TIDMAURA
RNS Number : 7284I
Aura Energy Limited
06 December 2022
6th December 2022
Australia's Leading Nuclear Science Organisation Confirms The Quality
of Tiris Project Uranium Product
KEY POINTS:
* Australian Nuclear Science and Technology
Organisation (ANSTO) Minerals confirms that
yellowcake product from the Tiris uranium project in
Mauritania meets ASTM International
specifications[1].
* Key milestone in moving towards the first phase of
production at the Tiris project
* Opens door to marketing discussions with leading
nuclear utilities and converters
======================================================================
Aura Energy Limited (ASX: AEE, AIM: AURA) is pleased to announce
the successful production of yellowcake product from beneficiation
pilot plant concentrate samples from the Tiris Uranium Project in
Mauritania. The samples used in this program were announced on 23
June 2022. The production of yellowcake in the form of uranium
oxide concentrate (UOC) from the samples is a key milestone as the
Company moves towards near-term Phase 1 uranium production.
The result successfully completes the uranium recovery test work
program at the ANSTO laboratory and indicates that Tiris production
could be sold in the international market as a high-standard
product without penalties(1) .
s
Figure 1 - ANSTO Produced Yellowcake from Tiris Project. See
attachment 1.
Aura's Managing Director, Dave Woodall, commented:
"The successful production of yellowcake from material upgraded
in the pilot plant is a significant step for Aura Energy. It opens
the door to commercial discussions with nuclear utilities,
demonstrates the simple processing parameters required for uranium
oxide production at Tiris and provides a strong technical basis for
moving the project forward. This will allow us to focus on
operating efficiencies as we progress to a final investment
decision."
This Announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
For Further Information, please contact:
Company
David Woodall
Managing Director and CEO
info@auraenegy.com.au
SP Angel Corporate Finance LLP WH Ireland Limited
(Nominated Advisor and Joint (Joint Broker)
Broker) Jessica Cave
David Hignell Andrew de Andrade
Kasia Brzozowska +44 (0) 207 220 1666
+44 (0) 203 470 0470
About Aura Energy (ASX : AEE, AIM AURA)
Aura Energy is an Australian-based minerals company that has
major uranium and polymetallic projects with large resources in
Africa and Europe.
The Company is now focused on uranium production from the Tiris
Project, a major greenfields uranium discovery in Mauritania, with
Aura announcing a Resource Upgrade in August 2021 of 10% or 5.0
million lb U(3) O(8) bringing the total JORC Resource to 56 Mlbs
(at a 100 ppm U3O8 lower cut-off grade).
Aura also completed a capital estimate update for the Tiris
Definitive Feasibility Study, to reflect current global pricing,
with these 2021 figures reconfirming Tiris as one of the lowest
capex, lowest operating cost uranium projects.
In October 2021, the Company entered a US$10m Offtake Financing
Agreement with Curzon, which includes an additional up to US$10m
facility, bringing the maximum available under the agreement to
US$20m.
In 2022, Aura will continue to transition from a uranium
explorer to a uranium producer, to capitalise on the rapidly
growing demand for nuclear power as the world continues to shift
towards a decarbonised energy sector.
Disclaimer Regarding Forward-Looking Statements
This ASX announcement (Announcement) contains various
forward-looking statements. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements are inherently subject to uncertainties in that they may
be affected by a variety of known and unknown risks, variables and
factors which could cause actual values or results, performance, or
achievements to differ materially from the expectations described
in such forward-looking statements. The Company does not give any
assurance that the anticipated results, performance, or
achievements expressed or implied in those forward-looking
statements will be achieved.
Notes to Project Description
The Company confirms that the material assumptions underpinning
the Tiris Uranium Production Target and the associated financial
information derived from the Tiris production target as outlined in
the Aura Energy release dated 18 August 2021 for the Tiris Uranium
Project Definitive Feasibility Study continue to apply and have not
materially changed.
The Tiris Uranium Project Resource was released on 27 August
2021 "Resource Upgrade of 10% - Tiris Uranium Project". The Company
confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcement and that all material assumptions and technical
parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially
changed.
Concerning the Resource statements, there is a low level of
geological confidence associated with the inferred mineral resource
and there is no certainty that further exploration work will result
in the determination of indicated measured resource or that the
production target will be realised.
Attachment 1
Tiris UO(4) precipitate impurity concentrations with reference
to ASTM standards limit without penalty or rejection. The results
generated from bulk metallurgical test work program at ANSTO
Minerals on concentrate samples from beneficiation pilot program
(see JORC Table 1 below and ASX Release: 23(rd) June 2022)
UO(4) wt% Limit Without Limit Without
U Basis Penalty Rejection
As <0.001 0.05 0.10
B <0.07 0.01 0.10
Ca <0.001 0.05 1.00
K 0.06 0.20 2.00
Mg <0.001 0.02 0.50
Mo <0.001 0.10 0.30
Na 0.07 0.50 7.50
P <0.07 0.10 0.70
S 0.13 1.00 4.00
Si <0.04 0.23 1.17
Ti <0.001 0.01 0.05
V 0.02 0.06 0.30
Zr 0.01 0.01 0.10
Cl 0.02 0.05 0.10
F <0.004 0.01 0.10
---- -------------- --------------
APPIX 1
JORC Code 2012
Table 1 Appendix 5A ASX Listing Rules
2022 Tiris Vanadium Resource Estimate
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, -- The data on which this resource
random chips, or specific specialised industry estimate is based is from 5
standard measurement tools appropriate to the field sampling programmes:
minerals under investigation, such as down hole gamma 1. An air-core (AC) drilling
sondes, or handheld XRF instruments, etc). These programme in 2010/11 with grade
examples should not be taken as limiting the broad estimation by chemical analysis
meaning of sampling. of drill samples
2. An AC drilling programme
at Lazare in 2012 with grade
* Include reference to measures taken to ensure sample estimation by chemical analysis
representivity and the appropriate calibration of any of drill samples
measurement tools or systems used. 3. An AC drilling programme
at Sadi in 2015 with grade
estimation by chemical analysis
* Aspects of the determination of mineralisation that of drill samples
are Material to the Public Report. 4. An AC drilling programme
in 2017 with grade estimation
by downhole gamma logging
* In cases where 'industry standard' work has been done 5. A diamond drilling (DD)
this would be relatively simple (e.g. 'reverse programme with grade estimation
circulation drilling was used to obtain 1 m samples by both chemical analysis of
from which 3 kg was pulverised to produce a 30 g core and by downhole gamma
charge for fire assay'). In other cases, more logging, for validation purposes.
explanation may be required, such as where there is -- The 2011/12 drilling was
coarse gold that has inherent sampling problems. the basis of 2 previous Resource
Unusual commodities or mineralisation types (e.g. Estimation exercises (ASX release:
submarine nodules) may warrant disclosure of detailed announcement 14 July 2011 "First
information. Uranium Resource in Mauritania
- 50 million pounds", & ASX
release: 16 July 2014 "Reguibat
Uranium Project Scoping Study
Complete). The 2018 resource
estimation exercise has been
aimed at upgrading a substantial
portion of Inferred Resource
to a higher resource category.
-- The 2011/12 drillhole spacing
was predominantly 100m x 200m.
A portion of the 2012 drilling
was at a spacing of 50m x 100m
drilled to define Indicated
Resources. The 2017 drilling
was predominantly at a spacing
of 50m x 50m to define Measured
Resources.
-- AC drill cuttings were riffle
split on site to extract approx.
2 kg samples for assay for
the downhole intervals 0 to
0.5m, 0.5 to 1.0m, 1 to 2m,
& thereafter in 1m intervals
to end of hole.
