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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aura Energy Limited | LSE:AURA | London | Ordinary Share | AU000000AEE7 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.00 | 8.50 | 9.50 | 9.00 | 9.00 | 9.00 | 121,062 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Uranium-radium-vanadium Ores | 0 | -6.49M | -0.0110 | -15.45 | 100.72M |
From Apr 2019 to Apr 2024
TIDMAURA
RNS Number : 1514F
Aura Energy Limited
25 October 2018
TO VIEW THE FULL ANNOUNCEMENT AS A PDF WITH IMAGES PLEASE VISIT THE COMPANY WEBSITE:
http://www.auraenergy.com.au/announcements-2018.html
25 October 2018
Häggån Vanadium Project STUDY PROGRESSing well
Häggån Capital and operating estimates complete
Vanadium Price now at US$30.70/lb
separate listing options remain active
Aura Energy Limited (AEE; ASX, AURA; AIM) is pleased to advise that the Häggån Vanadium Project Scoping Study is progressing well with substantial technical work completed over the past 8 weeks. Metallurgical test work combined with project capital and operating cost estimates have strongly increased Aura's confidence in the project.
Aura has studied the recovery of vanadium from the Häggån ore for many years; however, the vanadium price did not encourage further work at that time. During the 2012 Häggån Scoping Study (see Announcement dated 7 February 2012), Aura conducted the following work in relation to vanadium:
-- Vanadium deportment was characterised and shown to be present in the V(III) valence state, hosted in the mica mineral roscoelite (K(V(3+) , Al, Mg)(2) AlSi(3) O(10) (OH)(2) )
-- Three programs of work monitored vanadium extraction, including 2 programs dedicated to evaluation of vanadium processing options
-- Upgrade by de-slime hydrocyclone of 1.35 times vanadium feed grade could be achieved with 73% recovery and rejection of 45% of feed mass
-- Oxalate salt roast with acid leach tests showed up to 59% vanadium recovery -- Calcination with acid leach showed up to 32% vanadium recovery
Acid pressure leach showed up to 61% vanadium recovery on fresh ore material that had not been subjected to any beneficiation. This initial work demonstrated that extraction of vanadium was technically promising. This outcome drove the philosophy on the current technical program.
With the current drive into vanadium at Häggån, Aura built on this initial work and recently commissioned a series of test work programs to understand the processing requirements of this material. The test work steps were as follows:
-- Evaluation of beneficiation by flotation of mica minerals and rejection of calcite at ALS Laboratories, Burnie Tasmania
-- This work demonstrated best preliminary results of 83% of vanadium could be recovered to 64% of total mass, resulting in a beneficiation factor of 1.3 times (sample: DDH022)
-- Additionally, rejection of 80% of calcite was achieved in this preliminary work (sample: DDH022)
-- This calcite rejection will reduce acid consumption and operating costs
-- Characterisation of vanadium deportment with host minerals and vanadium valence state at CSIRO Minerals
As part of the current study, Aura Energy engaged METS Engineering of Perth to complete estimates for both the capital and operating costs for the project. These estimates are now complete, the results are very encouraging and have driven the progression of the study to the next stage. Process options in this METS study utilise well proven technology in an innovative configuration that Aura believes will significantly improve the viability of processing vanadium black shale resources.
Preliminary costing has been completed by METS on the two process flow sheet configurations defined and is deemed to be technically viable based on the test work completed.
Publication of projected financial information in the Häggån Scoping Study requires the upgrade of the current Häggån Inferred Resource estimate to the Measured & Indicated Category. Site drilling has been slower than anticipated and whilst some drilling will be completed this year additional drilling will be required to achieve this Resource classification upgrade. This drilling will be completed early in the new year.
Vanadium Price Surging
The vanadium price has risen approximately 900% over the past 3 years and was most recently quoted at US$30.70 per lb(1) , benefitting from significant structural shifts in the Chinese steel industry where, in some cases, legislation has driven a three-fold increase in vanadium use. Currently low inventory levels with no near-term replacement capacity is driving this price continued rise.
"The progress on the Häggån Scoping Study has been rapid and driven by the fact that Aura has been working on the Häggån Project for over 10 years. Aura has significant drilling, geological evaluation, mineralogy and metallurgical test work completed placing the company in a technically strong position compared to many other peer vanadium projects which remain at an early stage".
"With vanadium, a commodity that is currently undergoing a significant resurgence, the activity at the Häggån deposit in Sweden has placed Aura in a strong position in the Battery Metals sector", Mr Peter Reeve, Aura's Executive Chairman, said.
Aura continues to review the potential for an IPO of the Häggån Vanadium Project and this activity remains current. Aura Energy has a preference to complete the Häggån Vanadium IPO post the completion of the Häggån Vanadium Scoping Study in order to maximise value. With this interdependence on timing and the current turbulent market conditions, Aura will continue to monitor whether the previously anticipated IPO schedule is likely to be delayed to early in 2019; however other corporate initiatives underway may still take place in 2018.
(1) Source: www.vanadiumprice.com vanadium pentoxide flake 98% price, China
Aura Energy Limited Telephone: +61 (3) 9516 6500 Peter Reeve (Executive Chairman) info@auraenergy.com.au WH Ireland Limited Telephone: +44 (0) 207 220 Adrian Hadden 1666 James Sinclair-Ford Yellow Jersey PR Limited Telephone: Charles Goodwin +44 (0) 7748 843 871 Joe Burgess +44 (0) 7769 325 254
Competent Persons
The Competent Person for the Häggån Metallurgical Testwork is Dr Will Goodall.
