Aura Energy

Aura Increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8

Resource growth adds confidence in future expansion and scale opportunities

Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to provide an update on the Mineral Resource Estimate (“MRE”) for the Tiris Uranium Project (“Tiris” or the “Project”) in Mauritania.


KEY POINTS:

  • Tiris’ global Mineral Resources increased by 55% to 91.3 Mlbs U3O8, up from 58.9Mlbs U3O81 (global Mineral Resources includes Tiris East and Oum Ferkik Project areas)
  • The recent 15,262m drill program delivered a very large 28.9 Mlbs U3O8 increase in the Tiris East Uranium Project’s Mineral Resources, totalling 76.6 Mlbs U3O8, delivered at a discovery cost of only US$ 0.14 per lb U3O8
  • Measured and Indicated Mineral Resources increased by 35% adding 10.3 Mlbs U3O8 providing further confidence to the Front End Engineering Design (“FEED”)2 production schedule
  • Drilling results and the increase in Mineral Resources both demonstrate significant future resource growth potential at Tiris from ongoing exploration activities
  • The major increase in the Tiris Mineral Resources:
    • Reinforces Auras’ commitment to progress Tiris towards a development decision in late 2024 or early 2025;
    • Offers significant potential to materially enhance the already excellent FEED economics of NPV8 US$ 388 M and IRR 36% after tax3,4, and
    • Presents real opportunities to increase the Project’s future scale beyond the current 17-year mine life at 2 Mlbs pa U3O8 production
  • Additional Mineral Resources were defined from extensions to known mineralisation and exhibit the same characteristics as the current shallow free digging mineralisation that has proven exceptional beneficiation characteristics
  • Mine scheduling and optimisation including a review of the Ore Reserve Estimate will now be undertaken on the enhanced Mineral Resources

Aura Energy’s Managing Director and CEO Andrew Grove said:

"The resource growth at Tiris confirms our view that this is an important uranium province with the capacity for further growth upside.

The Board believes that the very significant increase in Mineral Resources resulting from the successful drilling campaign will have a materially positive impact on Tiris’ economics and has been delivered at a very low discovery cost of just US$ 0.14 per lb.

Mineralisation was identified not only from high strength radiometric anomalies, but from areas of low strength anomalies, significantly increasing the exploration potential of the area as these low-level anomalies have been ignored in past exploration.

More opportunities remain to expand the known mineralisation within the current granted tenements. In addition, the potential for future discoveries within the 13,000km2 of new tenement applications is significant as we have only just begun exploration over this district-scale opportunity.

The increased Mineral Resource inventory will further support the funding and development of the Tiris Uranium Project in the near future.”

Tiris Global Mineral Resource Estimate reported using a 100ppm U3O8 cut-off grade, see Table 1 for details

The drilling program undertaken in 2024 has delivered a major increase to the Project’s Global Mineral Resources totalling 184 Mt at 225ppm for 91.3 Mlbs U3O8 at a 100ppm cut-off grade. This is a 55% increase in the contained U3O8 from the previous MRE, reported in 2023, of 113Mt at 236ppm for 58.9Mlbs5 U3O8.

This drilling program was aimed at assessing additional resource potential at Tiris East and delivered a 10.3 Mlbs or 35% increase of Measured and Indicated (“M&I”) Resources, which stands at 83 Mt @ 219ppm for 39.9 Mlbs U3O8, and a 76% increase in total Inferred Resource, which stands at 102 Mt @ 229ppm for 51.4 Mlbs U3O8. The detail of the upgraded resource across the project areas and the previous resources are shown in Table 1.

In April 20246, Aura completed an air core (“AC”) drilling program of 2,995 holes for 15,262 metres, a 37% increase in the total number of holes available for resource calculations, to evaluate a previously announced exploration target of between 8 Mlbs and 32 Mlbs7. The Mineral Resource increase of

32.4 Mlbs U3O8 exceeded the upper end of the exploration target range, providing strong support to Aura’s exploration methodology, and is a strong indication to the mineralisation potential that may be available in regional leases that are currently under application8.

In addition to targeting extensions to known mineralisation, and testing previously un-drilled radiometric anomalies around Tiris East, the program considered several conceptual targets over low- level radiometric anomalies. Several of these conceptual targets returned very positive results, further increasing exploration potential of the area. This is a major change from previous exploration in the area.

Mineral Resource estimates were undertaken utilising Multiple Indicator Kriging (“MIK”) estimation methodology and recoverable Mineral Resources reported using a 10x10x1m Selective Mining Unit (“SMU”). The Competent Person for the 2024 Tiris Mineral Resource Estimates is Mr Arnold van der Heyden of H&S Consulting Pty Limited (“HSC”).


Click here for the full ASX Release

This article includes content from Aura Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

AEE:AU
The Conversation (0)
Pan Asia Metals

Tama Atacama Lithium Project –Exploration Concessions Granted

Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to advise that substantially all Exploration Concessions in its holdings under Option Agreement have been granted at its Tama Atacama Lithium Project, increasing the total area of granted Exploration Concessions under Option Agreements and MOU to ~1,234km2 or 123,400Ha, see Figure 1.

Figure 1. Tama Atacama Lithium Project: Granted Exploration Concessions under Option and MOU

Keep reading...Show less
High-Grade Rock Chip Assays Extend Prospective Lithium Horizon at Red Mountain Project, USA

High-Grade Rock Chip Assays Extend Prospective Lithium Horizon at Red Mountain Project, USA

Grades up to 4,150ppm Li identified along 1.4km trend north of recent discovery


Keep reading...Show less
Hand labeled "BRICS" cutting paper money with scissors.

How Would a New BRICS Currency Affect the US Dollar? (Updated 2024)

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023 one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. In turn, this would have implications for the United States and global economies.

It's still too early to predict when a BRICS currency will be released, but it's a good time to look at the potential for a BRICS currency and its possible implications for investors.

Keep reading...Show less
Firetail Resources

Firetail Resources

FTLABX

Keep reading...Show less
Auric Mining (ASX:AWJ)

Auric to Bank $3M Cash this Quarter. Toll Milling of 150,000 Tonnes to Start in 3 Weeks.

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that the second gold milling campaign of 2024 from the Jeffreys Find Gold Mine (the Project) near Norseman, WA, is expected to commence on 24 July 2024.

Keep reading...Show less
  Rimfire Pacific Mining Limited

Successful Placement

Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has received firm commitments to raise $1.15M through a Share Placement pursuant to Section 708 of the Corporations Act (Cth).

Keep reading...Show less

Latest Press Releases

Related News

×