-- Down hole gamma logging
in 2017 was by 2 down-hole
Auslog gamma sondes operated
by Poseidon Geophysics (Pty)
Ltd based in Gaborone Botswana
using 3 geophysicists employed
by Poseidon geophysics
-- The 2 sondes were sent to
the Department of Environment,
Water & Natural Resources,
Adelaide South Australia for
calibration prior to the survey
------------------------------------------------------------ -----------------------------------------------------------------------
Drilling -- AC drilling in all programmes
techniques * Drill type (eg core, reverse circulation, open-hole was conducted by Wallis Drilling
hammer, rotary air blast, auger, Bangka, sonic, etc) of Perth WA using a Mantis
and details (eg core diameter, triple or standard drillrig and NQ size bit (outer
tube, depth of diamond tails, face-sampling bit or diameter 75.7 mm). AC drilling
other type, whether core is oriented and if so, by Diamond drilling (DD) was carried
what method, etc). out by Capital Drilling Mauritanie
SARL utilising triple tube
PQ coring (122.6 mm outer diameter
bit, 85 mm diameter core).
In 2017 1484 vertical drillholes
were gamma logged of which
1428 were AC drillholes and
56 were cored diamond drillholes.
------------------------------------------------------------ -----------------------------------------------------------------------
Drill sample -- In 2011/12/15 AC drilling
recovery * Method of recording and assessing core and chip the total drill return for
sample recoveries and results assessed. each sample interval was bagged
and weighed to an accuracy
of approximately 0.25 kg to
* Measures taken to maximise sample recovery and ensure estimate sample recovery.
representative nature of the samples. -- Efforts were made to minimise
dust loss, eg in most holes
the first metre was drilled
* Whether a relationship exists between sample recovery without applying compressed
and grade and whether sample bias may have occurred air, and thereafter minimum
due to preferential loss/gain of fine/coarse air necessary to lift the sample
material. was applied.
-- No relationship between
estimated recovery and uranium
grade was observed.
-- In view of the ultrafine
grain size of the uranium mineral
carnotite, even where high
recoveries were recorded, it
is possible that some carnotite
was lost in dust emitted from
the drillrig cyclone resulting
in underestimation of uranium
grade.
-- 2017 AC drillholes were
not physically sampled.
-- All drillcore was transported
in covered core trays to Nouakchott
for geological logging, density
determination, and core cutting.
-- Drillcore lengths were measured
to an accuracy of c. 1 cm immediately
on removal from the core barrel
to determine & record core
recovery.
-- Given the ultra-fine grained
nature of the carnotite mineralisation,
loss of uranium is likely in
any core runs recording less
than 100% recovery, and even
where 100% recovery is recorded
it is possible some loss of
carnotite may have occurred.
------------------------------------------------------------ -----------------------------------------------------------------------
Logging
* Whether core and chip samples have been geologically * In 2011/12/15 AC drilling each sample interval was
and geotechnically logged to a level of detail to geologically logged by an onsite geologist and drill
support appropriate Mineral Resource estimation, logs were uploaded to Aura's database managed by
mining studies and metallurgical studies. Reflex Hub in Perth. A sample of sieved & washed
chips for each sample interval was retained in chip
trays for reference.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* In 2017 AC drilling only the bottom hole sample was
geologically logged, and a sample retained in chip
* The total length and percentage of the relevant trays.
intersections logged.
* Drillcore was photographed, geologically logged and
logs were recorded on Aura's logging template and
uploaded to Aura's database managed by Reflex Hub in
Perth. 385 density measurements (which included 25
duplicate determinations) were taken on drillcore by
ALS Laboratories in Nouakchott under the supervision
of Aura's geologist.
------------------------------------------------------------ -----------------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * 2011/12/15 AC drill samples were riffle split on site
and sample half or all core taken. to provide a minimum 2 kg sample for assay and a
preparation duplicate split for reference and possible umpire
analysis.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* Duplicates, blanks, and standards were inserted in
the assay sample stream at regular intervals as
* For all sample types, the nature, quality and detailed in the next section.
appropriateness of the sample preparation technique.
* Drillcore was cut in half longitudinally by diamond
* Quality control procedures adopted for all saw by ALS Laboratories after marking up by, and
sub-sampling stages to maximise representivity of under the supervision of, an Aura geologist.
samples.
* For each half-metre of core half-core was bagged for
* Measures taken to ensure that the sampling is assay
representative of the in-situ material collected,
including for instance results for field
duplicate/second-half sampling. * Given the fine-grained nature of the uranium minerals
these sample sizes are appropriate
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
------------------------------------------------------------ -----------------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * 2011/12 AC drill samples were submitted to Stewart
data and assaying and laboratory procedures used and whether Laboratories sample preparation facility near
laboratory the technique is considered partial or total. Zouerate in Mauritania (In 2012 Stewart Laboratories
tests became part of ALS Laboratories). Samples were
crushed by jaw crusher to -12mm and 1kg was riffle
* For geophysical tools, spectrometers, handheld XRF split for pulverising to +85% passing 75 microns. An
instruments, etc, the parameters used in determining c. 100g split was bagged and sent to Stewart
the analysis including instrument make and model, Laboratories in Ireland for analysis by pressed
reading times, calibrations factors applied and their pellet XRF. Previous analysis comparing different
derivation, etc. analytical methods (XRF, ICP, DNC) had indicated that
XRF is an accurate method on this material, if an
x-ray band is selected for measurement that is not
* Nature of quality control procedures adopted (eg affected by the presence of strontium, and this was
standards, blanks, duplicates, external laboratory done. This method will measure total uranium. 2015 AC
checks) and whether acceptable levels of accuracy drill samples were submitted to ALS Laboratories
(i.e. lack of bias) and precision have been sample preparation facility in Nouakchott Mauritania.
established. Samples were crushed by jaw crusher to -12mm and 1kg
was riffle split for pulverising to +85% passing 75
microns. An c. 100g split was bagged and sent to ALS
Global in Ireland for analysis by ALS method MC-ICP61
after 4-acid digestion. This method will measure near
total uranium.
* Bagged 1/2 core was prepared by ALS Laboratories
Nouakchott by Method Prep 22 (Crush to 70% less than
6mm, pulverize entire sample to better than 85%
passing 75 microns). An c. 100g sample of pulp was
split off using mini-riffle splitter, placed in
sample envelope and forwarded by air to ALS in
Ireland for uranium analysis by ALS Method U-MS62 (U
by ICP-MS after 4 acid digestion). 4 acid digestion
provides near total extraction.
* Downhole gamma logging was performed by 2 down-hole
Auslog gamma sondes comprising:
* DLS5 Winch Controller
* W600-1 12V Portable Winch
* A075 Natural Gamma Tool
* Logging procedures involved:
* Drill holes were gamma logged as soon as possible
after drilling to avoid radon build-up.
* Each borehole logged in both directions to verify
consistency
* Logging speed: 2 metres per minute
* Sampling interval: 1 cm
* At least one hole was re-logged after each 20 holes
as a repeatability check.
* A reference hole was established and relogged every 2
days as a check on consistency
* Gamma logging procedures & interpretation were
supervised by consultant David Wilson who qualifies
as a Competent Person in these matters.
* QAQC procedures for the 2011/12 AC drilling comprised
,
on average:
* Field duplicates assays: 1 in every 12 samples
* Blanks: 1 in every 31 samples
* Umpire assays: 1 in every 11 samples Umpire analysis
was carried on 427 sample intervals. For each of
these the original pressed pellet XRF sample assayed
by Stewart Labs was re-assayed by ICP by Stewart Labs
and also by XRF by ALS Labs and by ICP by ALS.
