Aura Energy Ltd's (LON:AURA, ASX:AEE) move into gold exploration in Mauritania appears to have been a particularly well judged one.
It picked up two prime licences along the extensive Archean greenstone belts – decision partly vindicated by “exceptionally strong” drill results from next door neighbour, TSX-listed Algold Resources.
They included a 6-metre section at almost 40 grams per tonne of the precious metal, 3 metres at 30 grams and 5 metres at 6.6 grams.
Aura’s areas cover the Tasiast and Tijirit greenstone belts and thus far have only been lightly explored.
This part of Mauritania is well known for its gold discoveries and is host to the 20mln-ounce monster Tasiast Gold Mine, owned by Kinross.
Aura, which to date has principally been a uranium development company, is naturally excited by the possibilities offered by the two newly acquired licences.
Chairman Peter Reeve said: “The exceptional gold exploration results of Algold, and in the region generally, are compelling for the future of Aura’s gold exploration programme given the similarity in the geological setting of each company’s tenements and the very limited exploration of these extensive greenstone belt packages.
“With the large Tasiast Gold Mine on the same belt just north of our project, and a maiden gold resource and very positive drilling results emerging on the Algold ground, the potential for multi-million ounce discoveries, in the eyes of our technical people, is high.”
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