Aura Energy Ltd (ASX:AEE, AIM:AURA) has its sights set firmly on expanding the Tiris Project into a potentially world-class uranium province through a 13,000-kilometre tenure application.
The tenure would become part of the overarching Tiris Project within the uranium province of Mauritania and Aura will target areas with strong synergies with the Tiris West resource of 11.2 million pounds (16.4 million tonnes at 305ppm U3O8).
Aura believes the project has the potential to confirm a world-class scale and is out to prove that theory by confirming the results of its radiometric analysis.
Validation to pursue further work
“Our geologists are confident that the Tiris Zemmour region of Mauritania is a world-class uranium region, similar in importance to the uranium market as the Pilbara region in Western Australia is for iron ore,” Aura chairman Phil Mitchell said.
“We believe Aura’s uranium-enriched carnotite zone extends across the north-eastern Mauritania area of Tiris Zemmour and our exploration success to date provides validation for pursuing further strong growth platform for Aura’s shareholders and our Mauritanian partners.
“With the potential for our current Tiris West resource to be materially expanded, the company’s strategy is to:
- progress development of the already defined resource in Tiris East as a new uranium producer; and
- undertake a significant resource expansion exploration study on the new tenure.”
Exploration tenement applications.
Ministry support could lead to bigger things
Aura is pleased with the support from Nany Chrougha, Mauritania’s Minister of Mines, for President Mohamed Ould Cheikh El Ghazouani’s initiative to strengthen the country's resources sector.
This initiative led to the reopening of the Mining Cadastre, allowing the ministry to start accepting exploration tenure applications, including one from Aura.
Aura has finalised its application, seeking exploration rights over a vast area of 13,000 square kilometres. Selection of the new tenure application areas follows a comprehensive 12-month evaluation, utilising historical drilling, radiometric data and insights from the company’s successful uranium discoveries, notably the Tiris Uranium Project.
This thorough analysis has recently resulted in the declaration of an exploration target for the existing Tiris East resource areas, with drilling planned to start before the end of 2023.
Aura is optimistic about replicating its exploration success throughout the broader Tiris Zemmour region.
If and when the applications are approved, Aura intends to methodically validate and explore the potential within these tenements throughout 2024 and 2025.
FID expected
Aura’s managing director and CEO David Woodall said, "Aura Energy has already established a commanding position with its mineral reserves and resources at Tiris West, which has put us in a position to consider a final investment development decision in the coming months.
“Combined with our recently announced exploration target, these tenement applications – if successful – will give us an opportunity to be a driving force to realise the full potential of this region, which we believe could be truly world-class in scale.
“Our development strategy for Tiris is complemented by our exploration strategy, which aims to grow our resources and allow scaled-up production over time in a capital-efficient manner.
“We look forward to working with our stakeholders to progress our applications, ultimately growing the Tiris Project into a global-scale project that contributes to Mauritania's economic and social development.”
Recently, Woodall spoke at the Proactive One2One Investor Forum about the company’s two primary projects: Tiris and a tier-one project in Sweden, rich in metals like vanadium, nickel, molybdenum, zinc and uranium.
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