Aurora leaps 17% ahead of uranium and lithium drilling campaign starting next week in Oregon

Wed 19 Oct 22, 10:56am (AEST)
Nuclear reactors in a yellow field
Source: iStock

Key Points

  • Drilling program due to commence next week targeting lithium and uranium
  • 17 Reverse Circulation (RC) drill holes planned for approximately 3,400m of core
  • Aurora Energy’s share price is up 17% in first hour of trade

Dual lithium-uranium explorer Aurora Energy Metals (ASX:1AE) will launch Phase I drilling for both future-of-energy commodities next week at its acreage in Oregon, with drilling expected to be complete by December. 

Aurora will use an RC drill rig to perforate 17 holes for some 3,400m of core equivalent on-site its 100% owned Aurora Energy Metals Project. Oregon state regulators advise the company compliance permits will be finalised next week. 

Under Oregon state law, early-stage exploration permits are limited to areas of one square mile. 

Aurora must re-submit updated plans to the Federal Bureau of Lands Management (BLM), and then the Oregon state regulators once more, to proceed with future drilling. 

One interesting note: uranium prices are currently at a one month high, clocking US$51/lb. 

What is Aurora looking for in Phase I? 

The first eight drillholes will target the north-western portion of the acreage overlying an existing known uranium deposit. 

Strong uranium results logged back in 2011 are the basis for the geotech team’s interest in this area. 

Lakebed lithium sediments are believed to be deposited underground in conjunction with the uranium deposits, which occur below lithium mineralisation at depth. 

This northwestern region of the project envelope is described as a “subset of a larger planned exploration drilling program consisting of 47 RC holes and 21 diamond drill holes for the 2022-23 financial year.”

Aurora (1AE) Drilling - Phase 1

Clearer understanding of regulatory bodies: Management 

“We are excited about the prospect of commencing our first drilling campaign since listing on the ASX just five months ago,” Aurora MD Greg Cochran said. 

“Importantly, we have developed a clearer understanding of the expectations of the regulatory bodies involved in permitting these programs, which should make process smoother in future.”

Back in June, Aurora’s geotech team found encouragement in early stage lithium assay results after listing on the ASX in May

Assays collected were similar in nature to grades encountered at Jindalee Resources’ (ASX:JRL) nearby McDermitt Lithium project. 

Aurora’s project straddles the border between Oregon and Nevada, with McDermitt Nevada being close by and the site of a secondary facility owned by Aurora.

A look at Aurora's three month charts
A look at Aurora's three month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Aurora was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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