The information in the report to which this statement is attached that relates to the testwork is based on information compiled by Dr Will Goodall. Dr Goodall has sufficient experience that is relevant to the testwork program and to the activity which he is undertaking. This qualifies Dr Goodall as a Competent Personas defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Goodall is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Dr Goodall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The Competent Person for the 2012 Häggån Mineral Resource Estimate and classification, updated in 2018, is Mr Rupert Osborn MSc of H&S Consultants Pty Ltd. The information in the report to which this statement is attached that relates to the 2018 Resource Estimate is based on information compiled by Mr Rupert Osborn, who has sufficient experience that is relevant to the resource estimation. This qualifies Mr Osborn as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Osborn is an employee of H&S Consultants Pty Ltd, a Sydney based geological consulting firm. Mr Osborn is a Member of The Australian Institute of Geoscientists (AIG) and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The Competent Person for drill hole data, cut-off grade and prospects for eventual economic extraction is Mr Neil Clifford. The information in the report to which this statement is attached that relates to drill hole data, cut-off grade and prospects for eventual economic extraction is based on information compiled by Mr Neil Clifford. Mr Clifford has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking. This qualifies Mr Clifford as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clifford is an independent consultant to Aura Energy. Mr Clifford is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The Competent Person for the Häggån Metallurgical Testwork is Dr Will Goodall.
The information in the report to which this statement is attached that relates to the testwork is based on information compiled by Dr Will Goodall. Dr Goodall has sufficient experience that is relevant to the testwork program and to the activity which he is undertaking. This qualifies Dr Goodall as a Competent Personas defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Goodall is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Dr Goodall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Appendix 1
Preliminary beneficiation test work update
1.1 Introduction
Beneficiation is an important part of development for the Häggån process flowsheet. The energy that must be put into exposing and oxidising the vanadium means that any reduction in mass of vanadium deficient minerals to the leach circuit is a positive outcome.
Preliminary test work indicated that vanadium bearing mica minerals were concentrated in the slimes fraction and a minor upgrade could be achieved by preferentially recovering this fraction. In addition, preliminary test work showed that mica minerals could be successfully concentrated and calcite minerals successfully rejected by flotation. These results led to an assumption in the preliminary process development that a V(2) O(5) concentration of >0.8% could be achieved in feed to the leach circuit. This result was highly dependent on the concentration of mica in the feed ore material and higher beneficiated grades may be achievable if a lower proportion of the total mass was mica.
The beneficiation test work program will focus on confirming that mica minerals can be selectively recovered and acid consuming calcite selectively rejected. This should aim to achieve >80% recovery of vanadium to the leach feed, with <15% of calcite recovered. The following targets should also be met:
-- Recovery of pyrite and other sulphide minerals should be maximised to retain acid generating potential in the oxidation stages.
-- Recovery of carbon should be maximised to gain greatest energy recovery benefit. -- Recovery of nickel should remain >80%. -- Recovery of molybdenum should remain >80%.
The priority for each of the beneficiation targets should be:
-- V recovery>calcite rejection>sulphide recovery>carbon recovery>Ni recovery?Mo recovery
The beneficiation techniques to be examined will include:
-- Mica flotation -- Sulphide flotation -- Calcite flotation -- Cyclone desliming -- Reflux classifier -- Magnetic separation of mica.
The focus of this test work update is on preliminary test work undertaken on beneficiation of vanadium by mica flotation and calcite rejection. Other beneficiation unit options will be investigated in subsequent programs.
Test work was undertaken at ALS Metallurgy Laboratories, Burnie, Tasmania, Australia.
1.2 Samples
Metallurgical samples utilised in the preliminary beneficiation program were selected from available material remaining from scoping study test work completed as part of the 2012 Häggån Uranium scoping study. The drill hole composite samples utilised have been summarised in Table 1.
Samples were maintained in cold storage (-18degC) at Australian MinMet Metallurgical Laboratories (AMML), Gosford as crushed drill core in canvas bags within 240L steel drums since original use.
Table 1
Diamond drill hole composite samples used in Preliminary beneficiation program. Original input samples for 2012 uranium Scoping Study Composite A.
Hot Features
Premium
Drill Hole From To Excluded # Bags Available
mass (kg)
DDH08-006 OSD-00508 OSD-00571 OSD-00524
48m 198m OSD-00525 2 bags 40
OSD-00526
OSD-00527
------------ ---------- ---------- ---------- ------- -----------
DDH10-022 OSD-01878 OSD-01972 OSD-01961 4 bags 68
54m 244m
------------ ---------- ---------- ---------- ------- -----------
DDH10-031 OSD-02254 OSD-02372 3 bags 75
11.3m 249.16m
------------ ---------- ---------- ---------- ------- -----------
Head assay analysis of samples in 2012 Scoping Study program was undertaken in February 2011 by ANSTO minerals by XRF and included analysis for vanadium. Correlation to head assay performed in the current study (June 2018) using 4 acid digestion with ICP-MS (ALS: ME-MS61) and can be seen in Figure 1. This demonstrated a correlation with assay method error ranges.
Figure 1
Correlation of original Feb 2011 head assays with current June 2018 head assays.
1.3 Methods
The program included rougher flotation tests on each of the 3 drill hole composite samples investigated. Samples were milled to P80 75um and de-slimed using a mini hydrocyclone. The de-slimed material was pre-conditioned with calcite depressant and rougher flotation was undertaken to produce 6 concentrates targeting recovery of mica minerals.
1.4 Results
The results of the program are preliminary and have not been subject to optimisation.
The rougher flotation results from the DDH006 composite sample have been summarised in Table 2.
Table 2
Rougher flotation results for vanadium and calcium recovery of DDH006 diamond drill composite sample (P80 of 75um).
Cumulative Cum Wt V Cum Ca Cum
Products Weight (%) (ppm) (%) (%) (%)
------ ------ ----- ------
T04 Prefloat 52.3 3.40 2090 4.31 0.91 0.82
RoC1 343.0 22.30 2302 31.1 0.88 5.15
RoC2 621.0 40.38 2274 55.7 0.98 10.43
RoC3 774.2 50.34 2248 68.6 1.06 14.00
RoC4 887.5 57.71 2217 77.6 1.12 17.05
RoC5 949.3 61.73 2178 81.5 1.15 18.71
RoC6 1023.8 66.58 2130 86.0 1.21 21.30
------- ------- ------ ------ ----- ------
Calc Feed 1537.8 100.00 1650 100.0 3.80 100.0
------- ------- ------ ------ ----- ------
The rougher flotation results from the DDH022 composite sample have been summarised in Table 3.
