Dual uranium-lithium explorer Aurora Energy Metals wraps up maiden drill run, further resource upgrade possible
Aurora Energy Metals may be primed to upgrade its existing uranium resource once again
Source: iStock
Mentioned
KEY POINTS
- Company hit multiple intersections of uranium and lithium
- Multiple uranium intersections outside of known mineralised area
- Assays due over the next month; uranium metallurgical testwork to commence
Aurora Energy Metals (ASX:1AE) on Thursday announced the completion of its maiden drill run in Oregon, drilling for lithium and uranium at the company's self-named project near the Nevada border.
Multiple intersections of both uranium and lithium were successfully hit by the exploration team. Assay results for both are due back in the coming weeks and months.
Mineralisation at the project sees lithium lakebed sediments overlying hard-rock uranium mineralisation present at further depths below.
Possible second resource upgrade inbound
Noteworthy is that the company hit uranium outside the boundaries of the known mineralisation area at the project.
This occurs even after Aurora upgraded its uranium resource by 36% to 50.6Mlbs just last month, paving the way to another possible resource upgrade, with drilling kicking off in October.
Both a Reverse Circulation (RC) and Diamond drill rig were used during the campaign.
Aurora mobilised a second rig on-site halfway through November.
Uranium metallurgical testwork inbound
“It’s great that the team has been able to conclude this first drill program on schedule. We were fortunate to source the diamond drill that complemented the RC program,” Aurora Energy Metals MD Greg Cochran said.
“[This ensures] that we generated a limited amount of core that can be utilised for further uranium metallurgical testwork and potentially the first stage of lithium analysis.”
Drilling for uranium in the United States, the company is fully aware the Biden Administration is prioritising establishment of a secure domestic uranium supply chain in the US.
A look at Aurora Energy Metal's six month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Aurora Energy Metals 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.
