The company’s 85% owned Tiris Uranium Project in Mauritania, West Africa will target a lift in measured and indicated resources once a 10,000m infill drilling program takes off in May.

As well as aiming to increase the measured and indicated resource base from 34% to more than 50%, the programme will undertake a re-evaluation of exploration targets with the aim of boosting the total uranium and vanadium resource estimates.

Aura Energy (ASX:AEE) says the program will be the largest drilling program completed on Tiris deposits to date and represents a significant step forward for the company.

First greenfield uranium projects

“The upgrade will be undertaken concurrently with the fast-tracked development of the ~800,000lb uranium oxide Tiris Project, with the aim of being one of the first greenfield uranium projects feeding into the current demand cycle,” AEE acting CEO Will Goodall said.

“By upgrading the mineral resource estimate, in parallel with planned development and construction, we will add the potential opportunity to expand the target production rate early in the mine life.”

Advancing from explorer to producer

While only a small proportion of the Tiris mineral resource estimate was used to support the Tiris production target for the fast-track project, AEE aims to create significant upside by utilising a greater proportion of the global resource in future production.

“Overall, this program represents a key part of Aura’s strategy to advance from uranium explorer to producer at the Tiris Project in a manner that generates sustained value for the Mauritanian people and our shareholders,” Goodall added.

Infill drilling and resource expansion program

To undertake the resource upgrade program, AEE has entered two contracts for the 10,000m drilling.

The infill drilling program will focus on areas surrounding existing M&I resources in the Lazare South, Sadi and Hippolyte Deposits of Tiris East with completion earmarked for Q3 while the resource upgrade is expected to wrap up in Q4.

In conjunction with the infill drilling programme, Aura has commenced a programme to identify additional mineralised zones in the Tiris West deposits.

This will include re-evaluation of several targets previously drill tested, where analysed uranium grades appeared marginal.

 

 

 

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.

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