Aura Energy mobilises diamond drill rig to Tiris Project

27th May 2022 11:26

(Sharecast News) - Aura Energy, which is developing the 85%-owned Tiris Uranium Project in Mauritania, announced on Friday that a diamond drill rig has been mobilised to Tiris from Nouakchott.

The AIM-traded firm said the rig would launch a 10,000 metre infill drilling programme, with results expected in the fourth quarter of 2022.

It said the diamond drilling would generate a large-diameter core in around 60 holes, to validate the downhole radiometric logging results that the resource estimate would be based on, and would also provide density data throughout the deposit.

As announced on 20 January, Aura's 2022 resource upgrade programme was set to include further drilling, seeking to upgrade more of the company's 56 million pound resource from inferred to measured and indicated, and to identify further exploration targets within the tenure.

The programme was designed to expand what was already "one of the lowest" capital expenditure and lowest operating cost uranium projects globally, Aura claimed.

Its board said the resource upgrade programme would focus on the Sadi, Lazare South and Hippolyte zones within the Tiris East Project, with the aim of increasing measured and indicated resources, as Aura transitioned from a uranium explorer to producer at Tiris.

"We are pleased to announce the mobilisation of a diamond drill rig to Tiris, with drilling to commence on 30 May and results expected in the fourth quarter," said acting chief executive officer Will Goodall.

"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 800,000 pound per annum project.

"We look forward to providing our shareholders with further updates in due course."

At 0911 BST, shares in Aura Energy were up 6.05% at 11.4p.

Reporting by Josh White at Sharecast.com.