* Certified Reference material: 1 in every 129 samples
* Total QAQC samples: 1 in every 5 samples
Accuracy & precision were
within acceptable limits.
------------------------------------------------------------ -----------------------------------------------------------------------
Verification -- Approximately 2,675 drillholes
of sampling * The verification of significant intersections by were used in this Resource
and assaying either independent or alternative company personnel. Estimate. In 1484 of these
U grades was determined by
downhole gamma logging, and
* The use of twinned holes. in the remainder U grade was
determined by chemical assay.
This provides verification
* Documentation of primary data, data entry procedures, of average grades. 57 diamond
data verification, data storage (physical and drillholes were both gamma
electronic) protocols. logged and chemically assayed
for validation purposes.
-- To test for radioactive
* Discuss any adjustment to assay data. disequilibrium 204 samples
were sent to either Australian
Nuclear Science and Technology
Organisation (ANSTO) in Australia
or the Activation Laboratories
(Actlabs) in Canada for equilibrium
determinations. Results were
compiled and interpreted by
D Wilson of 3D Exploration
who concluded that a factor
of 1.29 needs to be applied
to all raw gamma grades to
provide the correct U grade.
Diamond drillcore assaying
confirmed the appropriateness
of this factor.
-- All drillhole data recorded
was uploaded to Aura's online
database managed by Reflex
Hub. Analyses were forwarded
directly from the laboratories
to Reflex Hub for incorporation
in the database.
------------------------------------------------------------ -----------------------------------------------------------------------
Location -- 2011/12 drillhole collars
of data * Accuracy and quality of surveys used to locate drill were surveyed by handheld GPS
points holes (collar and down-hole surveys), trenches, mine with reported accuracy of +/-
workings and other locations used in Mineral Resource 3 metres.
estimation. -- All 2017 drillhole collars
were surveyed by differential
surveying conducted by IRC-Magma
* Specification of the grid system used. to an accuracy of +/- 20 cm
in all dimensions.
-- The grid projection used
* Quality and adequacy of topographic control. is UTM WGS84 Zone 29N
-- An independent check on
topography was provided by
satellite data provided by
PhotoSat of Vancouver to an
accuracy of +/- 20 cm confirming
the quality and adequacy of
topographic control.
------------------------------------------------------------ -----------------------------------------------------------------------
Data spacing -- Drillholes were spaced in
and * Data spacing for reporting of Exploration Results. different programmes at 50m
distribution x 50m, 50m x 100m, 100m x 100m
or 100m x 200m.
* Whether the data spacing, and distribution is -- In most cases Measured Resources
sufficient to establish the degree of geological and are based on 50m x 50m spaced
grade continuity appropriate for the Mineral Resource drillholes, Indicated Resources
and Ore Reserve estimation procedure(s) and are based on 100m x 100m spaced
classifications applied. holes, and Inferred Resources
on !00m x 200m spaced holes.
-- Downhole gamma data was
* Whether sample compositing has been applied. composited into 0.5m intervals.
-- Three 100m x 100m areas
were drilled at 12.5m spacing
in both N-S & E-W directions
for geostatistical purposes
and to examine variability.
Variography constructed by
the resource consultants confirmed
that the drill spacings are
appropriate for the Resource
classifications. Resource classification
was done by the independent
resource consultants with no
input from Aura.
------------------------------------------------------------ -----------------------------------------------------------------------
Orientation -- Three 100m x 100m squares
of data * Whether the orientation of sampling achieves unbiased were drilled at 12.5m hole
in relation sampling of possible structures and the extent to spacing in both N-S and E-W
to which this is known, considering the deposit type. directions to investigate grade
geological anisotropy. This indicated
structure a weak NW-SE trend to the mineralisation.
* If the relationship between the drilling orientation The drilling pattern employed
and the orientation of key mineralised structures is is considered appropriate for
considered to have introduced a sampling bias, this the mineralisation orientation.
should be assessed and reported if material.
------------------------------------------------------------ -----------------------------------------------------------------------
Sample -- Sample collection was supervised
security * The measures taken to ensure sample security. by geologists. Samples were
transported as soon as practicable
to independent sample preparation
facilities. Approx.65% of drillholes
were assayed by downhole gamma
logging and for these sample
security is not relevant.
------------------------------------------------------------ -----------------------------------------------------------------------
Audits -- Resource estimation in 2012
or reviews * The results of any audits or reviews of sampling was conducted by Oliver Mapeto
techniques and data. of Coffey Mining. This was
independently reviewed and
confirmed by Wardell Armstrong
International in 2016. The
2021 Resource Estimate at Sadi
was done by Oliver Mapeto acting
then as an independent consultant.
The 2018 resource estimate
has been carried out by independent
consulting group H&S Consultants
Pty Ltd. All of these consulting
groups have reviewed and endorsed
the sampling, grade estimation
and QAQC procedures.
------------------------------------------------------------ -----------------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section)
Criteria JORC Code explanation Commentary
Mineral -- The Resource Estimates
tenement * Type, reference name/number, location and ownership are based on drilling conducted
and land including agreements or material issues with third on 2 mineral exploration permits
tenure status parties such as joint ventures, partnerships, held 100% by Aura Energy:
overriding royalties, native title interests, 562B4 Oum Ferkik, 2365B4 Oued
historical sites, wilderness or national park and EL Foule Sud, on 2 Exploitation
environmental settings. permits: 2492C4 Oued El Foule,
2491C4 Ain Sder held by Tiris
Ressources SA, a 100% subsidiary
* The security of the tenure held at the time of of Aura Energy. Aura is in
reporting along with any known impediments to the process of divesting 15%
obtaining a licence to operate in the area. of Tiris Ressources SA to
the Mauritanian Government
as required by the Mining
Act.
-- Aura has completed an Environmental
and Social Impact Assessment
which concluded there are
no known issues arising from
native title, historical sites,
environmental or third-party
matters which are likely to
materially affect exploitation.
--------------------------------------------------------------- --------------------------------------------------------
Exploration -- Aura is unaware of any
done by * Acknowledgment and appraisal of exploration by other prior exploration on these
other parties parties. areas.
--------------------------------------------------------------- --------------------------------------------------------
Geology -- The mineralisation is of
* Deposit type, geological setting and style of the calcrete uranium style.
mineralisation. It occurs within Proterozoic
rocks of the Reguibat Craton.
The mineralisation is developed
within near surface altered
and weathered granites and
within shallow colluvium lying
on granite or adjacent metasediments.
--------------------------------------------------------------- --------------------------------------------------------
Drill hole -- Specific drillhole data
Information * A summary of all information material to the is not relevant to the reporting
understanding of the exploration results including a of this resource estimation
tabulation of the following information for all
Material drill holes:
1. easting and northing
of the drill hole collar
2. elevation or RL (Reduced
Level - elevation above
sea level in metres) of
the drill hole collar
3. dip and azimuth of
the hole
4. down hole length and
interception depth
5. hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
--------------------------------------------------------------- --------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * Data aggregation methods are summarised in the
methods techniques, maximum and/or minimum grade truncations Resource Estimate report by H&S Consultants which
(e.g., cutting of high grades) and cut-off grades are this table accompanies.
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
--------------------------------------------------------------- --------------------------------------------------------
Relationship -- All drillholes on which
between * These relationships are particularly important in the the resource estimate is based
mineralisation reporting of Exploration Results. were vertical and approximately
widths and perpendicular to the thickness
intercept of the mineralisation.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g., 'down hole length, true width not
known').
