Picture of Aura Energy logo

AEE Aura Energy News Story

0.000.00%
au flag iconLast trade - 00:00
EnergySpeculativeSmall CapNeutral

REG - Aura Energy Limited - Drilling for the Tiris Uranium Resource Upgrade

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220527:nRSa0541Na&default-theme=true

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 (mailto:info@janemorganmanagement.com.au)
 (mailto:info@auraenergy.com.au?subject=Aura%20Energy%20(ASX:AEE)%20-%20Shareholder%20/%20Investor%20Enquiry)

                                                                                                              +61 405 555 618

 SP Angel Corporate Finance LLP                                                                                 WH Ireland Limited

 (Nominated Advisor and Joint Broker)                                                                           (Joint Broker)

 David Hignell                                                                                                  Jessica Cave

 Kasia Brzozowska                                                                                               Andrew de Andrade

 +44 (0) 203 470 0470                                                                                           +44 (0) 207 220 1666

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLGUGDUGUDDGDR

Recent news on Aura Energy

See all news