Aura Energy to begin drilling in Mauritania

Aura Energy announced on Wednesday that drilling of its two under-explored mineralised greenstone belts in Mauritania will commence shortly.

The AIM-traded company said a group of shareholders opted for early exercise of unlisted options, unlocking $1.84m for the company, which will be dedicated to the exploration of those gold and base metal prospects.

As such, the exploration project was now “well-funded”, and the company said it will soon begin an “aggressive” drilling program on its “highly prospective” gold tenements.

It said the tenements, covering 175 square kilometres, lie along strike from Kinross’ giant +20 million ounce Tasiast Gold Mine and Algold's Tijirit gold tenements, which recently returned “exceptional” drilling results.

The two areas were currently held under exploration permit applications and were expected to be granted soon.

“Aura is very excited to be a position, with the help of key shareholders, to commence exploration on its gold and base metal tenements in Mauritania,” said executive chairman Peter Reeve.

“Aura’s strategy of focussing on development of its near term Tiris uranium project, despite the past weak commodity environment, and expanding into a very prospective gold and base metal package has been a great success and has the potential to transform the company and provide great returns to shareholders.”

Reeve said considering the large Tasiast Gold Mine was on the same belt just north of its project, and Algold’s recent strong drilling results on its adjacent tenements, the potential for technical and commercial success in the eyes of Aura’s “technical people” was very conceivable.

“With serious interest finally coming back into the uranium sector, gold gaining strength again and economic growth driving base metals Aura is very well placed to make solid gains on both a technical and commercial basis across its projects.

“We are a different company from two years ago, and we plan to capitalise on that.”