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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% | 9.75 | 9.50 | 10.00 | 9.75 | 9.75 | 9.75 | 291,857 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Uranium-radium-vanadium Ores | 0 | -6.49M | -0.0110 | -16.36 | 106.65M |
From May 2022 to May 2024
TIDMAURA
RNS Number : 9300P
Aura Energy Limited
23 June 2022
23 June 2022
PILOT TESTS CONFIRM AVERAGE 550% UPGRADING
OF URANIUM WITH SIMPLE SCREENING AT TIRIS
KEY POINTS:
-- Pilot scale testing confirms Tiris uranium ore grade can be increased on average 550% using simple screening, with 80% reduction of material mass reporting to leaching circuit and containing 90% of uranium at 1,572ppm U(3) O(8.)
-- Ongoing bulk leach testing by the Australian Nuclear Science and Technology Organisation ("ANSTO Minerals") on upgraded material from pilot testing confirms rapid leaching allowing reduction in leach capital equipment costs.
-- Pilot and bulk leach results to be incorporated into upcoming Front End Engineering Design ("FEED") study with anticipated capital savings and reduction in reagent requirements from previous estimates.
-- Yellowcake product samples to be produced in Q3 of 2022 to support uranium marketing discussions with nuclear utilities.
-- Targeting Final Investment Decision in Q1 of 2023, as Aura is focused on fast-tracking initial uranium production at Tiris, with aspirations to expand production to 3-5m lbs U(3) O(8) per year.
For the full PDF version of the announcement with Figures 1-5 included, please refer to: http://www.rns-pdf.londonstockexchange.com/rns/9300P_1-2022-6-23.pdf
Aura Energy Limited (ASX: AEE, AIM: AURA) ("Aura" or "the Company") is pleased to provide an update on the Company's primary focus of fast-tracking initial uranium production at its 85%-owned Tiris Uranium Project in Mauritania ("Tiris" or "the Project"), with the achievement of pilot scale confirmatory results from simple screening techniques at the mine, to achieve on average 550% increase in uranium grade, and preliminary bulk leaching tests confirming rapid uranium extraction of over 95%.
The substantially positive upgradability of the Tiris uranium mineralisation is a key differentiator between Tiris and other uranium projects with comparable feed grades (see Table 1), resulting in a smaller, more efficient leach circuit with generally lower capital and operating costs.
Pilot scale tests were conducted at Mintek in Johannesburg, and bulk metallurgical test work is ongoing at ANSTO Minerals, located in Lucas Heights, New South Wales, Australia.
Beneficiation Pilot Plant
Aura undertook a pilot plant trial for the Tiris beneficiation (simple wet screening) circuit in 2019 at Mintek, Johannesburg, with final results now confirmed. The pilot plant aimed to demonstrate at larger scale, the substantial upgrade of U(3) O(8) concentration into a small fraction of the mined feed, as was previously demonstrated and reported at laboratory scale.
The beneficiation pilot plant was completed on 500kg composite samples from three key processing domains in the Lazare North and South Resources, representative of approximately the first 5 years of operation at Tiris.
Results indicated an increase in uranium grade from an average 285ppm U(3) O(8) to an average 1,572ppm U(3) O(8) (an increase of 550%), and average mass reduction of 80% of the mined material reporting to the leach circuit, containing an average 90% of total uranium (See Table 2 below).
Table 1 - Reported Leach Feed Uranium grade comparisons
Hot Features
Premium
Company Project Country Mine Upgrading Leach Upgrading
Grade Mass Feed Grade Factor
(ppm U(3) Rejection (ppm U(3)
O(8) ) O(8) )
Tiris
Aura Energy ([1]) Mauritania 285 80% 1,575 552%
----------- ------------ ----------- ----------- ------------ ----------
Tumas
Deep Yellow [2] Namibia 344 35% 529 154%
----------- ------------ ----------- ----------- ------------ ----------
Bannerman Etango
Energy [3] Namibia 232 - 232 0%
----------- ------------ ----------- ----------- ------------ ----------
Langer
Heinrich
Paladin Energy [4] Namibia 448 - 448 0%
----------- ------------ ----------- ----------- ------------ ----------
Table 2 - Summary of results of beneficiation pilot program completed at Mintek. Samples of primary processing Domains (500kg each) scrubbed and screened at 150um by production scale Derrick Stack Sizer. Solids feed rate of 3.5 tph at 17.1% w/w solids.
Lazare Head Grade -150um Concentrate
North and
South
U(3) O(8) U(3) O(8) Upgrade Mass Recovery U(3) O(8)
ppm ppm Factor (%) Recovery
(%)
----------- ---------- -------- -------------- ----------
COMP1 210 1267 6.0 18% 94%
----------- ---------- -------- -------------- ----------
COMP2 388 1787 4.6 25% 88%
----------- ---------- -------- -------------- ----------
COMP3 256 1662 6.5 18% 85%
----------- ---------- -------- -------------- ----------
AVERAGE 285 1572 5.5 20% 90%
----------- ---------- -------- -------------- ----------
The pilot plant included key components of the beneficiation upgrade circuit including a 1m diameter scrubbing vessel and full-size Derrick stack sizer unit with a target screen aperture size of 150um. Laboratory testing using 75um screening indicated even higher upgrading of up to 700% and provides a further optimisation opportunity for consideration in a commercial beneficiation plant at Tiris.
Pilot plant conditions were varied to define optimum feed solids concentration for screening units and solids feed rates between 2 tonnes per hour and 6 tonnes per hour.
Figure 1 - Pilot scale Derrick Stack Sizer circuit used in beneficiation pilot program at Mintek.
The results from the beneficiation pilot program demonstrated that the upgrade of uranium concentration, as presented in the Tiris Definitive Feasibility Study ("DFS"), can be consistently achieved at scale, representing an important step in confirming the design criteria applied for Tiris. Comparatively, the Tiris DFS design assumptions were that beneficiation in commercial operations would achieve an upgrading of uranium concentration of 550%-660% with a resultant leach feed grade of 1,500 - 1,600 ppm U(3) O(8) [5](.)
Aura Energy Acting CEO, Will Goodall, commented: "Completion of the beneficiation pilot plant testing has confirmed that upgrading of the U(3) O(8) concentration by up to 650% at the mine, can be achieved at scale, with on average 90% U(3) O(8) recovery and 80% reduction of the mass of material reporting to the leaching circuit. This is a huge step in advancing Tiris to production by showing that lab results can be successfully replicated and even improved at pilot scale, using proven, simple, and low-cost screening techniques.