Table 3
Rougher flotation results for vanadium and calcium recovery of DDH022 diamond drill composite sample (P80 of 75um).
Cumulative Cum Wt V Cum Ca Cum
Products Weight (%) (ppm) (%) (%) (%)
------ ------ ----- ------
T09 Prefloat 62.6 4.03 2060 5.20 0.8 0.91
RoC1 380.3 24.48 2260 34.7 0.8 5.73
RoC2 650.1 41.85 2235 58.7 0.9 10.59
RoC3 762.2 49.07 2213 68.1 1.0 13.55
RoC4 881.2 56.73 2165 77.0 1.1 16.72
RoC5 941.3 60.60 2133 81.0 1.1 18.32
RoC6 993.9 63.98 2080 83.4 1.1 20.10
------- ------- ------ ------ ----- ------
Calc Feed 1553.4 100.00 1595 100.0 3.61 100.0
------- ------- ------ ------ ----- ------
The rougher flotation results from the DDH031 composite sample have been summarised in Table 4.
Table 4
Rougher flotation results for vanadium and calcium recovery of DDH031 diamond drill composite sample (P80 of 75um).
Cumulative Cum Wt V Cum Ca Cum
Products Weight (%) (ppm) (%) (%) (%)
------ ------ ----- ------
T10 Prefloat 64.9 4.14 1560 5.56 0.7 0.55
RoC1 392.2 25.02 1677 36.1 1.0 4.92
RoC2 701.8 44.76 1625 62.6 1.2 10.70
RoC3 844.0 53.83 1594 73.8 1.4 14.89
RoC4 944.4 60.24 1561 80.9 1.5 18.25
RoC5 1016.0 64.80 1525 85.0 1.6 20.64
RoC6 1093.8 69.77 1480 88.8 1.7 23.77
------- ------- ------ ------ ----- ------
Calc Feed 1567.8 100.00 1162 100.0 4.92 100.0
------- ------- ------ ------ ----- ------
The vanadium recovery with flotation time for each of the tests has been compared in Figure 2. This demonstrated over 80% vanadium recovery for all samples to flotation concentrate and up to 85% vanadium recovery for DDH006. The flotation response was consistent between samples providing confidence that beneficiation by mica flotation should be explored in greater detail.
Figure 2
Vanadium recovery to rougher flotation concentrate for all tests completed by ALS Burnie.
The selectivity of mica flotation over calcite, a major acid consuming mineral in the Häggån Project has been summarised for all tests in Figure 3. This demonstrated consistent calcium rejection, with less than 20% of calcium retained in rougher concentrates with greater than 80% vanadium recovery.
This supported the hypothesis that vanadium bearing mica could be selectively recovered by flotation, while rejecting acid consuming calcite. This warrants further optimisation test work.
Figure 3
Summary of selectivity of rougher flotation for vanadium over calcium in all tests.
JORC Code (2012 Edition) - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Sampling techniques Nature and quality of The 2018 Häggån resource
sampling (e.g. cut estimate was based on several drilling
channels, random chips, or campaigns:
specific specialised * 2008: 3453m in 17 diamond drillholes
industry
standard measurement tools
appropriate to the * 2010: 5091m in 25 "
minerals under
investigation, such as
down hole * 2011: 2279m in 10 "
gamma sondes, or handheld
XRF instruments, etc).
These examples should not * 2012: 2226m in 14 "
be taken as limiting
the broad meaning of
sampling. * 2015: 149m in 1 "
Include reference to
measures taken to ensure
sample representivity and * 2017: 374m in 2 "
the appropriate
calibration
of any measurement tools
or systems used. All drill samples were obtained by diamond
Aspects of the drilling. Half core samples were provided
determination of to ALS
mineralisation that are Chemex for preparation. Samples collected
Material to the Public in 2008, 2010, 2011, 2012 were analysed
Report. for uranium
In cases where 'industry by delayed neutron counting by Becquerel
standard' work has been Laboratories and other elements by ICPMS
done this would be by ALS-Chemex;
relatively simple (e.g. all other drill samples were assayed for
'reverse circulation uranium & other elements by ICPMS by ALS
drilling was used to Chemex
obtain 1 m samples from The Alum Shale, host to the mineralisation
which 3 kg was pulverised has a relatively consistent content of the
to produce a 30 g charge target
for fire assay'). In other metals.
cases more explanation may Half core was taken using a sample
be required, interval of 2m. Sample was dried at
such as where there is 105degC, then crushed
coarse gold that has to 70% -2 mm using ALS-Chemex method CRU1.
inherent sampling 250 g was split using a riffle splitter by
problems. Unusual method
commodities SPL21, followed by fine pulverizing to 85%
or mineralisation types less than 75 micron by method PUL31.
(e.g. submarine nodules) 10-20 grams of pulp subsample were
may warrant disclosure of dispatched to ALS-Chemex in Vancouver,
detailed information. Canada for ICPMS
analysis.
A separate pulp subsample was dispatched
to Becquerel Laboratories for DNC uranium
assays.
Drilling techniques Drill type (e.g. core, Diamond drill core; standard tube; all but one hole were
reverse circulation, drilled vertically
open-hole hammer, rotary The majority of the holes were drilled with BQTQ (core
air blast, auger, Bangka, diameter 47mm) or an equivalent size
sonic, etc) and details depending on the contractor used. Some holes were drilled
(e.g. core diameter, in NQ2 (core diameter 50.6 mm) to
triple or standard tube, get more material for metallurgical testing.
depth of diamond tails, Approximately 20% of holes have been surveyed downhole. The
face-sampling bit or other majority of holes surveyed have
type, whether core is limited location error, with a maximum location error at
oriented and if so, by the bottom of a hole of 11 m.
what method, etc). One hole was drilled at an angle of -65deg to 090deg and
was oriented.
