23rd Jun 2022 10:39
(Alliance News) - Aura Energy Ltd's shares were lifted on Thursday as the Australia-based minerals company shared positive test results from its Mauritania uranium project.
The polymetallic and uranium-focus company reported strong progress towards fast-tracking initial uranium production at its 85%-owned Tiris uranium project.
Pilot-scale confirmatory results managed to achieve an average of 550% increase in uranium grade, with preliminary bulk leaching tests that confirmed rapid uranium extract at over 95%.
Shares in Aura were up 5.1% to 9.20 pence each in London on Thursday morning.
"The substantially positive upgradability of the Tiris uranium mineralisation is a key differentiator between Tiris and other uranium projects with comparable feed grades, resulting in a smaller, more efficient leach circuit with generally lower capital and operating costs," the firm explained.
The positive results continue to lead the firm towards considering a final investment decision for Tiris in the first quarter of next year, as it hopes to expand triuranium octoxide production to 3.0 million to 5.0 million pounds.
By Elizabeth Winter; [email protected]
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