The ability to increase the feed grade to the processing plant to 1,500-1,600 ppm U(3) O(8) is a key differentiator from other uranium deposits and places Aura in a strong position to advance Tiris into production with low capital and operating costs, and w e look forward to providing shareholders with further results from the balance of the program at ANSTO over the coming weeks.
Overall, incoming positive results continue to drive Aura towards the consideration of a final investment decision for Tiris in Q1 of 2023, and we look forward to further de-risking and optimising the flowsheet over the coming months as we focus on fast-tracking to initial uranium production at Tiris, with aspirations to expand production to 3-5m lbs. U(3) O(8) per year early in the mine life."
ANSTO Minerals Test Program
In January 2022, Aura initiated a program of test work with ANSTO Minerals, Australia's national nuclear organisation and the center of Australian nuclear expertise, to confirm process design inputs for Tiris. The ongoing program uses Tiris sample concentrates generated from the beneficiation pilot plant trial. The focus of the program is to confirm design criteria for use in the planned Front End Engineering Design ("FEED") Study, as Aura advances to a final investment decision for the Project which is targeted for Q1 of 2023.
Key test work steps include:
-- Bulk leaching tests to confirm optimum reagent dosage and consumption (Figures 2 and 3); and
-- Demonstrate optimum leach residence time to achieve maximum uranium recovery; followed by:
o Ion exchange optimisation tests and modelling to demonstrate uranium recovery from leach liquor and concentration prior to precipitation; and
o Uranium precipitation tests to produce yellowcake product samples for marketing.
In addition to confirmation and optimisation of the process parameters for uranium, test work will be performed on extraction and recovery of vanadium pentoxide as a by-product.
As previously announced, vanadium occurs with the host uranium mineral, carnotite in the Tiris Resources [6] . During leaching of uranium, the vanadium is also extracted, and can be recovered in the ion exchange circuit separately to uranium and subsequently precipitated and calcined (or fused) to produce vanadium pentoxide flake by-product. The by-product credit is anticipated to result in a reduction in overall operating cost for uranium production at Tiris.
The vanadium by-product test work program will include examination of two alternative options for separation of vanadium from uranium in the ion exchange circuit.
Bulk Leach Test Results
The test program at ANSTO is progressing well, with preliminary bulk leaching tests completed, and ion exchange, precipitation and vanadium recovery test work anticipated to be completed in Q3 of 2022.
The results of 50L bulk leaching for all three composite samples were positive. The leaching rates for uranium can be observed in Figure 4, which demonstrates rapid and very high uranium extraction for all three samples tested.
Figure 4 - Uranium extraction by leaching time on pilot plant upgraded samples of key processing Domains for the Tiris Uranium Project. Leaching conditions at 40 g/L Na(2) CO(3) and 10 g/L NaHCO(3) at 90degC with Sydney tap water adjusted to process water composition.
A positive outcome of the tests was that the fast uranium extraction rate of the Tiris material has been confirmed. The results of these tests justify the opportunity to reduce target leach residence time by 30%.
These changes will be implemented in the upcoming FEED study and will represent potential savings in both capital expenditure and reagent requirements from previous estimates.
Next Steps
The ANSTO test program is ongoing, with completion expected in Q3 of 2022.
The key steps and proposed schedule are summarised in Figure 5.
Figure 5 - Proposed schedule for delivery of final components of ANSTO Minerals metallurgical test work programme for Tiris concentrate material.
The next steps will be to utilise leach solution generated from the bulk leach tests to complete optimisation and modelling for the uranium ion exchange circuit. This will then flow into precipitation optimisation test work, which will result in final yellowcake product samples to be used in supporting uranium marketing discussions with end users, including nuclear utilities.
In addition, the test work on vanadium pentoxide by-product recovery is ongoing and results will be reported as available.
Cautionary Statement
This report may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although Aura believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved.
They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein.
This ASX Release as authorised by the Aura Energy Board of Directors.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For Further Information, please contact:
Will Goodall Jane Morgan
Acting CEO JMM
Aura Energy Limited Investor & Media Relations
info@auraenergy.com.au info@janemorganmanagement.com.au
+61 405 555 618
SP Angel Corporate Finance WH Ireland Limited
LLP (Joint Broker)
(Nominated Advisor and Joint Jessica Cave
Broker) Andrew de Andrade
David Hignell +44 (0) 207 220 1666
Kasia Brzozowska
+44 (0) 203 470 0470
----------------------------------
About Aura Energy (ASX:AEE, AIM:AURA)
Aura Energy is an Australian-based minerals company with
major uranium and polymetallic projects with large resources
in Africa and Europe. The Company is principally focused
on initial uranium production at its Tiris Uranium Project,
an evolving major greenfields uranium discovery in Mauritania,
with Aura announcing a Resource Upgrade in August 2021,
bringing the total JORC Resource to 56 Mlbs (at a 100 ppm
U(3) O(8) lower cut-off grade).
Aura also completed a 2021 capital estimate update for
the Tiris Definitive Feasibility Study, to reflect current
global pricing, reconfirming Tiris as one of the lowest
capex, lowest operating cost uranium projects slated for
development.
In October 2021, the Company entered a US$10m Offtake Financing
Agreement with Curzon, which includes an additional up
to US$10m facility, bringing the maximum available under
the agreement to US$20m.
In 2022, Aura will continue to transition from an advanced
uranium explorer to uranium producer, to capitalise on
the growing appetite for nuclear power as a critical, baseload,
near-zero-carbon energy source to help drive the global
shift towards decarbonising energy generation.
@AuraEnergyAEE
https://www.linkedin.com/company/aura-energy-limited
Subscribe for Investor Updates
Competent Persons
The Competent Person for the Tiris Metallurgical Test work is Dr Will Goodall. The information in the report to which this statement is attached that relates to the test work is based on information compiled by Dr Will Goodall. Dr Goodall has sufficient experience that is relevant to the test work program and to the activity which he is undertaking. This qualifies Dr Goodall as a Competent Person as 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.