Drill sample recovery Method of recording and Any core loss is marked by the drillers and then recorded
assessing core and chip in the log by the geologist.
sample recoveries and The Alum Shale, host to the mineralisation, consistently
results assessed. has recoveries of +90%. In addition
Measures taken to maximise the material has relatively consistent values of the target
sample recovery and ensure metals.
representative nature of Assays in the few intervals which include high core loss
the samples. appear typical of assays in areas
Whether a relationship of high recovery nearby. There is no evidence of any grade
exists between sample bias that might arise from the
recovery and grade and small number of intervals with poor or no core recovery.
whether sample bias may
have occurred due to
preferential loss/gain of
fine/coarse material.
Logging Whether core and chip Core was aligned and checked for continuity and marked out
samples have been in one meter intervals. It was
geologically and checked for drill bit marking as bit matrices are known to
geotechnically logged to a contain molybdenum. Comments were
level recorded in the database regarding the presence of bit
of detail to support marks.
appropriate Mineral Core was geologically logged recording lithology,
Resource estimation, oxidation, mineralogy (where possible),
mining studies and texture & structure and scanned with a handheld
metallurgical scintillometer. Down hole depth intervals
studies. were recorded with an accuracy of 20 cm.
Whether logging is All core was photographed.
qualitative or All core was geologically logged.
quantitative in nature.
Core (or costean, channel,
etc)
photography.
The total length and
percentage of the relevant
intersections logged.
Sub-sampling techniques If core, whether cut or Core was sawn in half using a core saw.
and sample preparation sawn and whether quarter, All drill holes were diamond drill holes.
half or all core taken. * Half core was taken using a sample interval of 2 m.
If non-core, whether Sample was dried at 105degC, then crushed to 70% -2
riffled, tube sampled, mm using ALS-Chemex method CRU1. 250 g was split
rotary split, etc and using a riffle splitter by method SPL21, followed by
whether sampled wet or fine pulverizing to 85% less than 75 micron by method
dry. PUL31.
For all sample types, the
nature, quality and
appropriateness of the * 10-20 grams of pulp subsample were dispatched to
sample preparation ALS-Chemex in Vancouver, Canada for ICPMS analysis.
technique.
Quality control procedures
adopted for all * A separate pulp subsample was dispatched to Becquerel
sub-sampling stages to Laboratories for DNC uranium assays.
maximise representivity
of samples.
Measures taken to ensure * Precision of sampling and analysing pulps is
that the sampling is considered to be within +/- 5% and acceptable for use
representative of the in resource estimation at any confidence level.
in-situ material
collected,
including for instance The grain size of the Alum Shale is extremely fine, less
results for field than 10 microns, and commonly around
duplicate/second-half 1 micron. The uranium mineralisation is finely disseminated
sampling. throughout the shale, again at
Whether sample sizes are a micron scale or less. Consequently the mineralisation and
appropriate to the grain its host rock are very well represented
size of the material being in the 2m samples of core collected (average sample 3.3
sampled. kg). Because of the extremely fine
nature of the mineralisation each drill core sample may
contain many millions of individual
grains of uranium minerals. Therefore sample size is
appropriate.
Quality of assay data and The nature, quality and Because of the very fine nature of the host Alum Shale and
laboratory tests appropriateness of the the mineralisation minerals, it
assaying and laboratory is considered that the laboratory procedures are
procedures used and appropriate for this mineralisation. The
whether the technique is Delayed Neutron Counting method is considered to give a
considered partial or total assay for uranium. The ICPMS
total. method after 4 acid digestion is considered to give near
For geophysical tools, total assay for all resource elements.
spectrometers, handheld ALS Chemex also assayed 2 standards, 1 duplicate and 1
XRF instruments, etc, the blank for each batch of 40 samples
parameters used in as part of their internal QAQC. QAQC data were inspected by
determining the analysis Aura before data were accepted
including instrument make and entered into the Aura database. Review of these QAQC
and model, reading times, results indicates acceptable levels
calibrations of accuracy and precision have been established.
factors applied and their
derivation, etc.
Nature of quality control
procedures adopted (e.g.
standards, blanks,
duplicates, external
laboratory checks) and
whether acceptable levels
of accuracy (i.e. lack of
bias) and precision
have been established.
Verification of sampling The verification of No twin holes were drilled.
and assaying significant intersections The following information primary data is recorded: Collar,
by either independent or alteration, assays, drilling type,
alternative company Geology, Geotech, Magnetic susceptibility, mineralisation,
personnel. radiometrics, samples, scintillometer,
The use of twinned holes. spectrometer, structure, veining, surface samples, batch
Documentation of primary details.
data, data entry All logging was done by the geologist digitally in an Excel
procedures, data spreadsheet. Photos of the core
verification, data storage are taken after the hole was logged. Data is kept on site
(physical on an external hard drive as well
and electronic) protocols. as being sent by email to Aura Energy in Australia where it
Discuss any adjustment to was uploaded into the independently
assay data. managed Reflex Hub data base.
No data enters the database without verification by the
Database Manager.
Database managed by external contractor Reflex Hub.
In house copy and backup offsite.
No adjustment to assay data.
Location of data points Accuracy and quality of Drill hole locations have been confirmed with a DGPS.
surveys used to locate Initial location is taken during drilling
drill holes (collar and with handheld GPS when the casing has been put down.
down-hole surveys), All drill collars prior to 2015 were recorded in Swedish
trenches, mine workings grid system RT 90 2.5. Subsequent
and other locations used holes were recorded in grid system SWEREF 99 TM following a
in Mineral Resource change by the Swedish government.
estimation. All collars were converted to SWEREF 99 TM for the 2018
Specification of the grid resource estimation
system used. Holes were vertical in all cases except Hole 39. Aura
Quality and adequacy of conducted down hole surveys for deviation
topographic control. using a Reflex Ex Trac survey device in approximately 20%
of drill holes the maximum deviation
occurred in Hole 22 which had a dip of 75 at 250 m. This
represents an average deviation of
0.3 degrees per meter and a maximum location error at the
bottom of the hole of 11 m for holes
assumed to be vertical. Other surveyed holes had visibly
less deviation.
