Impact: Positive
Aura Energy reported initial assays (9,239m) from the 15,500m exploration program at the Tiris resource area, within its 85%-owned Tiris uranium project in Mauritania. Drilling primarily focused on three resource zones within Tiris East including Hippolyte South, Sadi, and to a lesser extent, Hippolyte West C. At Hippolyte South, mineralization was extended to the east and northwest of the previous resource, as well as to the south for >3km, with grades of up to 1,170 ppm U3O8. At Sadi, mineralization was extended by over 1.2km to the south and west from the current resource area and remains open for expansion. At Hippolyte West C, drilling extended the mineralization that linked three previously separate resource areas. Results warrant follow-up and will be tested with infill and step-out drilling during the Phase 2 program. In our view, these are positive initial step-out results that move closer to meeting Aura’s expectations of defining up to ~90M lbs U3O8 at Tiris East. The extensions of mineralization should only add to the grade and tonnage to the current resource which hosts 58.9M lbs U3O8 at 236 ppm (read initiation report). We expect results to potentially feed into an updated mineral resource estimate at the Tiris project in Q2/24.
