14th Feb 2023 11:34
(Alliance News) - Aura Energy Ltd on Tuesday said measured and indicated resources at its Tiris project in Mauritania have increased by 52%.
The Australia-based minerals company with polymetallic and uranium projects in Europe and Africa said measured and indicated resources were 29.6 million pounds of U3O8, increasing from 19.5 million pounds a year ago. This is based on 62.1 million tonnes of ore at 216 parts per million U3O8 at a 100ppm cut off.
Aura said the resource upgrade allows it to update its 2019 definitive feasibility study project work, with potential to increase the production rate based on the resource figures. Aura said the update would be released before the end of the first quarter.
The Tiris reserves estimate with the updated and expanded feasibility will be released imminently, the company added. The global mineral resource estimate of the project is 58.9 million pounds of U3O8.
Managing Director Dave Woodall said: "The significant increase of our M&I resources confirms our confidence that the Tiris province which we believe has great expansion potential.
"Our immediate focus is now to work with our Mauritanian stakeholders, offtake providers, investors and financing partners to progress towards a decision to mine in [the third quarter of calendar 2023], a target construction timeline of [the fourth quarter of calendar 2023], and first production expected in late 2024 or early 2025."
Aura Energy shares were up 1.4% trading at 18.75 pence per share on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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