Most drill holes are located on an approximate 400 m by 400
m grid; exact locations depended
partially on access. The final 3 drillholes were spaced
100m.
Topography: Collar RLs were determined by locating drill
holes on local topographic map Hackas
(18E NV) and visually interpolating between 2m contours.
Rechecking by Aura of holes after
the 2010 drilling program indicated that errors of around 2
m in RL appear to be typical.
Data spacing and Data spacing for reporting Exploration Results are not reported here as Mineral
distribution of Exploration Results. Resource Estimates exist.
Whether the data spacing H&S Consultants (H&SC) considers the drillhole spacing to
and distribution is be sufficient for Inferred Resource
sufficient to establish confidence classification.
the degree of geological Elsewhere spacing was irregular but with no hole being more
and grade continuity than 850m from another.
appropriate for the The vast majority of sample intervals are 2 m in length.
Mineral Resource and Ore For the purposes of Resource Estimation
Reserve estimation samples were composited to 2 m intervals. The boundaries of
procedure(s) the mineralization wireframes
and classifications were honoured.
applied.
Whether sample compositing
has been applied.
Orientation of data in Whether the orientation of The mineralisation occurs in sub-horizontal sheets. It is
relation to geological sampling achieves unbiased considered that vertical drilling
structure sampling of possible is the most appropriate drilling orientation for this
structures and mineralisation.
the extent to which this
is known, considering the
deposit type.
If the relationship
between the drilling
orientation and the
orientation of key
mineralised
structures is considered
to have introduced a
sampling bias, this should
be assessed and reported
if material.
Sample security The measures taken to Drillcore was collected by Aura personnel from the
ensure sample security. drillsite and immediately taken and housed
in Aura's local locked core shed. After logging the core
was transported to ALS Laboratories
facility by either Aura or ALS personnel for core sawing,
sample preparation and assaying.
Audits or reviews The results of any audits No audits or reviews of the sampling techniques or data
or reviews of sampling have been conducted.
techniques and data.
=========================== =========================== ============================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Mineral Type, reference name/number, location and ownership including The Inferred resources of the
tenement and agreements or material issues Häggån Project are
land tenure with third parties such as joint ventures, partnerships, located on exploration permit
status overriding royalties, native title Häggån
interests, historical sites, wilderness or national park and No. 1. This permit is held in the
environmental settings. name of Aura Energy Ltd' 100% owned
The security of the tenure held at the time of reporting along Swedish subsidiary company,
with any known impediments Aura Sweden AB. Aura Sweden has a
to obtaining a licence to operate in the area. 100% interest in these permits.
Only standard Swedish government
royalties apply to these permits
No native title interests are known
to exist in the two permits.
A small, 2 hectare Natura 2000 area
occurs against the eastern boundary
of Häggån
No.1 permit; this area is not in
the vicinity of the currently
planned mining area should
a project be initiated at
Häggån
The Häggån Nr 1
Exploration permit on which the
entire resource is situated is
valid
until 28/8/2022.
Exploration Acknowledgment and appraisal of exploration by other parties. The area has not been explored
done by other prior to Aura Energy.
parties
Geology Deposit type, geological setting and style of mineralisation. Mineralisation at is hosted by
bedded black shales of the Cambrian
to Ordovician Alum Shale
in tectonically or otherwise
stratigraphically thickened metal
enriched north-north-west striking
elongated geological domains. The
mineralised sequence outcrops in an
area in the east of
the tenement but elsewhere
underlies a variably thin cover of
limestone. Minor inter-beds
of carbonate enriched shale or
siltstone occasionally occur within
the mineralised sequence.
The mineralised unit overlies a
mixed sequence of siltstone and
massive mineralized back shale
above a granitoid gneissic
basement.
It is interpreted that there are a
series of overthrusts which have
displaced and caused thickening
of Alum Shale within the resource
area, and the sub-horizontal thrust
sheets have influenced
the grade distribution within the
Haggan deposit.
Drill hole A summary of all information material to the understanding Drillhole collar locations are
Information of the exploration results including shown on Figure 2 of the ASX
a tabulation of the following information for all Material Announcement which this table
drill holes: accompanies. Further specific
* easting and northing of the drill hole collar drillhole data is not relevant to
the reporting of this resource
estimation.
* elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole collar
* dip and azimuth of the hole
* down hole length and interception depth
* hole length.
If the exclusion of this information is justified on the
basis that the information is not
Material and this exclusion does not detract from the
understanding of the report, the Competent
Person should clearly explain why this is the case.
Data In reporting Exploration Results, weighting averaging No Exploration Results are reported
aggregation techniques, maximum and/or minimum grade here as they are superseded by
methods truncations (e.g. cutting of high grades) and cut-off grades Mineral Resource Estimates.
are usually Material and should
be stated.
Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths
of low grade results, the procedure used for such aggregation
should be stated and some typical
examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent
values should be clearly stated.
Relationship These relationships are particularly important in the reporting The mineralisation occurs in
between of Exploration Results. sub-horizontal sheets. It is
mineralisation If the geometry of the mineralisation with respect to the drill considered that vertical drilling
widths and hole angle is known, its nature is the most appropriate drilling
intercept should be reported. orientation for this
lengths If it is not known and only the down hole lengths are reported, mineralisation.
there should be a clear statement
to this effect (e.g. 'down hole length, true width not known').
