Aurania enters MOU for sampling of Balangero tailings

Executive Summary

• Aurania Resources Ltd. has signed a Memorandum of Understanding (MOU) with RSA S.R.L. and Firestone Ventures Inc. to evaluate the potential recovery of critical metals (nickel and cobalt) and carbon capture opportunities from extensive tailings at the former Balangero asbestos mine in Italy.
• The project involves examining approximately 60 million cubic metres (circa 153 million tonnes) of serpentinite waste rock for valuable metals including nickel, cobalt, chromium, iron, and copper, while simultaneously developing a process to neutralize asbestos and permanently capture carbon dioxide.
• Initial sampling indicates an average nickel grade of 0.15%, suggesting the waste pile could contain approximately 229,500 tonnes of nickel. The project is classified as a "green" recovery effort as it requires no new drilling, blasting, or mining, targeting the natural alloy awaruite.

Key Details

• Parties Involved: Aurania Resources Ltd., RSA S.R.L. (Societa per il Risanamento e lo Sviluppo Ambientale dell'ex miniera di amianto di Balangero e Corio), and Firestone Ventures Inc.
• Project Location: Former Balangero asbestos mine, approximately 25 km north-northwest of Turin, Italy.
• MOU Terms: One-year term for evaluation; exclusive access for Aurania and Firestone; potential for a future commercial agreement if results are favorable.
• Tailings Volume & Composition:
  • Main dry-stacked tailings pile contains ~60 million cubic metres of serpentinite waste rock.
  • Estimated weight: ~153 million tonnes (based on specific gravity of 2.55).
  • Material is crushed to minus 10 cm, with majority less than 1 cm.
  • A second, older tailings pile of possibly similar dimensions exists on the property.
• Metal Content Estimates:
  • Average Nickel Grade: 0.15% (based on 2024 reconnaissance sampling by SGS Canada Inc.).
  • Total Estimated Nickel: ~229,500 tonnes.
  • Other metals to be evaluated: Cobalt, Chromium, Iron, Copper.
  • Target Mineral: Awaruite (natural alloy of nickel and iron, Ni3Fe, 77-83% Ni).
• Carbon Capture Component:
  • Firestone Ventures responsible for carbon capture portion.
  • Dr. Chiara Boschi retained to develop process for using industrial CO2 to neutralize asbestos and fix carbon permanently.
• Current Work & Testing:
  • 450 kg of material from 36 sites being evaluated at Steval in Nancy, France.
  • Testing includes mineralogical characterization, grain size analysis, grind size determination, Bond Index, and Davis Tube magnetic separation.
  • Magnetic fractions to be fused with lithium metaborate/tetraborate flux and analyzed by X-ray fluorescence to determine recoverable grade.
• Scoping Study:
  • SRK International retained to produce a scoping-level review of the mineral assets.
  • Estimated completion time: ~6 months.
• Historical Context:
  • Mine operated 1916–1990.
  • Magnetic sand from tailings was used as furnace feed for steel production in 1943.
  • Awaruite mineral first described by Prof. Steffano Zucchetti in 1966.
• Qualified Person: Jean-Paul Pallier, MSc, Vice-President, Exploration (EurGeol, Qualified Person under NI 43-101).

Notable Quotes

• "This is a cleanup project with the added bonus of carbon capture and production of critical metals."
• "No drilling, blasting or mining will be required in this project. The main target mineral is awaruite... this can be considered a green nickel recovery project."
• "It is not economically feasible at the known grades of nickel to consider the reopening of Balangero as a mining operation, and Aurania has no intention in this regard."