts per million (ppm) gold, have been mapped at the surface.

Historical records indicate that the Thor's Valley project was initially discovered in 1903 by two Icelandic farm boys who found gold-bearing quartz. Between 1911 and 1924, several ventures were organized, leading to the sinking of two shafts and the performance of approximately 400 meters of lateral workings. The productive vein was estimated to be one meter wide and at least one kilometer long, with reported grades ranging from 11 grams per tonne (g/t) to 315 g/t gold. The ore was "direct shipping," meaning it could be transported to a port and sent to Scandinavia or Canada for smelting.

Between 2005 and 2006, Melmi ehf drilled 32 holes totaling 2,431 meters, returning results up to 415.40 g/t gold. In 2020, Iceland Resources ehf completed eleven additional drill holes totaling 1,780 meters, with results of up to 113 g/t gold.

Dr. Keith Barron, Chairman, President, and CEO of Aurania, expressed optimism about the potential of the Thor's Valley project. "The project is supported by a history of documented high-grade gold mineralization," he said. "Amazingly, the drill location is only a 30-minute drive from downtown Reykjavík. We are optimistic that our project could potentially replicate what was done in the 1920s, produce 'direct-shipping' siliceous ore that could be taken to the port by truck and thence sent by freighter to Scandinavia or Canada to be used as smelter flux. This would obviate the need for tailings containment or a mill."

The drill program is expected to run for approximately one month, with core samples being sent for assaying. Aurania is focused on defining and executing a phased exploration program aimed at advancing the Thor's Valley gold project towards initial modern resource definition. The company's goal is to identify and test new targets and re-evaluate historical ones, potentially uncovering significant gold deposits that could be economically viable for direct shipping.

The Thor's Valley project stands as a unique opportunity, given its proximity to urban infrastructure and its rich history of gold mineralization. Aurania's exploration efforts could not only lead to new discoveries but also contribute to sustainable mining practices by potentially eliminating the need for a traditional milling operation.