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Aura Energy Limited (ASX: AEE, AIM: AURA) is pleased to announce a substantial enhancement in the Mineral Resource Estimate (MRE) for the Tiris Uranium Project in Mauritania. The company's latest drilling program, conducted in 2024, has yielded remarkable results, significantly bolstering the project's global mineral resources.
The comprehensive drilling campaign executed in 2024 has led to a remarkable 55% surge in the project's global mineral resources. The updated estimate now stands at 184 million tonnes at 225 parts per million (ppm), equating to 91.3 million pounds of U3O8 at a 100ppm cut-off grade. This remarkable increase underscores the immense potential of the Tiris Project and represents a substantial advancement over the previous MRE reported in 2023.
The primary focus of the recent drilling initiative was to assess the additional resource potential at Tiris East. This targeted effort has delivered significant gains, including a 10.3 million-pound or 35% increase in Measured and Indicated (M&I) Resources, which now stand at 83 million tonnes at 219ppm for 39.9 million pounds of U3O8. Moreover, the total Inferred Resource has witnessed an impressive 76% increase, reaching 102 million tonnes at 229ppm for 51.4 million pounds of U3O8.
In April 2024, Aura successfully completed an air core (AC) drilling program comprising 2,995 holes spanning 15,262 meters. This initiative, representing a 37% increase in the total number of holes, aimed to evaluate a previously announced exploration target ranging between 8 million and 32 million pounds of U3O8. The actual mineral resource increase of 32.4 million pounds of U3O8 surpassed the upper limit of the exploration target, validating Aura's exploration methodology and highlighting the substantial mineralization potential within the project area.
Beyond extending known mineralization, the drilling program also targeted previously unexplored radiometric anomalies around Tiris East. Notably, several conceptual targets over low-level radiometric anomalies returned exceptionally positive results, further augmenting the exploration potential of the region. This signifies a significant departure from previous exploration endeavors in the area, underscoring the evolving understanding of the project's geological characteristics.
The Mineral Resource estimates were conducted utilizing the Multiple Indicator Kriging (MIK) estimation methodology, with recoverable Mineral Resources reported using a 10x10x1m Selective Mining Unit (SMU). The oversight and expertise of Mr. Arnold van der Heyden of H&S Consulting Pty Limited (HSC) as the Competent Person for the 2024 Tiris Mineral Resource Estimates add credibility to the reported figures.