APPIX 1
JORC Code 2012
Table 1 Appendix 5A ASX Listing Rules
2022 Tiris Uranium and Vanadium Resource Estimate
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, -- The data on which this resource
random chips, or specific specialised industry estimate is based is from 5
standard measurement tools appropriate to the field sampling programmes:
minerals under investigation, such as down hole gamma 1. An air-core (AC) drilling
sondes, or handheld XRF instruments, etc). These programme in 2010/11 with grade
examples should not be taken as limiting the broad estimation by chemical analysis
meaning of sampling. of drill samples
2. An AC drilling programme
at Lazare in 2012 with grade
* Include reference to measures taken to ensure sample estimation by chemical analysis
representivity and the appropriate calibration of any of drill samples
measurement tools or systems used. 3. An AC drilling programme
at Sadi in 2015 with grade
estimation by chemical analysis
* Aspects of the determination of mineralisation that of drill samples
are Material to the Public Report. 4. An AC drilling programme
in 2017 with grade estimation
by downhole gamma logging
* In cases where 'industry standard' work has been done 5. A diamond drilling (DD)
this would be relatively simple (e.g. 'reverse programme with grade estimation
circulation drilling was used to obtain 1 m samples by both chemical analysis of
from which 3 kg was pulverised to produce a 30 g core and by downhole gamma
charge for fire assay'). In other cases, more logging, for validation purposes.
explanation may be required, such as where there is -- The 2011/12 drilling was
coarse gold that has inherent sampling problems. the basis of 2 previous Resource
Unusual commodities or mineralisation types (e.g. Estimation exercises (ASX release:
submarine nodules) may warrant disclosure of detailed announcement 14 July 2011 "First
information. Uranium Resource in Mauritania
- 50 million pounds", & ASX
release: 16 July 2014 "Reguibat
Uranium Project Scoping Study
Complete). The 2018 resource
estimation exercise has been
aimed at upgrading a substantial
portion of Inferred Resource
to a higher resource category.
-- The 2011/12 drillhole spacing
was predominantly 100m x 200m.
A portion of the 2012 drilling
was at a spacing of 50m x 100m
drilled to define Indicated
Resources. The 2017 drilling
was predominantly at a spacing
of 50m x 50m to define Measured
Resources.
-- AC drill cuttings were riffle
split on site to extract approx.
2 kg samples for assay for
the downhole intervals 0 to
0.5m, 0.5 to 1.0m, 1 to 2m,
& thereafter in 1m intervals
to end of hole.
-- Down hole gamma logging
in 2017 was by 2 down-hole
Auslog gamma sondes operated
by Poseidon Geophysics (Pty)
Ltd based in Gaborone Botswana
using 3 geophysicists employed
by Poseidon geophysics
-- The 2 sondes were sent to
the Department of Environment,
Water & Natural Resources,
Adelaide South Australia for
calibration prior to the survey
------------------------------------------------------------ -----------------------------------------------------------------------
Drilling -- AC drilling in all programmes
techniques * Drill type (eg core, reverse circulation, open-hole was conducted by Wallis Drilling
hammer, rotary air blast, auger, Bangka, sonic, etc) of Perth WA using a Mantis
and details (eg core diameter, triple or standard drillrig and NQ size bit (outer
tube, depth of diamond tails, face-sampling bit or diameter 75.7 mm). AC drilling
other type, whether core is oriented and if so, by Diamond drilling (DD) was carried
what method, etc). out by Capital Drilling Mauritanie
SARL utilising triple tube
PQ coring (122.6 mm outer diameter
bit, 85 mm diameter core).
In 2017 1484 vertical drillholes
were gamma logged of which
1428 were AC drillholes and
56 were cored diamond drillholes.
------------------------------------------------------------ -----------------------------------------------------------------------
Drill sample -- In 2011/12/15 AC drilling
recovery * Method of recording and assessing core and chip the total drill return for
sample recoveries and results assessed. each sample interval was bagged
and weighed to an accuracy
of approximately 0.25 kg to
* Measures taken to maximise sample recovery and ensure estimate sample recovery.
representative nature of the samples. -- Efforts were made to minimise
dust loss, eg in most holes
the first metre was drilled
* Whether a relationship exists between sample recovery without applying compressed
and grade and whether sample bias may have occurred air, and thereafter minimum
due to preferential loss/gain of fine/coarse air necessary to lift the sample
material. was applied.
-- No relationship between
estimated recovery and uranium
grade was observed.
-- In view of the ultrafine
grain size of the uranium mineral
carnotite, even where high
recoveries were recorded, it
is possible that some carnotite
was lost in dust emitted from
the drillrig cyclone resulting
in underestimation of uranium
grade.
-- 2017 AC drillholes were
not physically sampled.
-- All drillcore was transported
in covered core trays to Nouakchott
for geological logging, density
determination, and core cutting.
-- Drillcore lengths were measured
to an accuracy of c. 1 cm immediately
on removal from the core barrel
to determine & record core
recovery.
-- Given the ultra-fine grained
nature of the carnotite mineralisation,
loss of uranium is likely in
any core runs recording less
than 100% recovery, and even
where 100% recovery is recorded
it is possible some loss of
carnotite may have occurred.
------------------------------------------------------------ -----------------------------------------------------------------------
Logging
* Whether core and chip samples have been geologically * In 2011/12/15 AC drilling each sample interval was
and geotechnically logged to a level of detail to geologically logged by an onsite geologist and drill
support appropriate Mineral Resource estimation, logs were uploaded to Aura's database managed by
mining studies and metallurgical studies. Reflex Hub in Perth. A sample of sieved & washed
chips for each sample interval was retained in chip
trays for reference.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* In 2017 AC drilling only the bottom hole sample was
geologically logged, and a sample retained in chip
* The total length and percentage of the relevant trays.
intersections logged.
* Drillcore was photographed, geologically logged and
logs were recorded on Aura's logging template and
uploaded to Aura's database managed by Reflex Hub in
Perth. 385 density measurements (which included 25
duplicate determinations) were taken on drillcore by
ALS Laboratories in Nouakchott under the supervision
of Aura's geologist.
------------------------------------------------------------ -----------------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * 2011/12/15 AC drill samples were riffle split on site
and sample half or all core taken. to provide a minimum 2 kg sample for assay and a
preparation duplicate split for reference and possible umpire
analysis.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* Duplicates, blanks, and standards were inserted in
the assay sample stream at regular intervals as
* For all sample types, the nature, quality and detailed in the next section.
appropriateness of the sample preparation technique.
* Drillcore was cut in half longitudinally by diamond
* Quality control procedures adopted for all saw by ALS Laboratories after marking up by, and
sub-sampling stages to maximise representivity of under the supervision of, an Aura geologist.
samples.