Diagrams Appropriate maps and sections (with scales) and tabulations of Appropriate maps and sections, and
intercepts should be included tabulations of intersects, can be
for any significant discovery being reported These should found on the Aura Energy
include, but not be limited to a website (www.auraenergy.com.au) or
plan view of drill hole collar locations and appropriate in releases to the Australian Stock
sectional views. Exchange (ASX), available
on the ASX website.
Balanced Where comprehensive reporting of all Exploration Results is not No Exploration Results are reported
reporting practicable, representative here as they are superseded by
reporting of both low and high grades and/or widths should be Mineral Resource Estimates.
practiced to avoid misleading
reporting of Exploration Results.
Other Other exploration data, if meaningful and material, should be This information has been reported
substantive reported including (but not to the ASX over the 10 years since
exploration limited to): geological observations; geophysical survey the discovery drill
data results; geochemical survey results; hole.
bulk samples - size and method of treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or
contaminating substances.
Further work The nature and scale of planned further work (e.g. tests for Aura's current
lateral extensions or depth extensions planning includes:
or large-scale step-out drilling). o Infill drilling
Diagrams clearly highlighting the areas of possible extensions, to upgrade a
including the main geological portion of the
interpretations and future drilling areas, provided this resource to
information is not commercially sensitive. Measured/Indicated
classifications
o Further
beneficiation &
metallurgical
studies
o Further mining,
marketing and
economic studies
leading to
completion of a
feasibility study.
=============== ================================================================ ====================================
--
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Database integrity Measures taken to ensure Data collated by Aura Energy from assays received from
that data has not been independent certified laboratories.
corrupted by, for All data is entered into the Aura database maintained by
example, transcription Reflex Hub after validation.
or No core photographs were available.
keying errors, between Basic drill hole database validation completed by H&SC
its initial collection include:
and its use for Mineral * Assayed intervals were assessed and checked for
Resource estimation duplicate entries, sample overlaps and unusual assay
purposes. values.
Data validation
procedures used.
* Downhole geological logging was also checked for
interval overlaps and inconsistent data.
* The downhole survey data provided was checked for
unrealistic deviations.
Assessment of the data confirms that it is suitable for
resource estimation.
Site visits Comment on any site Neil Clifford of Aura Energy has visited the Häggån
visits undertaken by the resource site in 2015. A site
Competent Person and the visit was conducted by and reported on by the Independent
outcome of those visits. Geologist acting for Wardell Armstrong
If no site visits have as part of Aura's AIM listing requirements.
been undertaken indicate No site visit to the Häggån Project was completed by
why this is the case. H&SC due to time and budgetary
constraints. All the estimated Mineral Resources are classified
as Inferred.
Geological Confidence in (or The interpretations of deposit scale geology and mineralisation
interpretation conversely, the that formed the basis of the
uncertainty of) the mineral resource estimates are based on interpretations
geological provided by Aura Energy. These interpretations
interpretation of the are based on drill hole logs and assay data.
mineral The confidence in the geological interpretation is high as the
deposit. sedimentary package is reasonably
Nature of the data used predictable over large areas.
and of any assumptions The interpreted geology and mineralisation is simple and
made. therefore any alternative interpretations
The effect, if any, of are unlikely to significantly alter the Mineral Resource
alternative estimates. Faults might cross-cut
interpretations on the estimated resource but are unlikely to effect the global
Mineral Resource Mineral Resource estimate.
estimation. The estimated mineralisation is located almost entirely within
The use of geology in a shale unit (the Alum Shale).
guiding and controlling A wireframe was constructed to define the volume represented by
Mineral Resource vanadium grades elevated relative
estimation. to background concentrations. The wireframe was treated as a
The factors affecting hard boundary during estimation
continuity both of grade so that blocks inside the wireframe were estimated using only
and geology. drill hole data from within
the wireframe. Due to the high continuity of the vanadium
mineralisation the wireframes were
extended beyond drilled extents and estimates were limited by
search criteria. Oxidation was
not considered. The shale unit is predominantly overlain by
limestone and underlain by quartzite.
Dimensions The extent and The estimated Mineral Resource covers a roughly oval area
variability of the around 4,400 m wide east-west and
Mineral Resource 3,400 m north-south. This Mineral Resource is split into two
expressed as length discrete patches separated by
(along strike or 200 to 1,500 m. The mineralisation is interpreted to span the
otherwise), swathe between the patches.
plan width, and depth Mineralisation in this swathe forms part of the Exploration
below surface to the Target inventory as lack of drilling
upper and lower limits precludes the classification as a Mineral Resource.
of the Mineral Resource. The upper limit of the Mineral Resource is at a depth below
surface of 10 m although the average
depth is about 130 m. The maximum depth of the Mineral Resource
is 275 m
Estimation and modelling The nature and The vanadium, molybdenum, nickel, zinc, uranium, calcium and
techniques appropriateness of the sulphur concentrations were estimated
estimation technique(s) by Ordinary Kriging using the Micromine software. H&SC
applied and key considers Ordinary Kriging to be an
assumptions, appropriate estimation technique for this type of this
including treatment of mineralisation.
extreme grade values, There are moderate correlations between vanadium, and
domaining, interpolation molybdenum, nickel, zinc, uranium and
parameters and maximum sulphur. Calcium concentrations are not correlated with any of
distance of the other estimated elements.
extrapolation from data The low CV and absence of extreme values precluded the need for
points. If a computer top-cutting.
assisted estimation Uranium concentrations were derived from Delayed Neutron
method was chosen Counting (DNC) analysis where available.
include a description of DNC uranium values are not available from drill core drilled in
computer software and 2008 and for some drill holes
parameters used. and intervals after this. The majority of intervals that did
The availability of not have DNC uranium values did
check estimates, have mixed acid ICP uranium assays. Regression analysis of
previous estimates intervals that had both DNC and
and/or mine production ICP uranium values showed that the DNC derived uranium values
records and are, on average, slightly higher
whether the Mineral than the ICP derived values and it is believed that the mixed
Resource estimate takes acid ICP method is likely to
appropriate account of slightly understate the more refractory proportion of uranium.
such data. The ICP uranium values for
The assumptions made intervals that did not have DNC values were modified using the
regarding recovery of regression from ICP uranium
by-products. assays to DNC uranium values.