--------------------------------------------------------------- --------------------------------------------------------
Diagrams -- Refer to the ASX announcement
* Appropriate maps and sections (with scales) and which this table accompanies.
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
--------------------------------------------------------------- --------------------------------------------------------
Balanced --
reporting * Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
--------------------------------------------------------------- --------------------------------------------------------
Other -- Metallurgical testwork
substantive * Other exploration data, if meaningful and material, is ongoing. Information on
exploration should be reported including (but not limited to): processing has been reported
data geological observations; geophysical survey results; in ASX announcement: 29 July
geochemical survey results; bulk samples - size and 2019 "Tiris Uranium Definitive
method of treatment; metallurgical test results; bulk Feasibility Study Completed".
density, groundwater, geotechnical and rock -- Additional metallurgical
characteristics; potential deleterious or test work undertaken on bulk
contaminating substances. samples from the Lazare North
and Lazare South Resources
was undertaken at pilot scale
for the beneficiation circuit
and reported on 23 June 2022
" Tests confirm average 550%
upgrading of uranium at Tiris",
--------------------------------------------------------------- --------------------------------------------------------
Further -- Refer to the ASX announcement
work * The nature and scale of planned further work (e.g., which this table accompanies.
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
--------------------------------------------------------------- --------------------------------------------------------
Section 3. Estimation and Reporting of Mineral Resources - PART
1
Note this Section 3 has been prepared by H&S Consultants and
relates to the Hippolyte, Hippolyte South, Lazare North &
Lazare South Resources
Criteria JORC Code explanation Commentary
Database Aura's database was
integrity * Measures taken to ensure that data has not been managed by the independent
corrupted by, for example, transcription or keying organisation Reflex
errors, between its initial collection and its use Hub, based in Perth.
for Mineral Resource estimation purposes. H&SC conducted data
validation checks
such as comparing
Data validation procedures assay certificates
used. to database records
and a variety of checks
for internal inconsistencies
such as overlapping
intervals, records
beyond end of hole
depth, unassayed intervals
and unrealistic drill
hole data.
----------------------------------------------------------------- ----------------------------------
Site visits H&SC has not visited
* Comment on any site visits undertaken by the the Tiris East deposits
Competent Person and the outcome of those visits. due to time and budget
constraints. H&SC
based its view of
If no site visits the geological setting
have been undertaken and mineralisation
indicate why this on drill hole data,
is the case. discussions with Aura
geologists and on
information in technical
reports. Representatives
of Coffey Mining and
Wardell Armstrong
International conducted
site visits in Aril
2012 and May 2016
respectively.
----------------------------------------------------------------- ----------------------------------
Geological The uranium mineralisation
interpretation * Confidence in (or conversely, the uncertainty of) the generally forms shallow
geological interpretation of the mineral deposit. horizontal tabular
bodies ranging in
thickness from 1 to
* Nature of the data used and of any assumptions made. 12 m hosted in weathered
granite and granitic
sediments. Differentiation
* The effect, if any, of alternative interpretations on of the weathered granite
Mineral Resource estimation. from granitic sediments
is unreliable from
AC sample returns.
* The use of geology in guiding and controlling Mineral A purely geological
Resource estimation. model of the Tiris
deposits has not been
produced.
The factors affecting H&SC created a surface
continuity both of representing the base
grade and geology. of the estimates in
order to limit the
extrapolation of grades
into volumes that
had no data. This
is important at Tiris
East as there is a
general decrease in
uranium grades with
depth. This surface
nominally represents
the top of the less-weathered
granite, where AC
drilling could penetrate
no further. The base
surface was produced
using the locations
of the end of the
deepest assay from
each drill hole. Where
drill holes were very
close, within around
15 m, the shallower
point was removed.
The base surface also
honoured mapped surface
outcrops.
At the time that the
estimates were completed,
no topographic survey
data were available.
The vast majority
of the 2017 drill
collar locations were
surveyed using a Differential
Global Positioning
System (DGPS). H&SC
used the locations
of all drill hole
collars that had been
located with the DGPS
to create a wireframe
representing the topographic
surface. The elevations
of all drill holes
that had been located
using a handheld GPS
were then derived
from this topographic
surface.
The proportion of
the block between
the topographic and
base surfaces were
assigned to the block
model and used to
weight the reported
estimates.
The interpretation
of the mineralisation
as flat lying tabular
bodies is undisputed.
The lateral extents
of the mineralisation
are poorly defined
and additional drilling
around the edges of
the deposits may indicate
that mineralisation
is more limited than
currently interpreted.
Alternative interpretations
of the geology are
very unlikely to significantly
impact estimated resources.
The continuity of
both grade and geology
are affected by the
extent of weathering
of the granitic host.
The continuity does
not appear to be affected
by faulting.
----------------------------------------------------------------- ----------------------------------
Dimensions The extent and variability The Mineral Resources
of the Mineral Resource reported here occur
expressed as length in four separate areas
(along strike or otherwise), (Hippolyte North,
plan width, and depth Hippolyte South, Lazare
below surface to the North and Lazare South)
upper and lower limits within a SE trending
of the Mineral Resource. rectangle around 40
km north-south and
12 km east-west. All
mineralisation forms
flat lying tabular
bodies ranging in
thickness from 1 to
12 m.
The Mineral Resources
at Hippolyte North
at a cut-off of 100
ppm U3O8 occur in
an area 6 km east-west
and 5.5 km north-south.
This region is comprised
of several separate
areas that range in
plan dimensions from
500 m to 1.1 km wide
and 500 m to 2.2 km
long. The upper limit
of the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of 11 m below surface.
The Mineral Resources
at Hippolyte South
at a cut-off of 100
ppm U3O8 occur in
an area 5.6 km east-west
and 5.4 km north-south.
This region is comprised
of three isolated
areas each with a
north-south length
of around 1.3 km and
an east-west length
that ranges 400 m
to 1.1 km. The upper
limit of the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of six metres below
surface
The Mineral Resources
at Lazare North at
a cut-off of 100 ppm
U3O8 occur in an area
4.5 km east-west and
2.4 km north-south.
This region is comprised
of three isolated
areas. The smallest
of these areas has
an east-west length
of 900 m and a north-south
length of 550 m. The
largest area has an
east-west length of
2.2 km m and a north-south
length of 1.8 km.
The upper limit of
the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of 12 m below surface.
The Mineral Resources
at Lazare South at
a cut-off of 100 ppm
U3O8 occur in an irregular
shape with an east-west
length of 5.5 km and
a north-south length
of 2.7 km. The largest
area has an east-west
length of 2.2 km m
and a north-south
length of 1.8 km.
The upper limit of
the mineralisation
occurs at surface
and the reported resources
reach a maximum depth
of 10 m below surface.
----------------------------------------------------------------- ----------------------------------
Estimation and The uranium concentrations
modelling * The nature and appropriateness of the estimation were estimated by
techniques technique(s) applied and key assumptions, including recoverable Multiple
treatment of extreme grade values, domaining, Indicator Kriging
interpolation parameters, maximum distance of (MIK) using the GS3
extrapolation from data points. geostatistical software.
The uranium grades
at the Tiris East
* The availability of check estimates, previous deposits exhibit a
estimates and/or mine production records and whether positively skewed
the Mineral Resource estimate takes appropriate distribution and therefore
account of such data. show reasonable sensitivity
to a small number
of high grades. MIK
* The assumptions made regarding recovery of is considered an appropriate
by-products. estimation method
for the uranium grade
distribution at the
* Estimation of deleterious elements or other non-grade Tiris East deposits
variables of economic significance (e.g., sulphur for because it specifically
acid mine drainage characterisation). accounts for the changing
spatial continuity
at different grades
* In the case of block model interpolation, the block through a set of indicator
size in relation to the average sample spacing and variograms at a range
the search employed. of grade thresholds.