* For each half-metre of core half-core was bagged for
* Measures taken to ensure that the sampling is assay
representative of the in-situ material collected,
including for instance results for field
duplicate/second-half sampling. * Given the fine-grained nature of the uranium minerals
these sample sizes are appropriate
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
------------------------------------------------------------ -----------------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * 2011/12 AC drill samples were submitted to Stewart
data and assaying and laboratory procedures used and whether Laboratories sample preparation facility near
laboratory the technique is considered partial or total. Zouerate in Mauritania (In 2012 Stewart Laboratories
tests became part of ALS Laboratories). Samples were
crushed by jaw crusher to -12mm and 1kg was riffle
* For geophysical tools, spectrometers, handheld XRF split for pulverising to +85% passing 75 microns. An
instruments, etc, the parameters used in determining c. 100g split was bagged and sent to Stewart
the analysis including instrument make and model, Laboratories in Ireland for analysis by pressed
reading times, calibrations factors applied and their pellet XRF. Previous analysis comparing different
derivation, etc. analytical methods (XRF, ICP, DNC) had indicated that
XRF is an accurate method on this material, if an
x-ray band is selected for measurement that is not
* Nature of quality control procedures adopted (eg affected by the presence of strontium, and this was
standards, blanks, duplicates, external laboratory done. This method will measure total uranium. 2015 AC
checks) and whether acceptable levels of accuracy drill samples were were submitted to ALS Laboratories
(i.e. lack of bias) and precision have been sample preparation facility in Nouakchott Mauritania.
established. Samples were crushed by jaw crusher to -12mm and 1kg
was riffle split for pulverising to +85% passing 75
microns. An c. 100g split was bagged and sent to ALS
Global in Ireland for analysis by ALS method MC-ICP61
after 4-acid digestion. This method will measure near
total uranium.
* Bagged 1/2 core was prepared by ALS Laboratories
Nouakchott by Method Prep 22 (Crush to 70% less than
6mm, pulverize entire sample to better than 85%
passing 75 microns). An c. 100g sample of pulp was
split off using mini-riffle splitter, placed in
sample envelope and forwarded by air to ALS in
Ireland for uranium analysis by ALS Method U-MS62 (U
by ICP-MS after 4 acid digestion). 4 acid digestion
provides near total extraction.
* Downhole gamma logging was performed by 2 down-hole
Auslog gamma sondes comprising:
* DLS5 Winch Controller
* W600-1 12V Portable Winch
* A075 Natural Gamma Tool
* Logging procedures involved:
* Drill holes were gamma logged as soon as possible
after drilling to avoid radon build-up.
* Each borehole logged in both directions to verify
consistency
* Logging speed: 2 metres per minute
* Sampling interval: 1 cm
* At least one hole was re-logged after each 20 holes
as a repeatability check.
* A reference hole was established and relogged every 2
days as a check on consistency
* Gamma logging procedures & interpretation were
supervised by consultant David Wilson who qualifies
as a Competent Person in these matters.
* QAQC procedures for the 2011/12 AC drilling comprised
,
on average:
* Field duplicates assays: 1 in every 12 samples
* Blanks: 1 in every 31 samples
* Umpire assays: 1 in every 11 samples Umpire analysis
was carried on 427 sample intervals. For each of
these the original pressed pellet XRF sample assayed
by Stewart Labs was re-assayed by ICP by Stewart Labs
and also by XRF by ALS Labs and by ICP by ALS.
* Certified Reference material: 1 in every 129 samples
* Total QAQC samples: 1 in every 5 samples
Accuracy & precision were
within acceptable limits.
------------------------------------------------------------ -----------------------------------------------------------------------
Verification -- Approximately 2,675 drillholes
of sampling * The verification of significant intersections by were used in this Resource
and assaying either independent or alternative company personnel. Estimate. In 1484 of these
U grades was determined by
downhole gamma logging, and
* The use of twinned holes. in the remainder U grade was
determined by chemical assay.
This provides verification
* Documentation of primary data, data entry procedures, of average grades. 57 diamond
data verification, data storage (physical and drillholes were both gamma
electronic) protocols. logged and chemically assayed
for validation purposes.
-- To test for radioactive
* Discuss any adjustment to assay data. disequilibrium 204 samples
were sent to either Australian
Nuclear Science and Technology
Organisation (ANSTO) in Australia
or the Activation Laboratories
(Actlabs) in Canada for equilibrium
determinations. Results were
compiled and interpreted by
D Wilson of 3D Exploration
who concluded that a factor
of 1.29 needs to be applied
to all raw gamma grades to
provide the correct U grade.
Diamond drillcore assaying
confirmed the appropriateness
of this factor.
-- All drillhole data recorded
was uploaded to Aura's online
database managed by Reflex
Hub. Analyses were forwarded
directly from the laboratories
to Reflex Hub for incorporation
in the database.
------------------------------------------------------------ -----------------------------------------------------------------------
Location -- 2011/12 drillhole collars
of data * Accuracy and quality of surveys used to locate drill were surveyed by handheld GPS
points holes (collar and down-hole surveys), trenches, mine with reported accuracy of +/-
workings and other locations used in Mineral Resource 3 metres.
estimation. -- All 2017 drillhole collars
were surveyed by differential
surveying conducted by IRC-Magma
* Specification of the grid system used. to an accuracy of +/- 20 cm
in all dimensions.
-- The grid projection used
* Quality and adequacy of topographic control. is UTM WGS84 Zone 29N
-- An independent check on
topography was provided by
satellite data provided by
PhotoSat of Vancouver to an
accuracy of +/- 20 cm confirming
the quality and adequacy of
topographic control.
------------------------------------------------------------ -----------------------------------------------------------------------
Data spacing -- Drillholes were spaced in
and * Data spacing for reporting of Exploration Results. different programmes at 50m
distribution x 50m, 50m x 100m, 100m x 100m
or 100m x 200m.
* Whether the data spacing, and distribution is -- In most cases Measured Resources
sufficient to establish the degree of geological and are based on 50m x 50m spaced
grade continuity appropriate for the Mineral Resource drillholes, Indicated Resources
and Ore Reserve estimation procedure(s) and are based on 100m x 100m spaced
classifications applied. holes, and Inferred Resources
on !00m x 200m spaced holes.