Estimation of In some cases, where scintillation counts indicate low levels
deleterious elements or of ionising radiation, samples
other non-grade within the mineralisation wireframes were not assayed using
variables of economic either ICP or DNC. In these cases
significance (e.g. uranium concentrations were derived from the scintillation
sulphur for acid mine counts using the relationship between
drainage DNC and radiometrics. For these intervals, where no samples had
characterisation). been taken, the concentrations
In the case of block vanadium, molybdenum, nickel, zinc and sulphur were derived
model interpolation, the from the derived uranium concentration
block size in relation using regressions from the DNC uranium assays. Calcium
to the average sample concentrations did not show a correlation
spacing and the search with uranium and unsampled intervals were therefore assigned
employed. values based on the average value
Any assumptions behind for the logged rock type.
modelling of selective H&SC created a wireframe solid to define the volume represented
mining units. by vanadium grades above background
Any assumptions about concentrations for the Häggån deposit. This wireframe
correlation between is largely limited to the
variables. shale unit. Blocks outside the wireframe are not included in
Description of how the the reported Mineral Resource.
geological The block model and composites were flattened relative to the
interpretation was used top surface of the mineralisation
to control the resource wireframe for estimation.
estimates. A total of 4,155 two metre composites were used to estimate the
Discussion of basis for mineralised wireframe at Häggån.
using or not using grade The resources at Häggån were estimated in August 2011
cutting or capping. by Simon Gatehouse of Hellman
The process of & Schofield Pty Ltd and by Rupert Osborn of H&SC in August
validation, the checking 2012. The estimated grades in the
process used, the 2018 estimate are very close to those reported in previous
comparison of model data estimates. The tonnage has increased
to drill as the resources are now reported at a V(2) O(5) cut-off. The
hole data, and use of similarity between the estimates
reconciliation data if is expected as the methodology is similar and the resource
available. estimates are considered to be
relatively stable.
No assumptions were made regarding the recovery of by-products.
The molybdenum, nickel, zinc
and uranium concentrations were estimated but it is unclear if
these can be economically recovered
through beneficiation.
Variography was performed for vanadium, molybdenum, nickel,
zinc, uranium, calcium and sulphur
on composite data from the Häggån mineralised volume.
Drill holes at Häggån are on an irregular grid with a
nominal spacing of 400x400
m. Drill hole assays were composited to two metres for
estimation. Block dimensions are 200x200x10m
(E, N, RL respectively). The plan dimensions were chosen as
they are nominally half the drill
hole spacing. The vertical dimension was shortened to reflect
downhole data spacing and flat-lying
nature of the mineralisation. Discretisation was set to 5x5x2
(E, N, RL respectively).
Two search passes were employed with progressively larger radii
and decreasing search criteria.
The blocks in the Häggån deposit that were populated
in the first pass were classified
as Inferred Mineral Resources. Blocks populated in the second
pass formed the foundation of
an Exploration Target quotient. The first pass used radii of
400x400x10m whereas the second
800x800x20m (along strike, across strike and vertical
respectively). The search ellipses formed
flat discs. Both passes used a four-sector search and a maximum
of six composites per sector
(total maximum = 24 composites). The first pass required a
minimum of eight composites and
the second pass required a minimum of six composites. Both
passes required a minimum drill
hole count of two.
The maximum extrapolation of Inferred Mineral Resource
estimates is 380 m. The relatively
large extrapolation distances are supported by the continuity
and predictably indicated by
the areas drilled.
The estimation procedure was reviewed as part of an internal
H&SC peer review. No independent
check models were produced due to the similarity between the
previous estimates.
Estimates of the calcium and sulphur concentrations were
conducted in order to better understand
the possibility of acid leach processing and to begin to assess
their importance as possible
deleterious elements. It is unclear at this stage whether
uranium will be considered as a
deleterious element due to the recent changes in Swedish mining
law.
The final H&SC block model was reviewed visually by H&SC and it
was concluded that the block
model fairly represents the grades observed in the drill holes.
H&SC also validated the block
model statistically using a variety of histograms, boundary
plots and summary statistics.
No production has taken place so no reconciliation data is
available.
Moisture Whether the tonnages are Tonnages are estimated on a dry weight basis. The moisture
estimated on a dry basis constant was not determined.
or with natural
moisture, and the method
of determination of the
moisture content.
Cut-off parameters The basis of the adopted A vanadium cut-off of 1000 ppm is used to report the resources
cut-off grade(s) or as it is assumed that material
quality parameters can be economically mined at this grade in an open pit
applied. scenario. This cut-off grade was used
at the request of Aura Energy, who take responsibility for
reasonable prospects for eventual
economic extraction
Mining factors or Assumptions made The Mineral Resources reported here have been estimated on the
assumptions regarding possible assumption that the deposits
mining methods, minimum will be bulk mined by open-pit.
mining dimensions and The model block size (200x200x10m) is the effective minimum
internal mining dimension for this estimate.
(or, if applicable, Any internal dilution has been factored in with the modelling
external) mining and as such is appropriate to
dilution. It is always the block size.
necessary as part of the
process
of determining
reasonable prospects for
eventual economic
extraction to consider
potential
mining methods, but the
assumptions made
regarding mining methods
and parameters when
estimating
Mineral Resources may
not always be rigorous.
Where this is the case,
this should be reported
with an explanation of
the basis of the mining
assumptions made.