It also reduces the
need to use the practice
* Any assumptions behind modelling of selective mining of top cutting.
units. All drill hole intervals
were composited to
0.5 m for estimation.
* Any assumptions about correlation between variables. The following number
of half metre composites
were used to estimate
* Description of how the geological interpretation was the deposits:
used to control the resource estimates. * Hippolyte North: 9,920
* Discussion of basis for using or not using grade * Hippolyte South: 1,078
cutting or capping.
* Lazare North: 1,585
The process of validation,
the checking process
used, the comparison * Lazare South: 6,743
of model data to drill
hole data, and use
of reconciliation Top-cut values were
data if available. chosen by assessing
the high end distribution
of the grade population
within each zone and
selecting the value
at which the distribution
became erratic. Only
one composite in Lazar
North was top-cut.
This interval had
a U(3) O(8) grade
of 7,937 ppm and was
cut to 3,200 ppm.
The four deposits
were subdivided into
a total of seventeen
Subzones for estimation.
Conditional statistics
were produced for
each of the Subzones.
All class grades used
for estimation of
the mineralised domains
were derived from
the class mean grades.
Vanadium is a potential
by-product and vanadium
oxide ( V(2) O(5)
) has been estimated
for the mineral resources
using the stoichiometric
V(2) O(5) /U(3) O(8)
ratio for carnotite
group minerals. These
V(2) O(5) values represent
potentially recoverable
vanadium in carnotite
and not total vanadium
occurring in mineralisation,
which is significantly
higher in almost all
cases. These potentially
recoverable V(2) O(5)
values are based on
the analysis of a
substantial database
of available sample
data and represent
average values that
may be conservative.
This procedure relies
on the correlation
between uranium and
vanadium in carnotite
group minerals, which
are the only uranium
minerals identified
to date at Tiris.
No deleterious elements
or other non-grade
variables of economic
significance have
been identified or
estimated.
The base surface created
to represent the top
of the less-weathered
granite was used to
limit the extrapolation
of grades into volumes
that had no data.
The Recoverable MIK
technique employed
by H&SC in this case
requires a set of
14 variogram models,
one for each of the
fourteen grade bins
used. A set of variogram
models were created
for Subzones of the
Hippolyte North, Lazare
North and Lazare South
deposits. These variogram
models were applied
to Subzones that did
not have sufficient
data to generate reliable
models.
The Hippolyte North,
Lazar North and Lazar
South deposits have
areas that have been
drilled on a 50x50
m grid whereas the
Hippolyte South areas
have been drilled
on a 100x100 m grid.
Separate block models
were created for Hippolyte
North, Lazar North,
Lazar South and for
each of the three
Zones in Hippolyte
South. Nominal downhole
sampling interval
is 0.5 m. Drill hole
grade data were composited
to 0.5 m intervals.
The block dimensions
were 50 x 50 m in
plan view and 1 m
vertically. The plan
dimensions were chosen
as it is the nominal
drill hole spacing
(preferable for MIK
estimation). The vertical
dimension was chosen
to reflect the anisotropy
of the mineralisation
and the downhole data
spacing.
The minimum selective
mining unit size is
assumed to be 10x10x0.5
m.
A three pass search
strategy was used
to estimate the U(3)
O(8) grades at each
of the deposits. Each
pass required a minimum
number of samples
with data from a minimum
number of octants
of the search ellipse
to be populated.
Discretisation
was set to 10x10x0.5
m. The search criteria
are shown below. The
short first axis of
the search ellipse
is vertical.
1. 1.5x60x60m search,
16-48 samples, minimum
4 octants
2. 1.5x150x150m search,
16-48 samples, minimum
4 octants
3. 2.4x240x240m search,
16-48 samples, minimum
4 octants
The maximum distance
of extrapolation of
the reported estimates
from drill hole data
points is limited
to 220 m.
The Hippolyte North
and Lazar North deposits
were estimated by
Mr. Mapeto of Coffey
Mining in 2011. Lazar
South was estimated
by Mr. Mapeto in 2012.
H&SC has access to
these block models
and considers that
the current Mineral
Resource Estimate
takes appropriate
account of these models.
Significant additional
drilling has occurred
since these estimates
were produced so the
volume and confidence
category have increased.
Reasonably large differences
exist between the
current and previous
estimates due to differences
in estimation methodologies.
No check estimates
were produced.
No mining has occurred
on the Tiris East
deposits so mine production
data were unavailable
for comparison.
The final H&SC block
model was reviewed
visually by H&SC and
Aura and it was concluded
that the block model
fairly represents
the grades observed
in the drill holes.
H&SC also validated
the block model
statistically
using histograms,
boxplots, scatter
plots and summary
statistics.
----------------------------------------------------------------- ----------------------------------
Moisture Whether the tonnages Tonnages are estimated
are estimated on a on a dry weight basis.
dry basis or with The moisture content
natural moisture, was not determined.
and the method of
determination of the
moisture content.
----------------------------------------------------------------- ----------------------------------
Cut-off The basis of the A cut-off of 100 ppm
parameters adopted cut-off grade(s) U(3) O(8) cut off
or quality parameters is used to report
applied. the resources as it
is assumed that ore
can be economically
mined at this grade
in an open pit scenario.
This cut-off is considered
to be relatively low
compared to operating
uranium mines, but
metallurgical test
work indicates that
a significant upgrade
in uranium and decrease
in sulphates can be
achieved by a simple
grinding and sieving
process.
----------------------------------------------------------------- ----------------------------------
Mining factors All of the resources
or * Assumptions made regarding possible mining methods, reported here have
assumptions minimum mining dimensions and internal (or, if been estimated on
applicable, external) mining dilution. It may not the assumption that
always be possible to make assumptions regarding the deposits will
mining methods and parameters when estimating Mineral be mined by open-pit.
Resources. Where no assumptions have been made, this Recoverable MIK allows
should be reported. for block support
correction to account
for the change from
sample size support
to the size of a mining
block. This process
requires an assumed
grade control drill
spacing and the assumed
size of the Selective
Mining Unit (SMU).
The variance adjustment
factors were estimated
from the U(3) O(8)
metal variogram models
assuming a minimum
SMU of 10x10x0.5 metres
(east, north, vertical)
with high quality
grade control sampling
on a 10x10x0.5 metre
pattern (east, north,
vertical).
The application of
the variance adjustments
to the resource estimates
is expected to provide
estimates of recoverable
resources without
the need to apply
additional mining
dilution or mining
recovery factors.
Internal dilution,
that is, within the
SMU unit is accounted
for. If a larger SMU
size or a broader
grade control drill
pattern is implemented
the selectivity assumed
in the reported resources
may not be realised.
----------------------------------------------------------------- ----------------------------------
Metallurgical The basis for assumptions The metallurgical
factors or predictions regarding test work information
or assumptions metallurgical amenability. supplied to H&SC indicates
It may not always that the Tiris East
be possible to make deposits are amenable
assumptions regarding to a process of crushing,
metallurgical treatment screening and an alkaline
processes and parameters carbonate leach in
when reporting Mineral order to recover uranium.
Resources. Where no Bench scale test work
assumptions have been indicates that a significant
made, this should upgrade in uranium
be reported. and decrease in sulphate
concentrations can
be achieved through
screening.
No penalty elements
identified in work
so far.
Metallurgical testwork
on Tiris ore has shown
that about 55% to
58% of vanadium was
also extracted during
the alkaline leach.