-- Downhole gamma data was
* Whether sample compositing has been applied. composited into 0.5m intervals.
-- Three 100m x 100m areas
were drilled at 12.5m spacing
in both N-S & E-W directions
for geostatistical purposes
and to examine variability.
Variography constructed by
the resource consultants confirmed
that the drill spacings are
appropriate for the Resource
classifications. Resource classification
was done by the independent
resource consultants with no
input from Aura.
------------------------------------------------------------ -----------------------------------------------------------------------
Orientation -- Three 100m x 100m squares
of data * Whether the orientation of sampling achieves unbiased were drilled at 12.5m hole
in relation sampling of possible structures and the extent to spacing in both N-S and E-W
to which this is known, considering the deposit type. directions to investigate grade
geological anisotropy. This indicated
structure a weak NW-SE trend to the mineralisation.
* If the relationship between the drilling orientation The drilling pattern employed
and the orientation of key mineralised structures is is considered appropriate for
considered to have introduced a sampling bias, this the mineralisation orientation.
should be assessed and reported if material.
------------------------------------------------------------ -----------------------------------------------------------------------
Sample -- Sample collection was supervised
security * The measures taken to ensure sample security. by geologists. Samples were
transported as soon as practicable
to independent sample preparation
facilities. Approx.65% of drillholes
were assayed by downhole gamma
logging and for these sample
security is not relevant.
------------------------------------------------------------ -----------------------------------------------------------------------
Audits -- Resource estimation in 2012
or reviews * The results of any audits or reviews of sampling was conducted by Oliver Mapeto
techniques and data. of Coffey Mining. This was
independently reviewed and
confirmed by Wardell Armstrong
International in 2016. The
2021 Resource Estimate at Sadi
was done by Oliver Mapeto acting
then as an independent consultant.
The 2018 resource estimate
has been carried out by independent
consulting group H&S Consultants
Pty Ltd. All of these consulting
groups have reviewed and endorsed
the sampling, grade estimation
and QAQC procedures.
------------------------------------------------------------ -----------------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral -- The Resource Estimates
tenement * Type, reference name/number, location and ownership are based on drilling conducted
and land including agreements or material issues with third on 2 mineral exploration permits
tenure status parties such as joint ventures, partnerships, held 100% by Aura Energy:
overriding royalties, native title interests, 562B4 Oum Ferkik, 2365B4 Oued
historical sites, wilderness or national park and EL Foule Sud, on 2 Exploitation
environmental settings. permits: 2492C4 Oued El Foule,
2491C4 Ain Sder held by Tiris
Ressources SA, a 100% subsidiary
* The security of the tenure held at the time of of Aura Energy. Aura is in
reporting along with any known impediments to the process of divesting 15%
obtaining a licence to operate in the area. of Tiris Ressources SA to
the Mauritanian Government
as required by the Mining
Act.
-- Aura has completed an Environmental
and Social Impact Assessment
which concluded there are
no known issues arising from
native title, historical sites,
environmental or third-party
matters which are likely to
materially affect exploitation.
--------------------------------------------------------------- --------------------------------------------------------
Exploration -- Aura is unaware of any
done by * Acknowledgment and appraisal of exploration by other prior exploration on these
other parties parties. areas.
--------------------------------------------------------------- --------------------------------------------------------
Geology -- The mineralisation is of
* Deposit type, geological setting and style of the calcrete uranium style.
mineralisation. It occurs within Proterozoic
rocks of the Reguibat Craton.
The mineralisation is developed
within near surface altered
and weathered granites and
within shallow colluvium lying
on granite or adjacent metasediments.
--------------------------------------------------------------- --------------------------------------------------------
Drill hole -- Specific drillhole data
Information * A summary of all information material to the is not relevant to the reporting
understanding of the exploration results including a of this resource estimation
tabulation of the following information for all
Material drill holes:
1. easting and northing
of the drill hole collar
2. elevation or RL (Reduced
Level - elevation above
sea level in metres) of
the drill hole collar
3. dip and azimuth of
the hole
4. down hole length and
interception depth
5. 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
aggregation * In reporting Exploration Results, weighting averaging * Data aggregation methods are summarised in the
methods techniques, maximum and/or minimum grade truncations Resource Estimate report by H&S Consultants which
(e.g., cutting of high grades) and cut-off grades are this table accompanies.
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 -- All drillholes on which
between * These relationships are particularly important in the the resource estimate is based
mineralisation reporting of Exploration Results. were vertical and approximately
widths and perpendicular to the thickness
intercept of the mineralisation.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g., 'down hole length, true width not
known').
--------------------------------------------------------------- --------------------------------------------------------
Diagrams -- Refer to the ASX announcement
* Appropriate maps and sections (with scales) and which this table accompanies.
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
--------------------------------------------------------------- --------------------------------------------------------
Balanced --
reporting * Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
--------------------------------------------------------------- --------------------------------------------------------
Other -- Metallurgical test work
substantive * Other exploration data, if meaningful and material, is ongoing. Information on
exploration should be reported including (but not limited to): processing has been reported
data geological observations; geophysical survey results; in ASX announcement: 29 July
geochemical survey results; bulk samples - size and 2019 "Tiris Uranium Definitive
method of treatment; metallurgical test results; bulk Feasibility Study Completed".
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
--------------------------------------------------------------- --------------------------------------------------------
Further -- Refer to the ASX announcement
work * The nature and scale of planned further work (e.g., which this table accompanies.
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
--------------------------------------------------------------- --------------------------------------------------------
Section 3. Estimation and Reporting of Mineral Resources - PART 1
Note this Section 3 has been prepared by H&S Consultants and relates to the Hippolyte, Hippolyte South, Lazare North & Lazare South Resources
Criteria JORC Code explanation Commentary
Database Aura's database was
integrity * Measures taken to ensure that data has not been managed by the independent
corrupted by, for example, transcription or keying organisation Reflex
errors, between its initial collection and its use Hub, based in Perth.
for Mineral Resource estimation purposes. H&SC conducted data
validation checks
such as comparing
Data validation procedures assay certificates
used. to database records
and a variety of checks
for internal inconsistencies
such as overlapping
intervals, records
beyond end of hole
depth, unassayed intervals
and unrealistic drill
hole data.
