Lithium

Aurora Energy June quarter recap; Plans to ramp up uranium and lithium exploration

Wed 27 Jul 22, 4:04pm (AEST)
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Key Points

  • Oversubscribed $8m capital raising completed in May
  • Significant zones of lithium confirmed in June, on top of already defined uranium resource
  • Aurora plans to ramp up exploration activities in the September quarter, drilling campaign permits pending

Aurora Energy Metals (ASX: 1AE) recaps a successful June quarter that includes an oversubscribed $8m IPO and the confirmation of lithium mineralisation at its Aurora Energy Metals Project in Oregon, United States.

The company has an already defined uranium resource of 37.9m lbs, with plans to add lithium to the mix, given its proximity to Jindalee Resources' (ASX: JRL) McDermitt Lithium Project, one of the largest US lithium deposits.

Comparable to Jindalee

During the quarter, an assay program confirmed widespread lithium intersections that lie directly above the well-defined Aurora uranium deposit.

The grades obtained are "at least comparable to those encountered at Jindalee", Aurora said in a statement, adding that "it can be inferred that the lithium is shallow, flat-lying and easily mineable."

Cross section showing Aurora-s latest lithium assay results
Source: Aurora Energy Metals

Additional claims granted

Aurora more than doubled its claims from 188 to 395 in the quarter, with the view to increase the size of its landholding for "prospective ground and to generate options for suitable infrastructure locations".

Aurora claim map in Oregon United States
Source: Aurora Energy Metals

Further aggressive exploration

“Over the coming months, we intend to ramp up our efforts on our unique, dual commodity, uranium and lithium-focused Project," commented Managing Director Greg Cochran.

In the September quarter, Aurora plans to:

  • Obtain approval and commence drilling Phase 1

  • Submit applications for a Phase 2 drilling campaign

  • Commence the first phase of a comprehensive review of historical uranium metallurgical testwork

  • Complete and release a uranium mineral resource update

  • Investigate potential plant and tailings facility locations

Aurora remains well funded with $7.3m cash as at 30 June 2022 with no debt.

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Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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