The V(2) O(5) /U(3)
O(8) ratios for the
final leach liquor
are close to the carnotite
V(2) O(5) /U(3) O(8)
ratio, indicating
that effectively only
vanadium from carnotite
is being leached under
these conditions.
To date, no vanadium
extraction testwork
has been carried out
for the recovery of
vanadium from the
pregnant leach solution,
so further work is
required to demonstrate
that a marketable
vanadium product can
be produced on a commercial
basis.
No further assumptions
have been made.
Metallurgical test
work on 1t composite
samples representative
of metallurgical domains
from the Lazare North
and Lazare South Resources
were processed using
1m rotary scrubber
and production scale
Derrick screen at
Mintek South Africa.
Concentrate product
from these tests were
processed at ANSTO
Minerals, Sydney using
leaching, ion exchange
and precipitation
conditions defined
within the process
design criteria. Final
Uranium Oxide Concentrate
(UOC) was produced
within ASTM standard
limits without penalty
and limits without
rejection.
----------------------------------------------------------------- ----------------------------------
Environmental Assumptions made Aura has informed
factors regarding possible H&SC that an Environmental
or assumptions waste and process and Social Impact
residue disposal options. Assessment has been
It is always necessary completed which concluded
as part of the process there are no known
of determining reasonable issues arising from
prospects for eventual native title, historical
economic extraction sites, environmental
to consider the potential or third party matters
environmental impacts that are likely to
of the mining and materially affect
processing operation. exploitation. H&SC
While at this stage therefore assumes
the determination that there are no
of potential environmental known unusual aspects
impacts, particularly of the Tiris East
for a greenfields deposits that may
project, may not always lead to adverse environmental
be well advanced, impacts beyond what
the status of early is expected from a
consideration of these mining operation.
potential environmental Waste rock and process
impacts should be residue are expected
reported. Where these to be disposed of
aspects have not been in the areas surrounding
considered this should the deposits and processing
be reported with an facility, in a responsible
explanation of the manner and in compliance
environmental assumptions with local mining
made. law.
----------------------------------------------------------------- ----------------------------------
Bulk density Whether assumed or Dry bulk density of
determined. If assumed, diamond drill core
the basis for the was measured at the
assumptions. If determined, ALS facility in Nouakchott
the method used, whether using an immersion
wet or dry, the frequency method (Archimedes
of the measurements, principle) on selected
the nature, size and PQ diamond drill core
representativeness intervals ranging
of the samples. in size from 10 to
30 cm. Competent pieces
of drill core were
selected on a nominal
interval of 50 cm.
The samples chosen
are believed to be
representative of
the surrounding rock
type. All density
samples are wrapped
in cling film to avoid
water absorption.
A total of 304 density
measurements have
been taken from drill
core at the Tiris
East deposits with
values ranging from
1.55 to 2.66 t/m3.
Measured density values
show that there is
a reasonable correlation
between density and
the depth of the sample.
A regression was used
to assign densities
to each block in the
block model based
on the depth below
surface.
----------------------------------------------------------------- ----------------------------------
Classification The classification
* The basis for the classification of the Mineral is based on the search
Resources into varying confidence categories. pass used to estimate
the block. In order
to limit small, isolated
* Whether appropriate account has been taken of all volumes of different
relevant factors (i.e., relative confidence in classification (spotted
tonnage/grade estimations, confidence in continuity dog effect) the search
of geology and metal values, quality, quantity and passes used to populate
distribution of the data). each block were locally
averaged. Pass one
nominally equates
Whether the result to Measured Resources,
appropriately reflects Pass two translates
the Competent Person's to Indicated Resources
view of the deposit. and Pass three equates
to Inferred Resources.
This scheme is considered
by H&SC to take appropriate
account of all relevant
factors, including
the relative confidence
in tonnage and grade
estimates, confidence
in the continuity
of geology and metal
values, and the quality,
quantity and distribution
of the data.
The classification
appropriately reflects
the Competent Person's
(Arnold van der Heyden)
view of the deposit.
----------------------------------------------------------------- ----------------------------------
Audits or The results of any This Mineral Resource
reviews audits or reviews estimate has been
of Mineral Resource reviewed by Aura personnel.
estimates. The estimation procedure
has also been internally
reviewed by H&SC.
No material issues
were identified as
a result of these
reviews.
No external audits
have been completed
on the Mineral Resource
estimates.
----------------------------------------------------------------- ----------------------------------
Discussion of The relative accuracy
relative * Where appropriate a statement of the relative and confidence level
accuracy/ accuracy and confidence level in the Mineral Resource in the Mineral Resource
confidence estimate using an approach or procedure deemed estimates are considered
appropriate by the Competent Person. For example, the to be in line with
application of statistical or geostatistical the generally accepted
procedures to quantify the relative accuracy of the accuracy and confidence
resource within stated confidence limits, or, if such of the nominated JORC
an approach is not deemed appropriate, a qualitative Mineral Resource categories.
discussion of the factors that could affect the This has been determined
relative accuracy and confidence of the estimate. on a qualitative,
rather than quantitative,
basis. The main factor
* The statement should specify whether it relates to that affects the relative
global or local estimates, and, if local, state the accuracy and confidence
relevant tonnages, which should be relevant to of the Mineral Resource
technical and economic evaluation. Documentation estimate is sample
should include assumptions made and the procedures data density due to
used. the reasonably high
variability in uranium
grades.
These statements The estimates are
of relative accuracy global although the
and confidence of resources classified
the estimate should as Measured and Indicated
be compared with production are suitable for long
data, where available. term mine planning
studies. It should
be noted that the
Indicated Resources
are based on broadly
spaced data and may
be locally inaccurate.
Closer spaced drilling
is necessary prior
to detailed mine planning.
No production data
are available as only
small scale illegal
artisanal mining has
occurred around the
Tiris East deposits.
----------------------------------------------------------------- ----------------------------------
Section 3. Estimation and Reporting of Mineral Resources - PART
2
Note: This Section 3 has been prepared by Oliver Mapeto and
relates to the Sadi, Hippolyte West, Marie, Ferkik East &
Ferkik West Resources
Criteria JORC Code explanation Commentary
Database Aura's database was
integrity * Measures taken to ensure that data has not been managed by the independent
corrupted by, for example, transcription or keying organisation Reflex
errors, between its initial collection and its use Hub, based in Perth.
for Mineral Resource estimation purposes. The consultant conducted
data validation checks
including comparing
Data validation procedures assay certificates
used. to database records
and a variety of checks
for internal inconsistencies
such as overlapping
intervals, records
beyond end of hole
depth, unassayed intervals,
and unrealistic drill
hole data. Additional
checks included collar
details checks. Unrealistic
RL on historical data
based on new survey
data were adjusted
using nearest neighbour.
------------------------------------------------------------- -----------------------------------------------------------------
Site visits Site visit to the
* Comment on any site visits undertaken by the project area was conducted
Competent Person and the outcome of those visits. by the Consultant
in April 2012 (Coffey
Mining). No site visit
If no site visits was conducted during
have been undertaken the recent 2015 Sadi
indicate why this South extension drilling
is the case. campaign. However,
based on previous
site visit the consultant
is familiar with geological
setting and mineralisation
style.
------------------------------------------------------------- -----------------------------------------------------------------
Geological The uranium mineralisation
interpretation * Confidence in (or conversely, the uncertainty of) the generally forms shallow
geological interpretation of the mineral deposit. horizontal tabular
bodies ranging in
thickness from 1 to
* Nature of the data used and of any assumptions made. 12m hosted in weathered
granite, granitic
sediments, and calcrete.