----------------------------------------------------------------- ----------------------------------
Site visits H&SC has not visited
* Comment on any site visits undertaken by the the Tiris East deposits
Competent Person and the outcome of those visits. due to time and budget
constraints. H&SC
based its view of
If no site visits the geological setting
have been undertaken and mineralisation
indicate why this on drill hole data,
is the case. discussions with Aura
geologists and on
information in technical
reports. Representatives
of Coffey Mining and
Wardell Armstrong
International conducted
site visits in Aril
2012 and May 2016
respectively.
----------------------------------------------------------------- ----------------------------------
Geological The uranium mineralisation
interpretation * Confidence in (or conversely, the uncertainty of) the generally forms shallow
geological interpretation of the mineral deposit. horizontal tabular
bodies ranging in
thickness from 1 to
* Nature of the data used and of any assumptions made. 12 m hosted in weathered
granite and granitic
sediments. Differentiation
* The effect, if any, of alternative interpretations on of the weathered granite
Mineral Resource estimation. from granitic sediments
is unreliable from
AC sample returns.
* The use of geology in guiding and controlling Mineral A purely geological
Resource estimation. model of the Tiris
deposits has not been
produced.
The factors affecting H&SC created a surface
continuity both of representing the base
grade and geology. of the estimates in
order to limit the
extrapolation of grades
into volumes that
had no data. This
is important at Tiris
East as there is a
general decrease in
uranium grades with
depth. This surface
nominally represents
the top of the less-weathered
granite, where AC
drilling could penetrate
no further. The base
surface was produced
using the locations
of the end of the
deepest assay from
each drill hole. Where
drill holes were very
close, within around
15 m, the shallower
point was removed.
The base surface also
honoured mapped surface
outcrops.
At the time that the
estimates were completed,
no topographic survey
data were available.
The vast majority
of the 2017 drill
collar locations were
surveyed using a Differential
Global Positioning
System (DGPS). H&SC
used the locations
of all drill hole
collars that had been
located with the DGPS
to create a wireframe
representing the topographic
surface. The elevations
of all drill holes
that had been located
using a handheld GPS
were then derived
from this topographic
surface.
The proportion of
the block between
the topographic and
base surfaces were
assigned to the block
model and used to
weight the reported
estimates.
The interpretation
of the mineralisation
as flat lying tabular
bodies is undisputed.
The lateral extents
of the mineralisation
are poorly defined
and additional drilling
around the edges of
the deposits may indicate
that mineralisation
is more limited than
currently interpreted.
Alternative interpretations
of the geology are
very unlikely to significantly
impact estimated resources.
The continuity of
both grade and geology
are affected by the
extent of weathering
of the granitic host.
The continuity does
not appear to be affected
by faulting.
----------------------------------------------------------------- ----------------------------------
Dimensions The extent and variability The Mineral Resources
of the Mineral Resource reported here occur
expressed as length in four separate areas
(along strike or otherwise), (Hippolyte North,
plan width, and depth Hippolyte South, Lazare
below surface to the North and Lazare South)
upper and lower limits within a SE trending
of the Mineral Resource. rectangle around 40
km north-south and
12 km east-west. All
mineralisation forms
flat lying tabular
bodies ranging in
thickness from 1 to
12 m.
The Mineral Resources
at Hippolyte North
at a cut-off of 100
ppm U3O8 occur in
an area 6 km east-west
and 5.5 km north-south.
This region is comprised
of several separate
areas that range in
plan dimensions from
500 m to 1.1 km wide
and 500 m to 2.2 km
long. The upper limit
of the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of 11 m below surface.
The Mineral Resources
at Hippolyte South
at a cut-off of 100
ppm U3O8 occur in
an area 5.6 km east-west
and 5.4 km north-south.
This region is comprised
of three isolated
areas each with a
north-south length
of around 1.3 km and
an east-west length
that ranges 400 m
to 1.1 km. The upper
limit of the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of six metres below
surface
The Mineral Resources
at Lazare North at
a cut-off of 100 ppm
U3O8 occur in an area
4.5 km east-west and
2.4 km north-south.
This region is comprised
of three isolated
areas. The smallest
of these areas has
an east-west length
of 900 m and a north-south
length of 550 m. The
largest area has an
east-west length of
2.2 km m and a north-south
length of 1.8 km.
The upper limit of
the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of 12 m below surface.
The Mineral Resources
at Lazare South at
a cut-off of 100 ppm
U3O8 occur in an irregular
shape with an east-west
length of 5.5 km and
a north-south length
of 2.7 km. The largest
area has an east-west
length of 2.2 km m
and a north-south
length of 1.8 km.
The upper limit of
the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of 10 m below surface.
----------------------------------------------------------------- ----------------------------------
Estimation and The uranium concentrations
modelling * The nature and appropriateness of the estimation were estimated by
techniques technique(s) applied and key assumptions, including recoverable Multiple
treatment of extreme grade values, domaining, Indicator Kriging
interpolation parameters, maximum distance of (MIK) using the GS3
extrapolation from data points. geostatistical software.
The uranium grades
at the Tiris East
* The availability of check estimates, previous deposits exhibit a
estimates and/or mine production records and whether positively skewed
the Mineral Resource estimate takes appropriate distribution and therefore
account of such data. show reasonable sensitivity
to a small number
of high grades. MIK
* The assumptions made regarding recovery of is considered an appropriate
by-products. estimation method
for the uranium grade
distribution at the
* Estimation of deleterious elements or other non-grade Tiris East deposits
variables of economic significance (e.g., sulphur for because it specifically
acid mine drainage characterisation). accounts for the changing
spatial continuity
at different grades
* In the case of block model interpolation, the block through a set of indicator
size in relation to the average sample spacing and variograms at a range
the search employed. of grade thresholds.
It also reduces the
need to use the practice
* Any assumptions behind modelling of selective mining of top cutting.
units. All drill hole intervals
were composited to
0.5 m for estimation.
* Any assumptions about correlation between variables. The following number
of half metre composites
were used to estimate
* Description of how the geological interpretation was the deposits:
used to control the resource estimates. * Hippolyte North: 9,920
* Discussion of basis for using or not using grade * Hippolyte South: 1,078
cutting or capping.
* Lazare North: 1,585
The process of validation,
the checking process
used, the comparison * Lazare South: 6,743
of model data to drill
hole data, and use
of reconciliation Top-cut values were
data if available. chosen by assessing
the high end distribution
of the grade population
within each zone and
selecting the value
at which the distribution
became erratic. Only
one composite in Lazar
North was top-cut.
