Aura Energy (ASX: $AEE) completes Tiris extensional drill programme

Aura Energy Limited (ASX: $AEE) has completed the Tiris Uranium Project's extensional drill programme in Mauritania. The recent Front End Engineering Design study demonstrated the Project's excellent economics with NPV8 US$388M and IRR 36% after tax. The 15,263m drill programme aimed to test the highly prospective resource growth potential. The drilling defined two significant new areas of shallow and high-grade mineralisation at Hippolyte South and Sadi, as well as extensions to numerous other previously defined mineralised areas over the Tiris Project area.

Aura Energy's Managing Director and CEO Andrew Grove on Tiris drill results

Mineralisation defined during this drilling program, partially at Hippolyte South and Sadi, is likely to materially add to the current 58.9Mlbs U308 Mineral Resources at Tiris. Work to update the Mineral Resources at Tiris has commenced, and we look forward to receiving and presenting the results and demonstrating the significant growth potential of Tiris from additional shallow mineralisation that has proven exceptional beneficiation characteristics.

Summary of Tiris Uranium Project's drill results and outlook

The completion of the Tiris extensional drill programme has defined significant new areas of shallow and high-grade mineralisation at Hippolyte South and Sadi, as well as extensions to numerous other previously defined mineralised areas over the Tiris Project area. The update to the Mineral Resources has commenced and will be released during the June quarter. Aura Energy plans to develop Tiris via shallow free dig open pit mining and exceptional beneficiation, delivering low-cost, high-grade leach feed averaging 1,743ppm U3O8 from an average ore feed grade of just 255ppm U308. The company aims to deliver a Final Investment Decision by the end of 2024, develop the mine, and start producing uranium in 2026.