Aura Energy (ASX: AEE) has withdrawn from the Ghazal Joint Venture in Mauritania after two drilling campaigns failed to identify sufficient mineralisation.
The company added the joint venture areas were greater than 180 kilometres from Aura’s closest resources, and any exploration success in the joint venture areas would have had limited impact on the main project areas at Reguibat.
Aura had entered into the Joint Venture, which covered two permits with large areas of radiometric anomalies, with Ghazal Limited in 2010.
Its wholly-owned Reguibat Project comprises several laterally extensive developments of calcrete uranium mineralisation in northern Mauritania that has an Inferred Resource of 50.2 million pounds at 330ppm U3O8 at a cut-off grade of 100ppm U3O8.
Project mineralisation occurs at or just below the surface in flat-lying sheets. This would require shallow pits dug out by standard excavators and trucks making mining inexpensive.
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