ASX- and Aim-listed Aura Energy has upgraded the resource of its Tiris uranium project, in Mauritania, by 10%, or five-million pounds.
The resource of the company’s 85%-owned project now totals 56-million pounds at a grade of 254 ppm triuranium octoxide, of which 2.4-million pounds is classified in the indicated category, and the balance as inferred.
Within this resource, Aura has defined proven and probable reserves of eight-million pounds of triuranium octoxide, at an average grade of 336 ppm. The company has also completed a definitive feasibility study.
The resource upgrade follows Aura having commissioned drilling at the Sadi South zone to incorporate drillholes not included in earlier resource estimates.
Aura MD Peter Reeve says the resource upgrade confirms the company’s belief that the resource will continue to increase in size as further exploration work is undertaken.
Meanwhile, the company continues with work on reducing operating and capital expenditure costs, while Stage 2 exploration initiatives are under way. Aura is also considering the potential positive impact on Tiris’ operating costs from vanadium by-product recovery.