* The effect, if any, of alternative interpretations on Differentiation of
Mineral Resource estimation. the weathered granite
from granitic sediments
is unreliable from
* The use of geology in guiding and controlling Mineral AC sample returns.
Resource estimation. A purely geological
model of the Tiris
deposits has not been
The factors affecting produced.
continuity both of The material above
grade and geology. the top of ore is
waste largely made
of loose sandy material.
The base of ore defines
the top of consolidated
material, harder going
into unmineralized
granite basement.
Ore surfaces representing
the top and base of
the mineralisation
using a grade cut-off
of 100 ppm U308 were
generated across all
project areas and
mineralised zones.
The top and base of
ore surfaces were
used as hard boundaries
to control grade estimation.
A lower cut-off grade
of 75 ppm U308 was
used to model the
Sadi South. Due to
the nature of the
mineralisation, the
change in lower cut-off
grade had marginal
changes on the mineralised
volumes.
The grade varied significantly
within the drill hole
intersections.
At the time that the
estimates were completed,
the natural topographical
surface was not available.
The 2012 drill data
had no topographic
survey data available.
Most of the 2015 and
2017 drill collar
locations were surveyed
using a Differential
Global Positioning
System (DGPS). The
consultant used drill
hole collars that
had been located with
the DGPS to create
a wireframe representing
the topographic surface.
The elevations of
all drill holes with
no survey were then
interpolated using
the nearest neighbour.
The interpretation
of the mineralisation
as flat lying tabular
bodies was defined
with high confidence
by the top and base
of ore surfaces.
In some zones, pods
of low-grade mineralisation
occur showing moderate
continuity of both
grade and geology.
The mineralisation
is recent and unaffected
by faulting.
------------------------------------------------------------- -----------------------------------------------------------------
Dimensions The extent and variability The Mineral Resource
of the Mineral Resource as reported in the
expressed as length 2011 Resource estimate
(along strike or otherwise), lie in the following
plan width, and depth areas, Sadi South,
below surface to the Sadi North, Marie,
upper and lower limits Hippolyte W, Hippolyte
of the Mineral Resource. E, Oum Ferkik West
and Oum Ferkik East.
Sadi South resource
has since been updated
following infill and
extension drilling
campaign in 2015.
The Mineral Resources
at a cut-off of 100
ppm U3O8 was applied
across all project's
areas.
Marie occurs in an
area 1.2 km east-west
and 6 km north-south.
This region is comprised
of six separate zones
that range in plan
dimensions from 200m
to 1.2 km wide and
500 m to 1.4km long.
Hippolyte W occurs
in an area 0.8 km
east-west and 2.0
km north-south. This
region is comprised
of three separate
zones that range in
plan dimensions from
150m to 400m wide
and 400 m to 1.0km
long
Hippolyte E occurs
in an area 3.0 km
east-west and 4.0
km north-south. This
region is comprised
of three separate
zones that range in
plan dimensions from
150m to 600m wide
and 400 m to 600m
long.
Oum Ferkik West occurs
as a single zone with
dimensions of 1.6
km east-west and 2.5
km north-south.
Oum Ferkik East occurs
in an area 2.0 km
east-west and 2.0
km north-south. This
region is comprised
of six separate zones
that range in plan
dimensions from 150m
to 400m wide and 400
m to 1.2km long
Mineralisation forms
flat lying tabular
bodies ranging in
thickness from 1 to
12m with some internal
waste patches occurring
within the mineralisation
envelope. In places,
there the top of mineralisation
is covered by sand
or waste overburden.
Sadi North occurs
in an area extending
3.2 km east-west and
4.0 km north-south.
This region is comprised
of six separate zones
that range in plan
dimensions from 100m
to 800m wide and 300
m to 1400m long.
Sadi South has been
updated with extension
in the north-south
trending zone extending
approximately 2.5
north-south and 1.4km
east-west.
Sadi South Mineral
Resource was defines
using a lower grade
cut-off of 75ppm U3O8.
Ore thickness varies
from 1m to a maximum
of 9.5m.
.
------------------------------------------------------------- -----------------------------------------------------------------
Estimation and The uranium concentrations
modelling * The nature and appropriateness of the estimation were estimated using
techniques technique(s) applied and key assumptions, including the Ordinary Kriging
treatment of extreme grade values, domaining, estimation method.
interpolation parameters, maximum distance of Sample database has
extrapolation from data points. assays samples at
a nominal 1m sample
interval. Some samples
* The availability of check estimates, previous were sampled at 0.5m
estimates and/or mine production records and whether interval using overburden-ore
the Mineral Resource estimate takes appropriate contact depending
account of such data. on thickness of topsoil
(sand).
2m sample composite
* The assumptions made regarding recovery of were created for grade
by-products. estimation.
Area specific high-grade
assays top cuts were
* Estimation of deleterious elements or other non-grade applied to minimise
variables of economic significance (e.g. sulphur for grade spearing. The
acid mine drainage characterisation). top-cut values were
chosen by assessing
the high-end distribution
* In the case of block model interpolation, the block of the grade population
size in relation to the average sample spacing and within each zone and
the search employed. selecting the value
at which the distribution
became erratic
* Any assumptions behind modelling of selective mining Each zone was divided
units. into subzones for
grade estimation.
The subzones were
* Any assumptions about correlation between variables. based on defined solid
using a 100ppm lower
U308 grade cut-off.
* Description of how the geological interpretation was Each zone was coded
used to control the resource estimates. and only samples within
the same matching
zone code were used
* Discussion of basis for using or not using grade in estimation. Additional
cutting or capping. estimation parameters
were applied as follows:
A three-pass estimation
The process of validation, strategy was adopted
the checking process to estimate the U(3)
used, the comparison O(8) grades. The estimation
of model data to drill search parameters
hole data, and use are shown below for
of reconciliation estimation run pass
data if available. 1, 2 and 3. The short
first axis of the
search ellipse is
vertical.
Pass 1. 300x200x6m
search, 8-24 samples
Pass 2. 360x250x6m
search, 6-24 samples
Pass 3. 600x400x6m
search, 4-24 samples
In addition, upper
cut-off grade specific
to the ore zones were
applied.
Vanadium is a potential
by-product and vanadium
oxide ( V(2) O(5)
) has been estimated
for the mineral resources
using the stoichiometric
V(2) O(5) /U(3) O(8)
ratio for carnotite
group minerals. These
V(2) O(5) values represent
potentially recoverable
vanadium in carnotite
and not total vanadium
occurring in mineralisation,
which is significantly
higher in almost all
cases. These potentially
recoverable V(2) O(5)
values are based on
the analysis of a
substantial database
of available sample
data and represent
average values that
may be conservative.
This procedure relies
on the correlation
between uranium and
vanadium in carnotite
group minerals, which
are the only uranium
minerals identified
to date at Tiris.
No deleterious elements
or other non-grade
variables of economic
significance have
been identified or
estimated.
In Sadi South 2021
Mineral Resource update,
Inverse Distance -Power
2 (ID2) estimation
method was used as
no reliable variogram
structure could be
defined partly due
to the limited drill
data and variability
U308 in grade. An
alternate estimation
would not produce
material different
outcome.
In Sadi South Mineral
Resource update sample
grade values up to
2,500ppm U308 were
reported. 2m composite
samples were used
in the grade estimation.
An upper cut-off grade
of 850ppm U308 was
applied on the composite
before estimation.
Very few (< 4) samples
were cut.
