Aura Energy on the hunt for 100mlbs uranium at Tiris project

Aura Energy begins extensional drilling at Tiris uranium project in Mauritania
Program focused on finding additional resources from the project’s exploration target at Tiris East
Company has applied for more exploration licences with potential to grow resources even further
Updated mineral resource estimates planned for Q1 2024

Special Report: Aura Energy has begun extensional drilling at its Tiris uranium project in Mauritania aimed at defining a 100mlbs U308 mineral resource.

The company is confident a successful outcome from this 15,500m program would elevate Tiris towards a globally significant uranium project.

“Aura Energy is undertaking this program because we believe the Tiris uranium project can grow to represent a globally significant uranium province,” Aura Energy (ASX:AEE) MD David Woodall said.

“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 Mlbs U3O8 per annum.

“Our early-stage activities indicate that we have the potential to expand our mineral resources towards 100Mlbs of U3O8 within the existing tenements.”

Resource growth potential at Tiris East

The program will drill seven exploration targets in Tiris East, which the company believes has the potential to extend the existing mineral Resource estimate of 113Mt at an average grade of 236ppm U3O8, containing 58.9 Mlbs U3O8, by between 30–60 Mt at 120-240 ppm U3O8 for 8-32 Mlbs U3O8.

The exploration drilling program is expected to be completed in February 2024.

Updated mineral resource estimates are planned for Q1 of 2024 at key milestones as drilling is completed at each target area and consolidated at the end of the program.

Just the first stage in AEE’s growth strategy

Notably, the Tiris East exploration target is independent of both Tiris West – and the recently announced additional ~13,000 km2 of exploration tenements applied for in the Tiris uranium province.

AEE is preparing further exploration targets and drill programs to grow uranium resources once these exploration license applications are granted.

“The program forms the first stage in our exploration growth strategy,” Woodall said.

“Subsequently, after granting the additional 29 tenements, Aura aims to further expand its exploration for the greater Tiris Project to more than 200 Mlbs of global mineral resource estimate.

“Given our exploration success and historically low cost of exploration at ~$0.20 /lb 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.”

This article was developed in collaboration with Aura Energy, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.