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Aurora Energy Metals Ltd (1AE)

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A Deep Dive profile provides ASX listed companies with an opportunity to tell their story in plain English.

Company Deep Dive

Aurora Energy Metals (ASX:1AE) is an Australian company focused on exploration and development of clean energy minerals at its Aurora Energy Metals Project in Oregon, USA.

The Project is located in the McDermitt Caldera, southeast Oregon, the same geological setting as ASX listed Jindalee Resources McDermitt Lithium Project and TSX listed Lithium Americas Thacker Pass Project.

It hosts a JORC 2012 compliant defined uranium resource (37.9 Mlb eU₃O₈) and is also prospective for lithium. It is well located, close to two other major lithium projects and proximal to Tesla's Gigafactory 1 (near Reno, Nevada).

With a 2-year exploration and evaluation program planned, Aurora is hoping to convert the existing uranium resource to Measured status, advance studies and define a maiden lithium resource.

The fully subscribed IPO is due to list on the ASX at 11am (AEST) on Wednesday, 18th May 2022.

Highlights

Unique uranium and lithium focus - minerals critical for the energy transition

Experienced board and management

Well defined uranium resource (37.9 Mlb eU₃O₈)

Located in the McDermitt Caldera, home of the largest US lithium deposit

Lithium mineralisation present in a separate geological horizon

Acreage recently increased from 116 to 207 mining claims

2-year work program planned to maximise the dual resource targets

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People

Board and Management

Greg Cochran

Managing Director

An experienced international mining executive with over 30 years’ experience in technical and commercial roles, general management and executive positions globally. Extensive uranium experience with Uranium One Inc and as Managing Director of Deep Yellow Limited.

Profile

Greg Cochran

Managing Director

An experienced international mining executive with over 30 years’ experience in technical and commercial roles, general management and executive positions globally. Extensive uranium experience with Uranium One Inc and as Managing Director of Deep Yellow Limited.

Most recently, Greg was CEO of Reward Minerals and prior to that Managing Director of Namibian-focussed uranium developer Deep Yellow Limited (2011-16). He has extensive uranium experience, having also spent four years with Uranium One Inc (2006-09).

He is a graduate member of the AICD and a Fellow of the AusIMM. He holds a MSc. in Mining Engineering and Mineral Economics from the University of the Witwatersrand and an MBA from Cranfield School of Management (UK)

Peter Lester

Non-Executive Chairman

A mining engineer with over 40 years’ industry experience. Has held senior executive positions with North Ltd, Newcrest Mining Limited, Oxiana/Oz Minerals Limited and Citadel Resource Group Limited.

Profile

Peter Lester

Non-Executive Chairman

A mining engineer with over 40 years’ industry experience. Has held senior executive positions with North Ltd, Newcrest Mining Limited, Oxiana/Oz Minerals Limited and Citadel Resource Group Limited. Peter’s experience covers operations, projects and business development and general corporate activities including financial services.

He has served on several ASX listed and private mining boards and is currently Non-Executive Chairman of White Rock Minerals Ltd and Helix Resources Ltd and previously of Kidman Resources Ltd and Doray Minerals Ltd. Peter is a member of the AICD and the AusIMM and holds a B.E. (Mining hons).

Alasdair Cooke

Non-Executive Director

Mr Cooke has over 30 years’ experience in resource exploration and mining throughout Australia and internationally, initially as part of BHP Minerals Business Development Group and the last 20 years managing public resource companies as part of the Mitchell River Group (MRG).

Profile

Alasdair Cooke

Non-Executive Director

Mr Cooke has over 30 years’ experience in resource exploration and mining throughout Australia and internationally, initially as part of BHP Minerals Business Development Group and the last 20 years managing public resource companies as part of the Mitchell River Group (MRG).

MRG successfully incubated numerous resource companies and developed mining operations over the past twenty years, including Sally Malay Mining (now Panoramic Resources), Albidon, Mirabella Nickel and Exco Resources.

He holds a first-class honours degree in Geology and a bachelor’s degree in Science from the University of Western Australia and is a member of the Australian Institute of Geoscientists.

Steven Jackson

Company Secretary

A member of CPA Australia who graduated from the University of Western Australia in 2008 with a Bachelor of Economics. Majored in International Business Economics and Money and Banking.

Profile

Steven Jackson

Company Secretary

A member of CPA Australia who graduated from the University of Western Australia in 2008 with a Bachelor of Economics. Majored in International Business Economics and Money and Banking.

Aurora Energy Metals Project - Oregon, USA

Uranium

First discovered in 1979, the Aurora uranium deposit is well-explored with over 600 drillholes having been completed to date, plus extensive metallurgical testwork and studies conducted.

The ‘volcanic type’ uranium deposit contains an Indicated Resource of 65.7 Mt @ 253 ppm eU3O8 (36.7 Mlb eU₃O₈) and an Inferred Resource of 3.6 Mt @ 151 ppm eU₃O₈ (1.2 Mlb eU3O8), totalling 37.9 Mlb eU₃O₈.

The location has an excellent infrastructure and is a favourable jurisdiction with established regulatory and permitting processes with State and Federal agencies.

The planned work program has the potential to extend the resource and there is also the potential to identify new uranium occurrences.

Lithium

The Project has also demonstrated lithium potential.

The overlying lake-bed sedimentary rock units contain known lithium mineralisation within a major emerging lithium province. Aurora's current claim area is similar in size to Jindalee's (ASX:JRL) McDermitt Lithium Project.

32 PQ diamond drill core holes drilled in 2011 intersected upper lake-bed sediments that are known to be typical clay-hosting lithium sediments. The core from some of those holes was assayed, and was found to contain lithium of similar grades to those of Jindalee, although the assay method used had an upper detection limit of 2,000ppm.

The current high demand for lithium for use as a battery metal has seen the price of the commodity increase significantly. Aurora is excited about the potential of this market, especially in the US, and is looking forward to investigating the commercial and production opportunities this market presents.

Lithium potential from previous drilling

Key Milestones

Historical Milestones

207 Mining Claims held with a further 188 claims pending
Assessed historical drill cores at Nevada laboratory
Positive and pro-active consultation with landowners and Indigenous representatives
Ongoing liaison with Bureau of Lands Management (BLM) and Oregon state Department of Geology and Mineral Industries
Power transmission lines close to the Project area have electricity generated by hydropower, boosting ESG credentials

Future Milestones

Drill program to generate core for metallurgical testwork and confirm lithium-bearing sediments (H2 2022).
Define lithium exploration target assuming success from drill program (H2 2022).
Conduct metallurgical testwork program (H2 2022).
Uranium Pre-Feasibility Study (H1 2023).
Announce maiden lithium mineral resource (H1 2023).

Resources

Presentation

19 May 2022 | announcement
PDF (7811.2 KB)

Prospectus

29 Mar 2022 | Report
PDF (10251.1 KB)

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