Metallurgical factors or The basis for Three programs of preliminary metallurgical test work have
assumptions assumptions or monitored vanadium extraction including
predictions regarding two programs dedicated to the evaluation of vanadium processing
metallurgical options. The key features
amenability. It is relating to vanadium recovery are noted below.
always Vanadium is present in the V(III) valence state, hosted in the
necessary as part of the mica mineral roscoelite (K(V3+,
process of determining Al, Mg)2AlSi3O10(OH)2).
reasonable prospects for Vanadium was identified as mainly in the V(III) valence state,
eventual economic generally refractory to direct
extraction to consider acid leaching. Atmospheric acid leaching showed up to 1.8%
potential metallurgical vanadium recovery.
methods, but the Upgrade by de-slime hydrocyclone of 1.35 times vanadium feed
assumptions regarding grade could be achieved with
metallurgical 73% recovery and rejection of 45% of feed mass
treatment processes and Oxalate salt roast with acid leach showed up to 59% vanadium
parameters made when recovery.
reporting Mineral Calcination with acid leach showed up to 32% vanadium recovery.
Resources may not always Acid pressure leach showed up to 61% vanadium recovery.
be Parts of the uranium mineralisation in the Alum Shale have been
rigorous. Where this is mined in the past.
the case, this should be No penalty elements identified in work so far.
reported with an
explanation of the basis
of the metallurgical
assumptions made.
Environmental factors or Assumptions made No environmental impact assessments have been conducted. It is
assumptions regarding possible waste assumed that any remedial action
and process residue to limit the environmental impacts of mining and processing
disposal options. It is will not significantly affect
always the economic viability of the project. Parts of the uranium
necessary as part of the mineralisation in the Alum Shale
process of determining have been mined elsewhere in Sweden in the past.
reasonable prospects for
eventual economic
extraction to consider
the potential
environmental impacts of
the mining and
processing operation.
While at this stage the
determination of
potential environmental
impacts, particularly
for
a greenfields project,
may not always be well
advanced, the status of
early consideration
of these potential
environmental impacts
should be reported.
Where these aspects have
not
been considered this
should be reported with
an explanation of the
environmental
assumptions
made.
Bulk density Whether assumed or A total of 16 bulk density measurements were taken using an
determined. If assumed, Archimedes Principle technique
the basis for the from diamond drill core of the 2010 drilling campaign. Only
assumptions. If five of these measurements were
determined, the taken from the shale unit that hosts the vast majority of
method used, whether wet the mineralisation. The density
or dry, the frequency of of these five intersections show low variability and
the measurements, the average 2.52 t/m3. This density was applied
nature, size and to the entire volume represented by the mineralisation
representativeness wireframes. No reduction was made for
of the samples. weathering.
The bulk density for The bulk density is the bulk density of samples on a
bulk material must have moisture corrected dried mass basis and
been measured by methods was determined using the following formula:
that adequately account Bulk Density = (WA/(Ww-WA)) * (WD/WA)
for void spaces (vugs, Where:
porosity, etc), moisture * WA Weight of sample in air, with natural moisture
and differences between
rock and alteration
zones within the * Ww Weight of sample in water
deposit.
Discuss assumptions for
bulk density estimates * WD Weight of sample in air after drying at 105 -110 C
used in the evaluation
process of the different
materials. More density test work is recommended in order to raise the
confidence of the resource estimate.
Classification The basis for the The blocks in the Häggån deposit that were
classification of the populated in the first pass are classified
Mineral Resources into as Inferred Mineral Resources. A small proportion of blocks
varying confidence at the top of the mineralised
categories. wireframe were populated in the second pass as the
Whether appropriate requirements for the minimum number of
account has been taken data were not met. These blocks were also classified as
of all relevant factors Inferred in areas where blocks below
(i.e. relative were populated in the first pass.
confidence Blocks populated in the second pass formed the basis of an
in tonnage/grade Exploration Target inventory not
estimations, reliability reported here.
of input data, Relevant factors are considered to have been accounted for
confidence in continuity the Inferred Resources.
of geology Confidence and classification of the Mineral Resources may be
and metal values, improved by:
quality, quantity and * additional drilling to tighten the spacing between
distribution of the drill holes
data).
Whether the result
appropriately reflects * conducting more density test work
the Competent Person's
view of the deposit.
* regional mapping to identify major faults
* additional density measurements
The classification appropriately reflects the Competent
Person's view of the deposit.
Audits or reviews The results of any The Mineral Resource estimates presented here were completed in
audits or reviews of May 2018. The Mineral Resource
Mineral Resource estimate has not been independently audited or reviewed but has
estimates. been subject to an internal
H&SC review.
Discussion of relative Where appropriate a The relative accuracy and confidence level in the Mineral
accuracy/ confidence statement of the Resource estimates are considered
relative accuracy and to be in line with the generally accepted accuracy and
confidence level in the confidence of Inferred Mineral Resources.
Mineral This has been determined on a qualitative, rather than
Resource estimate using quantitative, basis, and is based on
an approach or procedure the Competent Person's experience with similar deposits.
deemed appropriate by The geological nature of the deposit, and the low coefficients
the Competent Person. of variation lend themselves
For example, the to reasonable level of confidence in the resource estimates
application of although the relatively large
statistical or drill hole spacing of 400x400 m inhibits the confidence in the
geostatistical estimated Resources.
procedures to quantify The estimates are considered to be global estimates. The block
the relative model was created using blocks
accuracy of the resource of a size considered appropriate for local grade estimation
within stated confidence however none of the material is
limits, or, if such an considered to be relevant for technical and economic analysis
approach is not deemed as it has been classified as
appropriate, a Inferred or Exploration Target. Reserve calculation must be
qualitative discussion conducted on Resources classified
of the factors that as Indicated or Measured.
could affect the No mining of the deposit has taken place so no production data
relative accuracy is available for comparison.
and confidence of the
estimate.
The statement should
specify whether it
relates to global or
local estimates, and, if
local,
state the relevant
tonnages, which should
be relevant to technical
and economic evaluation.
Documentation should
include assumptions made
and the procedures used.
These statements of
relative accuracy and
confidence of the
estimate should be
compared with
production data, where
available.
========================= ========================= ================================================================
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