This interval had
a U(3) O(8) grade
of 7,937 ppm and was
cut to 3,200 ppm.
The four deposits
were subdivided into
a total of seventeen
Subzones for estimation.
Conditional statistics
were produced for
each of the Subzones.
All class grades used
for estimation of
the mineralised domains
were derived from
the class mean grades.
Vanadium is a potential
by-product and vanadium
oxide ( V(2) O(5)
) has been estimated
for the mineral resources
using the stoichiometric
V(2) O(5) /U(3) O(8)
ratio for carnotite
group minerals. These
V(2) O(5) values represent
potentially recoverable
vanadium in carnotite
and not total vanadium
occurring in mineralisation,
which is significantly
higher in almost all
cases. These potentially
recoverable V(2) O(5)
values are based on
the analysis of a
substantial database
of available sample
data and represent
average values that
may be conservative.
This procedure relies
on the correlation
between uranium and
vanadium in carnotite
group minerals, which
are the only uranium
minerals identified
to date at Tiris.
No deleterious elements
or other non-grade
variables of economic
significance have
been identified or
estimated.
The base surface created
to represent the top
of the less-weathered
granite was used to
limit the extrapolation
of grades into volumes
that had no data.
The Recoverable MIK
technique employed
by H&SC in this case
requires a set of
14 variogram models,
one for each of the
fourteen grade bins
used. A set of variogram
models were created
for Subzones of the
Hippolyte North, Lazare
North and Lazare South
deposits. These variogram
models were applied
to Subzones that did
not have sufficient
data to generate reliable
models.
The Hippolyte North,
Lazar North and Lazar
South deposits have
areas that have been
drilled on a 50x50
m grid whereas the
Hippolyte South areas
have been drilled
on a 100x100 m grid.
Separate block models
were created for Hippolyte
North, Lazar North,
Lazar South and for
each of the three
Zones in Hippolyte
South. Nominal downhole
sampling interval
is 0.5 m. Drill hole
grade data were composited
to 0.5 m intervals.
The block dimensions
were 50 x 50 m in
plan view and 1 m
vertically. The plan
dimensions were chosen
as it is the nominal
drill hole spacing
(preferable for MIK
estimation). The vertical
dimension was chosen
to reflect the anisotropy
of the mineralisation
and the downhole data
spacing.
The minimum selective
mining unit size is
assumed to be 10x10x0.5
m.
A three pass search
strategy was used
to estimate the U(3)
O(8) grades at each
of the deposits. Each
pass required a minimum
number of samples
with data from a minimum
number of octants
of the search ellipse
to be populated.
Discretisation
was set to 10x10x0.5
m. The search criteria
are shown below. The
short first axis of
the search ellipse
is vertical.
1. 1.5x60x60m search,
16-48 samples, minimum
4 octants
2. 1.5x150x150m search,
16-48 samples, minimum
4 octants
3. 2.4x240x240m search,
16-48 samples, minimum
4 octants
The maximum distance
of extrapolation of
the reported estimates
from drill hole data
points is limited
to 220 m.
The Hippolyte North
and Lazar North deposits
were estimated by
Mr. Mapeto of Coffey
Mining in 2011. Lazar
South was estimated
by Mr. Mapeto in 2012.
H&SC has access to
these block models
and considers that
the current Mineral
Resource Estimate
takes appropriate
account of these models.
Significant additional
drilling has occurred
since these estimates
were produced so the
volume and confidence
category have increased.
Reasonably large differences
exist between the
current and previous
estimates due to differences
in estimation methodologies.
No check estimates
were produced.
No mining has occurred
on the Tiris East
deposits so mine production
data were unavailable
for comparison.
The final H&SC block
model was reviewed
visually by H&SC and
Aura 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 histograms,
boxplots, scatter
plots and summary
statistics.
----------------------------------------------------------------- ----------------------------------
Moisture Whether the tonnages Tonnages are estimated
are estimated on a on a dry weight basis.
dry basis or with The moisture content
natural moisture, was not determined.
and the method of
determination of the
moisture content.
----------------------------------------------------------------- ----------------------------------
Cut-off The basis of the A cut-off of 100 ppm
parameters adopted cut-off grade(s) U(3) O(8) cut off
or quality parameters is used to report
applied. the resources as it
is assumed that ore
can be economically
mined at this grade
in an open pit scenario.
This cut-off is considered
to be relatively low
compared to operating
uranium mines, but
metallurgical test
work indicates that
a significant upgrade
in uranium and decrease
in sulphates can be
achieved by a simple
grinding and sieving
process.
----------------------------------------------------------------- ----------------------------------
Mining factors All of the resources
or * Assumptions made regarding possible mining methods, reported here have
assumptions minimum mining dimensions and internal (or, if been estimated on
applicable, external) mining dilution. It may not the assumption that
always be possible to make assumptions regarding the deposits will
mining methods and parameters when estimating Mineral be mined by open-pit.
Resources. Where no assumptions have been made, this Recoverable MIK allows
should be reported. for block support
correction to account
for the change from
sample size support
to the size of a mining
block. This process
requires an assumed
grade control drill
spacing and the assumed
size of the Selective
Mining Unit (SMU).
The variance adjustment
factors were estimated
from the U(3) O(8)
metal variogram models
assuming a minimum
SMU of 10x10x0.5 metres
(east, north, vertical)
with high quality
grade control sampling
on a 10x10x0.5 metre
pattern (east, north,
vertical).
The application of
the variance adjustments
to the resource estimates
is expected to provide
estimates of recoverable
resources without
the need to apply
additional mining
dilution or mining
recovery factors.
Internal dilution,
that is, within the
SMU unit is accounted
for. If a larger SMU
size or a broader
grade control drill
pattern is implemented
the selectivity assumed
in the reported resources
may not be realised.
----------------------------------------------------------------- ----------------------------------
Metallurgical The basis for assumptions The metallurgical
factors or predictions regarding test work information
or assumptions metallurgical amenability. supplied to H&SC indicates
It may not always that the Tiris East
be possible to make deposits are amenable
assumptions regarding to a process of crushing,
metallurgical treatment screening and an alkaline
processes and parameters carbonate leach in
when reporting Mineral order to recover uranium.
Resources. Where no Bench scale test work
assumptions have been indicates that a significant
made, this should upgrade in uranium
be reported. and decrease in sulphate
concentrations can
be achieved through
screening.
No penalty elements
identified in work
so far.
