Aurora Energy up 6% on lithium assay results
Aurora Energy (ASX:1AE) finds evidence of widespread lithium mineralisation above uranium deposit
Source: iStock
Mentioned
KEY POINTS
- Dual uranium-lithium explorer Aurora Energy’s share price enjoys morning jump on lithium results
- Assay of historical drill cores from 2011 gives evidence of widespread lithium mineralisation at Oregon project
- Assay values comparable to Jindalee Resources’ McDermitt lithium project
Aurora Energy Metals (ASX:1AE) has found evidence of widespread lithium mineralisation onsite its project acreage in Oregon, USA.
The company listed on the ASX last month.
Assay of 15 drill cores from a 2011 campaign targeting lake sediments confirm lithium-hosting sediments in every direction beyond an underlying uranium deposit.
Aurora notes the cores have been locked in sealed sea containers since they were first collected and were not subject to weathering or interference.
(Source: Aurora) A map detailing the latest assayed drillholes for lithium with uranium deposit boundaries underlying
Significant zones encountered
Aurora now has strong reason to believe lithium is present across the entire length of lakebed sediments overlying the Aurora Uranium Deposit.
The company is optimistic the results ultimately mean lithium on-site can be mined at low cost as lithium mineralisation appears to be shallow and flat-lying.
The majority of the Aurora uranium deposit sits below an erosion channel where lakebed sediments are reduced.
The company is, however, eyeing an area on the north-east of its acreage where thicker mineralisation is believed to occur.
In a graben where lakebed sediments are known to be much thicker, depths of up to 200m were reported in 1970s drilling activity.
Aurora adds a similar area of enhanced thickness on-site is present in the south-west portion of the project acreage.
A case of bad timing: Aurora's one month chart since listing shows the impact US inflation panic has had
Lithium results comparable to McDermitt lithium mine
The company notes today assay values are comparable to Jindalee Resources’ (ASX:JRL) nearby McDermitt Lithium Project.
The project exploits the USA’s largest known lithium deposit.
How do Aurora’s results compare?
Results over 3000ppm are firmly considered high grade.
In 2019, Jindalee reported intercepts of 30m @ 1967 parts per million (ppm) Lithium (Li), which at the time were the highest results Jindalee had logged to date.
7.3m @ 2,431 ppm Li from 50.3m depth (AUD013)
6.4m @ 2,009 ppm Li from 25.6m depth (AUD015)
9.1m @ 2,414ppm Li from 21.9m depth (AUD030)
Aurora was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.
