TIDMAURA
RNS Number : 0541N
Aura Energy Limited
27 May 2022
27 May 2022
Aura Energy Commences Drilling for the
Tiris Uranium Resource Upgrade
KEY POINTS:
-- Aura Energy will commence a 10,000 metre infill drilling
program at its Tiris Uranium Project on 30 May 2022, with results
expected in Q4 FY2022.
-- The program will seek to increase Measured and Indicated
(M&I) Resources, supporting potential near term expansion of
the initial 800klb project, with the aspiration to expand the
resource to support the expansion of Tiris to ultimately operate at
3 to 5 Mlbs U(3) O(8) production per year.
Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura", the "Company")
a company focused on the development of the 85% owned Tiris Uranium
Project in Mauritania ("Tiris", "Project"), is pleased to announce
that a diamond drill rig has been mobilised to Tiris from
Nouakchott, to commence the 10,000 metre infill drilling program,
with results expected in Q4 FY2022. The diamond drilling will
generate large diameter (PQ) core in approximately 60 holes to
validate the downhole radiometric logging results that the resource
estimate will be based on, and will provide density data throughout
the deposit
As announced on 20 January, Aura's 2022 resource upgrade program
will include further drilling, seeking to upgrade more of the
Company's 56 Mlb resource from Inferred to Measured and Indicated,
and to identify further exploration targets within the tenure. The
program is designed to expand what is already one of the lowest
capex and lowest operating cost uranium projects in the world.
The Resource Upgrade Program will focus on the Sadi, Lazare
South and Hippolye zones within the Tiris East Project, with the
aim of increasing M&I Resources, as Aura transitions from a
uranium explorer to producer at Tiris.
Aura Energy Non-Executive Chairman, Phil Mitchell, commented:
"Tiris presents a significant opportunity not only for near term
uranium production with the fast-tracked 800 klb per annum project,
but more importantly for future growth, as Aura aims to rapidly
increase annual production at Tiris. We aspire to expand the
resource so that it supports expansion of Tiris to ultimately 3 to
5 Mlb U(3) O(8) per annum within 5 years of initial production, and
look forward to the completion of the Resource Upgrade Program as
we continue to build value for Aura shareholders".
Aura Energy Acting CEO, Will Goodall, commented: "We are pleased
to announce the mobilisation of a diamond drill rig to Tiris, with
drilling to commence on 30 May 2022 and results expected in Q4
FY2022. By upgrading the Resource Estimate, in parallel with
planned development and construction, we will add the opportunity
to expand the Production Targets early in the mine life, following
the commencement of production at Tiris from the fast-tracked 800
klb per annum project. We look forward to providing our
shareholders with further updates in due course."
This ASX Release as authorised by the Aura Energy Board of
Directors.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
For Further Information, please contact:
Will Goodall Jane Morgan
Acting CEO JMM
Aura Energy Limited Investor & Media Relations
info@auraenergy.com.au info@janemorganmanagement.com.au
+61 405 555 618
SP Angel Corporate Finance WH Ireland Limited
LLP (Joint Broker)
(Nominated Advisor and Joint Jessica Cave
Broker) Andrew de Andrade
David Hignell +44 (0) 207 220 1666
Kasia Brzozowska
+44 (0) 203 470 0470
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About Aura Energy (ASX:AEE, AIM:AURA)
Aura Energy is an Australian based minerals company that has
major uranium and polymetallic projects with large resources in
Africa and Europe.
The Company is focused on uranium production the Tiris Project,
an evolving major greenfields uranium discovery in Mauritania, with
Aura announcing a Resource Upgrade in August 2021 of 10% or 5.0
million lb U(3) O(8) bringing the total JORC Resource to 56 Mlbs
(at a 100 ppm U(3) O(8) lower cut-off grade).
Aura also completed a capital estimate update for the Tiris
Definitive Feasibility Study, to reflect current global pricing,
with these 2021 figures reconfirming Tiris as one of the lowest
capex, lowest operating cost uranium projects.
In October 2021, the Company entered a US$10m Offtake Financing
Agreement with Curzon, which includes an additional up to US$10m
facility, bringing the maximum available under the agreement to
US$20m.
In 2022, Aura will continue to transition from a uranium
explorer to uranium producer, to capitalise on the growing appetite
for nuclear power as a critical, baseload, near-zero-carbon energy
source to help drive the global shift towards decarbonising energy
generation.
Notes to Project Description
The Company confirms that the material assumptions underpinning
the Tiris Uranium Production Target and the associated financial
information derived from the Tiris production target as outlined in
the Aura Energy release dated 18 August 2021 for the Tiris Uranium
Project Definitive Feasibility Study continue to apply and have not
materially changed.
The Tiris Uranium Project Resource was released on 27 August
2021 "Resource Upgrade of 10% - Tiris Uranium Project". The Company
confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcement and that all material assumptions and technical
parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially
changed.
In respect to Resource statements there is a low level of
geological confidence associated with inferred mineral resource and
there is no certainty that further exploration work will result in
the determination of indicated measured resource or that the
production target will be realised.
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END
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