www.auraenergy.com.au
Aura Energy (ASX: AEE) is a uranium explorer with advanced projects in Sweden, West Africa and Australia. The company is focusing on two main projects: the Storsjön Project located in Sweden’s Alum Shale Province, one of the largest depositories of uranium in the world; and the highly prospective Reguibat Project in Mauritania. The company aims to create shareholder value by rapidly establishing resources and then completing feasibility studies on these two projects. Aura Energy is headquartered in Melbourne, Australia and has been listed on the ASX since May 2006.
Aura Energy about to wrap up drilling on Reguibat uranium targets
Uranium explorer Aura Energy (ASX: AEE) has advised that the programme of shallow reverse circulation drilling on its Reguibat uranium targets in Mauritania is nearing completion.
During the late afternoon trade, shares in the company increased 7.7%
The company reported progress had been slower than anticipated, but the programme is now expected to be completed by approximately the end of December 2009.
The drilling programme is aimed at determining the extent and continuity of widespread shallow uranium mineralisation previously located by Aura.
To date, about 1600 metres have been drilled in 300 vertical holes, on both the Oued El Foule Est and Ain Sder targets.
Drilling of the Oum Ferkik targets will commence later this week
Downhole radiometric logging of the holes is expected to commence around the 26 December.
Deeper, inclined drilling will commence shortly with the arrival of a second drilling rig to test for primary mineralisation at depth at Oued El Foule Est.
The projects are joint ventures between Aura and GCM Resources plc (AIM: GCM).
Aura is managing the drilling programme. Aura’s participating interest in the permits is anticipated to rise to approximately 50% by the end of this programme.
The Reguibat Project is focussed within the Paleoproterozoic Reguibat Craton in northern Mauritania. Aura/GCM currently hold 3 granted permits here covering 3,500 km2 and have a further 9 under application. Previous field work by Aura involving shallow pitting and sampling over broad areas indicated that uranium vanadate mineralisation occurs over large areas within 1m of surface.
Of 47 pits sampled within zones of elevated airborne radiometric response, 32% were significantly mineralised with values ranging up to 2217 ppm U3O8.
Aura is managing the drilling programme. Aura’s participating interest in the permits is anticipated to rise to approximately 50% by the end of this programme.
The Reguibat Project is focussed within the Paleoproterozoic Reguibat Craton in northern Mauritania. Aura/GCM currently hold 3 granted permits here covering 3,500 km2 and have a further 9 under application. Previous field work by Aura involving shallow pitting and sampling over broad areas indicated that uranium vanadate mineralisation occurs over large areas within 1m of surface.
Of 47 pits sampled within zones of elevated airborne radiometric response, 32% were significantly mineralised with values ranging up to 2217 ppm U3O8.
