Aura Energy Limited (ASX:AEE) (AIM:AURA) has completed air core drilling at its Tiris Uranium Project in Mauritania, with final results expected in December.
The company is also progressing its key 2022 milestones towards the delivery of near-term Phase 1 uranium oxide production.
Aura’s primary objective in CY2022 was the 10,000-metre infill drilling program to upgrade its Inferred resources of 26.3 million pounds at 100ppm U3O8 cut-off within Tiris East, into Measured or Indicated status, and to identify further exploration targets within the tenure.
The drilling milestone is now complete, with the program designed to provide the basis for growing the project, which already demonstrates low capital and low operating cost metrics, and to underpin the potential for expansion to two to four million pounds U3O8 per annum.
Engineering and test work conducted by Aura continues to confirm the Tiris flow sheet for an initial 800,000 pounds a year, including capital and operating cost estimates.
Formalisation of Tiris shareholder and government arrangements with the Mauritanian government is also expected soon.
Furthermore, the company is progressing discussions regarding offtake and financing opportunities for Tiris.
Aura chief operating officer Dr Will Goodall said completion of drilling as part of the resource upgrade program was a key milestone in developing Tiris and was aligned with the company’s objective to achieve uranium production by 2025.
Goodall continued: “Importantly, it also demonstrates clear progress on the path set in Q1 of this year to rapidly develop Tiris and grow its value for all our stakeholders, including the government and community, with whom we continue to work very closely.
“Through Q4 CY 2022 we expect to finalise key negotiations with the Mauritanian government, which remains very supportive of Tiris.
“The company continues to work towards near-term uranium production, and we look forward to providing our shareholders with further updates as programs are finalised.”
