Aura Energy Ltd (ASX:AEE, AIM:AURA) has delivered a 52% upgrade in uranium resources at its Tiris Project in Mauritania, taking measured and indicated (M&I) resources to 29.6 million pounds from 19.5 million pounds.
After the Tiris resource upgrade, Aura's global mineral resource estimate (MRE) now stands at 113 million tonnes at 236 ppm U3O8 for 58.9 million pounds at a 100ppm cut-off.
Notably, the resource upgrade enables the company to update the 2019 Tiris definitive feasibility study (DFS) project work, which is expected to be released before the end of this quarter.
Aura is confident that its existing ‘fast-to-market’ development strategy will be accentuated in the updated DFS as a result of the economies of scale on the capital and operating costs using a modular expansion of the Tiris Project.
“Great expansion potential”
Aura managing director Dave Woodall said: “The significant increase of our M&I resources confirms our confidence that the Tiris province 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 Q3 CY2023, a target construction timeline of Q4 CY2023 and first production expected in late 2024 or early 2025.
“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world.”
About Tiris
The Tiris Uranium Project is in north-eastern Mauritania, about 1,200 kilometres northeast of Nouakchott.
Access is via Zouérat, 744 kilometres by bitumen road and then a further 700 kilometres on hardpan desert roads.
The MRE is based on drilling conducted on two mineral exploration permits held 100% by Aura Energy - 562B4 Oum Ferkik, 2365B4 Oued EL Foule Sud - and on two exploitation permits - 2492C4 Oued El Foule, 2491C4 Ain Sder - held by Tiris Ressources SA (85% Aura Energy).
Oum Ferkik is under application for conversion to an exploitation permit with Oued EL Foule Sud under application for renewal and expected to be processed by the next quarter.