Aura Energy Ltd (ASX:AEE, AIM:AURA) has commenced a major 15,500 metre exploration drilling program targeting a 100-million-pound uranium oxide (U3O8) mineral resource at its Tiris Uranium Project in Mauritania. If successful, Aura expects it would elevate Tiris towards a globally significant uranium project.
The drilling is aiming to define additional resources from the exploration target at the Tiris East target that measures 30-60 million tonnes at 120-240 parts per million (ppm) U3O8 for 8-32 million pounds of U3O8.
The exploration targets are extensions of the existing known mineralisation at the project and have been identified using radiometric surveys that indicate similar characteristics to the already defined mineral resources.
The current program will drill seven exploration targets in Tiris East, which Aura believes has the potential to extend the existing mineral resource estimate of 113 million tonnes at an average grade of 236 parts per million (ppm).
Representing a globally significant uranium province
Aura managing director David Woodall said: “Aura Energy is undertaking this program because we believe the Tiris Uranium Project can grow to represent a globally significant uranium province.
“The enhanced feasibility study illustrated that the simple mining method and beneficiation at Tiris deliver a huge economic advantage with a potential to scale U3O8 production beyond the currently planned production of 2-million pounds of U3O8 per annum.
“Our early-stage activities indicate that we have the potential to expand our Mineral Resources towards 100-million pounds of U3O8 within the existing tenements.
“The program forms the first stage in our exploration growth strategy. Subsequently, after granting the additional 29 tenements, Aura aims to further expand its exploration for the greater Tiris Project to over 200 Mlbs of Global Mineral Resource Estimate (MRE).
“Given our exploration success and historically low cost of exploration at ~$0.20 per pound of U3O8, we believe we can rapidly continue significant internal resource growth at Tiris. A larger total mineral resource inventory will facilitate further project growth and optimisation.
”The commencement of this extensional exploration program is an important step in realising the company’s internal growth strategy, and we look forward to sharing progress updates with our shareholders over the coming months.”
The exploration target is contained within Tiris East, and is independent of Tiris West and the recently applied for exploration tenements of around 13,000 square kilometres in the Tiris Uranium Province. Since the discovery of the Tiris Uranium Project, 19,000 metres of drilling has been completed.
Aura is also preparing further exploration targets and drill programs to grow uranium resources once exploration licence applications are granted.
Tiris Project Exploration Program Target (NYSE:TGT) Areas.
Read more on Proactive Investors AU
