- Aura Energy (AEE) has defined a JORC-compliant vanadium resource of 18.4 million pounds at its Tiris uranium project in Mauritania
- Previously, the project only had a 56 million pound uranium resource at a cut-off grade of 100 parts per million
- Aura says the inclusion of vanadium in Tiris’ global resource provides the company with a “wonderful opportunity” to explore operating cost reductions
- The company is currently undertaking tests to assess the importance of vanadium as a by-product of uranium production
- AEE shares are down 5% to trade at 28 cents
Aura Energy (AEE) has defined a JORC-compliant vanadium resource of 18.4 million pounds at its Tiris uranium project in Mauritania, northwest Africa.
The Tiris project is considered a major uranium discovery in Mauritania, which had an existing JORC uranium resource of 56 million pounds of uranium at a cut-off grade of 100 parts per million (ppm).
Resource estimates were made by independent resource consultants H&S
Consultants and Oliver Mapeto who undertook pre-Tiris resource estimates.
According to Will Goodall, interim CEO of Aura Energy, the vanadium resource estimate marks a first step to further optimize the project.
“The inclusion of vanadium in Tiris’ resource estimates gives Aura a wonderful opportunity to explore further reductions in operating costs through the addition of vanadium pentoxide (V2O5) as a by-product of ‘uranium,’ he said.
Test work on uranium ore leaching at Tiris has shown that vanadium is recovered with uranium.
Aura Energy is undertaking further testing to recover the leached vanadium into a V2O5 product. This work will aim to demonstrate that the vanadium by-product could be produced with minimal additions to the current processing circuit at Tiris.
It indicates that adding a stream of vanadium products is likely to significantly reduce efficiency
production cost of uranium oxide.
The company’s objective for this year is to continue its transition from uranium explorer to uranium producer in order to capitalize on the growing demand for nuclear energy.
Shares of AEE fell 5% to trade at 28 cents at 2:23 p.m. AEDT.