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AURA ENERGY LIMITED - ASX: AEE
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Description
Aura Energy (ASX: AEE, "Aura") is a uranium explorer with projects in Australia, Sweden and Africa. The Company has assembled an exceptional portfolio of properties on three continents, including a major presence in Sweden's Alum Shale Province, one of the largest depositories of uranium in the world. The Company continues to be very active, with drilling completed on all three continents in 2008.
Aura is a major landholder in the mineralised Alum Shale of central Sweden. The Alum Shale is widely distributed throughout the Baltic States and locally contains exceptionally large resources of uranium, vanadium, molybdenum and nickel.
Aura's Storsjon Project adjoins Continental Precious Metals' (TSX: CZQ) Viken Project, which has a published resource of 1.05 billion pounds U3O8 grading 0.017%. This size of resource makes Viken the second largest published uranium deposit in the world after Olympic Dam.
Aura's considers that it holds approximately half of the uranium field, and anticipates defining resources of similar size to Viken in its Storsjon Project.
In an alliance with GCM Resources plc (LSE & AIM: GCM), Aura is exploring in West Africa. Under the alliance, Aura has been granted four exploration licences in Mauritania and applied 10 further licences. Two phases of fieldwork at its Reguibat Project has demonstrated the presence of large areas of calcrete-type uranium mineralisation at surface, with grade averaging in excess of 500 ppm U3O8.
The Company has also made applications for three in Niger on the margin of the Air Massif. Uranium mineralisation has been observed in all three Mauritanian licences.
In Australia, Aura is exploring prospective uranium districts of Western Australia targeting calcrete deposits in the Murchison and Goldfields regions and lignite/sandstone Mulga Rock style in the Gunbarrel Basin. Aura has a joint venture with Mega Redport (TSX: MGA) and exploration is continuing at palaeochannel targets defined by EM and radiometrics. Aura has completed three drilling programmes at its Wondinong Project (100%), located near Mt Magnet.
Mine For
uranium, vanadium, molybdenum, nickel
Location of operation(s)
Western Australia, Sweden, West Africa
Australian Basins
Gunbarrel
Address
Unit 6, 34 York St
NORTH PERTH, WA, AUSTRALIA
Phone
(08) 9228 0711
Website
Last Updated
05/05/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.