Metallurgical test
work on Tiris ore
has shown that about
55% to 58% of vanadium
was also extracted
during the alkaline
leach. The V(2) O(5)
/U(3) O(8) ratios
for the final leach
liquor are close to
the carnotite V(2)
O(5) /U(3) O(8) ratio,
indicating that effectively
only vanadium from
carnotite is being
leached under these
conditions. To date,
no vanadium extraction
test work has been
carried out for the
recovery of vanadium
from the pregnant
leach solution, so
further work is required
to demonstrate that
a marketable vanadium
product can be produced
on a commercial basis.
No further assumptions
have been made.
----------------------------------------------------------------- ----------------------------------
Environmental Assumptions made Aura has informed
factors regarding possible H&SC that an Environmental
or assumptions waste and process and Social Impact
residue disposal options. Assessment has been
It is always necessary completed which concluded
as part of the process there are no known
of determining reasonable issues arising from
prospects for eventual native title, historical
economic extraction sites, environmental
to consider the potential or third party matters
environmental impacts that are likely to
of the mining and materially affect
processing operation. exploitation. H&SC
While at this stage therefore assumes
the determination that there are no
of potential environmental known unusual aspects
impacts, particularly of the Tiris East
for a greenfields deposits that may
project, may not always lead to adverse environmental
be well advanced, impacts beyond what
the status of early is expected from a
consideration of these mining operation.
potential environmental Waste rock and process
impacts should be residue are expected
reported. Where these to be disposed of
aspects have not been in the areas surrounding
considered this should the deposits and processing
be reported with an facility, in a responsible
explanation of the manner and in compliance
environmental assumptions with local mining
made. law.
----------------------------------------------------------------- ----------------------------------
Bulk density Whether assumed or Dry bulk density of
determined. If assumed, diamond drill core
the basis for the was measured at the
assumptions. If determined, ALS facility in Nouakchott
the method used, whether using an immersion
wet or dry, the frequency method (Archimedes
of the measurements, principle) on selected
the nature, size and PQ diamond drill core
representativeness intervals ranging
of the samples. in size from 10 to
30 cm. Competent pieces
of drill core were
selected on a nominal
interval of 50 cm.
The samples chosen
are believed to be
representative of
the surrounding rock
type. All density
samples are wrapped
in cling film to avoid
water absorption.
A total of 304 density
measurements have
been taken from drill
core at the Tiris
East deposits with
values ranging from
1.55 to 2.66 t/m3.
Measured density values
show that there is
a reasonable correlation
between density and
the depth of the sample.
A regression was used
to assign densities
to each block in the
block model based
on the depth below
surface.
----------------------------------------------------------------- ----------------------------------
Classification The classification
* The basis for the classification of the Mineral is based on the search
Resources into varying confidence categories. pass used to estimate
the block. In order
to limit small, isolated
* Whether appropriate account has been taken of all volumes of different
relevant factors (i.e., relative confidence in classification (spotted
tonnage/grade estimations, confidence in continuity dog effect) the search
of geology and metal values, quality, quantity and passes used to populate
distribution of the data). each block were locally
averaged. Pass one
nominally equates
Whether the result to Measured Resources,
appropriately reflects Pass two translates
the Competent Person's to Indicated Resources
view of the deposit. and Pass three equates
to Inferred Resources.
This scheme is considered
by H&SC to take appropriate
account of all relevant
factors, including
the relative confidence
in tonnage and grade
estimates, confidence
in the continuity
of geology and metal
values, and the quality,
quantity and distribution
of the data.
The classification
appropriately reflects
the Competent Person's
(Arnold van der Heyden)
view of the deposit.
----------------------------------------------------------------- ----------------------------------
Audits or The results of any This Mineral Resource
reviews audits or reviews estimate has been
of Mineral Resource reviewed by Aura personnel.
estimates. The estimation procedure
has also been internally
reviewed by H&SC.
No material issues
were identified as
a result of these
reviews.
No external audits
have been completed
on the Mineral Resource
estimates.
----------------------------------------------------------------- ----------------------------------
Discussion of The relative accuracy
relative * Where appropriate a statement of the relative and confidence level
accuracy/ accuracy and confidence level in the Mineral Resource in the Mineral Resource
confidence estimate using an approach or procedure deemed estimates are considered
appropriate by the Competent Person. For example, the to be in line with
application of statistical or geostatistical the generally accepted
procedures to quantify the relative accuracy of the accuracy and confidence
resource within stated confidence limits, or, if such of the nominated JORC
an approach is not deemed appropriate, a qualitative Mineral Resource categories.
discussion of the factors that could affect the This has been determined
relative accuracy and confidence of the estimate. on a qualitative,
rather than quantitative,
basis. The main factor
* The statement should specify whether it relates to that affects the relative
global or local estimates, and, if local, state the accuracy and confidence
relevant tonnages, which should be relevant to of the Mineral Resource
technical and economic evaluation. Documentation estimate is sample
should include assumptions made and the procedures data density due to
used. the reasonably high
variability in uranium
grades.
These statements The estimates are
of relative accuracy global although the
and confidence of resources classified
the estimate should as Measured and Indicated
be compared with production are suitable for long
data, where available. term mine planning
studies. It should
be noted that the
Indicated Resources
are based on broadly
spaced data and may
be locally inaccurate.
Closer spaced drilling
is necessary prior
to detailed mine planning.
No production data
are available as only
small scale illegal
artisanal mining has
occurred around the
Tiris East deposits.
----------------------------------------------------------------- ----------------------------------
[1] Average head grade of Tiris composite samples (see table 2)
[2] ASX Announcement 10 Feb 2021 titled "DEEP YELLOW PROCEEDING WITH TUMAS DFS FOLLOWING POSITIVE PFS", p37. Mine grade from Ore Reserves.
[3] ASX announcement 2 August 2021 titled "Etango-8 Pre-Feasibility Study" p1. Mine grade from Ore Reserves.
[4] ASX announcement 4 November 2021 titled "Langer Heinrich Mine Restart Plan Update, Mineral Resources and Ore Reserves Update" p1. Mine grade from Ore Reserves.
[5] ASX & AIM Release 29 July 2019 "TIRIS URANIUM DFS COMPLETED DEMONSTRATING A ROBUST DEVELOPMENT PROJECT"
[6] ASX & AIM Release 16 February 2022 "Aura Defines Vanadium JORC Resource at Tiris Uranium Project"
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