Vanadium resource
was estimated using
the stoichiometric
V(2) O(5) /U(3) O(8)
ratio for carnotite
group minerals as
discussed above
Drill hole drill spacing
is generally regular
grid approximately
100x 200m over 2.5
x1.4km
Parent block model
size was 50 x 50x
2m
Sub-block size 5 x
5 x 0.5m
The vertical dimension
was chosen to reflect
the anisotropy of
the mineralisation
and the downhole data
spacing.
A three-pass search
strategy was used
to estimate the U(3)
O(8) grades in Sadi
South 2021 Mineral
Resource update. Each
pass required a minimum
number of samples
with data from a minimum
number of samples
in the search ellipse
to be populated with
discretistion 5x5x2.
The search criteria
are shown below. The
short first axis of
the search ellipse
is vertical.
Pass 1. 250x250x12m
search, 12-24 samples
Pass 2. 350x350x12m
search, 8-24 samples
Pass 3. 500x500x12m
search, 6-24 samples
Sadi South Mineral
Resource update increased
in resource volume
due to additional
lateral extension
on the Sadi South
mineralisation.
Block model grade
estimates were validated
using the following
methods:
* Statistical comparison of block model grades against
drill composite grades by zone
* Visual check of cross sections, transverse, and long
sections
* Plan views of grade distribution
Comparison of block
model and drill data
grade distribution
using histograms
------------------------------------------------------------- -----------------------------------------------------------------
Moisture Whether the tonnages Tonnages are estimated
are estimated on a on a dry weight basis.
dry basis or with The moisture constant
natural moisture, was not determined.
and the method of
determination of the
moisture content.
------------------------------------------------------------- -----------------------------------------------------------------
Cut-off The basis of the A cut-off of 100 ppm
parameters adopted cut-off grade(s) U(3) O(8) cut off
or quality parameters is used to report
applied. the resources as it
is assumed that ore
can be economically
mined at this grade
in an open pit scenario.
This cut-off is considered
to be relatively low
compared to operating
uranium mines, but
metallurgical test
work indicates that
a significant upgrade
in uranium and decrease
in sulphates can be
achieved by a simple
Mineralisation occurs
as a Uranium vanadate
mineral and there
is potential of recovery
of vanadium as by
product which justifies
a lower U308 grade
cut-off based on information
supplied to the Consultant
following recent leaching
test work on the Tiris
Uranium Project on
uranium and Vanadium.
------------------------------------------------------------- -----------------------------------------------------------------
Mining factors The resources reported
or * Assumptions made regarding possible mining methods, here have been estimated
assumptions minimum mining dimensions and internal (or, if on the assumption
applicable, external) mining dilution. It may not that the deposits
always be possible to make assumptions regarding will be mined by open
mining methods and parameters when estimating Mineral pit mining method.
Resources. Where no assumptions have been made, this Analysis was done
should be reported. for grade continuity
and variography. However,
in some cases, no
reliable variogram
structure could defined
on a zone by zone
basis. The global
variogram was assumed
as this could have
been affected by lack
of data due to limited
extend of the individual
mineralised zones.
Parent block model
size was 50 x 50x
2m
Sub-block size 5 x
5 x 0.5m
The selected sub-blocks
were appropriate for
minimum selective
mining unit.
------------------------------------------------------------- -----------------------------------------------------------------
Metallurgical The basis for assumptions The metallurgical
factors or predictions regarding test work information
or assumptions metallurgical amenability. supplied to the consultant
It may not always is based on reports
be possible to make by H&SC which indicates
assumptions regarding that the Tiris deposits
metallurgical treatment are amenable to a
processes and parameters process of crushing,
when reporting Mineral screening and an alkaline
Resources. Where no carbonate leach in
assumptions have been order to recover uranium.
made, this should Bench scale test work
be reported. indicates that a significant
upgrade in uranium
and decrease in sulphate
concentrations can
be achieved through
screening.
No penalty elements
identified in work
done to date.
No other assumptions
have been made.
Metallurgical test
work on Tiris ore
has shown that about
55% to 58% of vanadium
was also extracted
during the alkaline
leach. The V(2) O(5)
/U(3) O(8) ratios
for the final leach
liquor are close to
the carnotite V(2)
O(5) /U(3) O(8) ratio,
indicating that effectively
only vanadium from
carnotite is being
leached under these
conditions. To date,
no vanadium extraction
test work has been
carried out for the
recovery of vanadium
from the pregnant
leach solution, so
further work is required
to demonstrate that
a marketable vanadium
product can be produced
on a commercial basis.
No further assumptions
have been made.
Final confirmation
of metallurgical parameters
were defined on bulk
composite samples
sourced from metallurgical
trenching program
undertaken in 2018
and forming the source
for Feasibility Study
metallurgical test
work. Metallurgical
test work on 1t composite
samples representative
of metallurgical domains
from the Lazare North
and Lazare South Resources
were processed using
1m rotary scrubber
and production scale
Derrick screen at
Mintek South Africa
(refer ASX announcement
23(rd) June 2023).
Concentrate product
from these tests were
processed at ANSTO
Minerals, Sydney using
leaching, ion exchange
and precipitation
conditions defined
within the process
design criteria. Final
Uranium Oxide Concentrate
(UOC) was produced
within ASTM standard
limits (C967-20) without
penalty and limits
without rejection.
------------------------------------------------------------- -----------------------------------------------------------------
Environmental Aura completed an
factors * Assumptions made regarding possible waste and process Environmental and
or assumptions residue disposal options. It is always necessary as Social Impact Assessment
part of the process of determining reasonable which concluded there
prospects for eventual economic extraction to are no known issues
consider the potential environmental impacts of the arising from native
mining and processing operation. While at this stage title, historical
the determination of potential environmental impacts, sites, environmental
particularly for a greenfields project, may not or third party matters
always be well advanced, the status of early which are likely to
consideration of these potential environmental materially affect
impacts should be reported. Where these aspects have exploitation. The
not been considered this should be reported with an consultant therefore
explanation of the environmental assumptions made. assumes that there
are no known unusual
aspects of the Tiris
Uranium deposits that
may lead to adverse
environmental impacts
beyond what is expected
from a mining operation.
Waste rock and process
residue is expected
to be disposed of
in the areas surrounding
the deposits and processing
facility.
------------------------------------------------------------- -----------------------------------------------------------------
Bulk density Whether assumed or The Mineral Resource
determined. If assumed, estimates for Sadi
the basis for the North Marie, Hippolyte
assumptions. If determined, W, Oum Ferkik West
the method used, whether and Oum Ferkik East
wet or dry, the frequency used an average density
of the measurements, of 2.0/g/cc dry bulk
the nature, size, density based on test
and representativeness done by Aura Energy.
of the samples. This was considered
realistic for material
and ore similar ore
deposits.
In the August 2021
Sadi South resource
update, an average
density value of 2.1g/cc
dry bulk density was
applied based on previous
work as reported by
H & SC Consultants
------------------------------------------------------------- -----------------------------------------------------------------
Classification The Mineral Resource
* The basis for the classification of the Mineral estimates for Sadi
Resources into varying confidence categories. South, Marie, Hippolyte
W, Oum Ferkik West
and Oum Ferkik East
* Whether appropriate account has been taken of all were based on:
relevant factors (i.e., relative confidence in * Drill hole drill grid spacing
tonnage/grade estimations, confidence in continuity
of geology and metal values, quality, quantity, and
distribution of the data). * Mineralisation and grade continuity
Whether the result * The grade estimation search pass used to estimate the
appropriately reflects block.
the Competent Person's
view of the deposit.
All mineral Resource
estimates estimated
in 2011 were classified
as Inferred.
In Sadi South Mineral
Resource estimate
reported in August
2021, there was moderate
confidence where the
resource is coherent
and grade estimated
search pass one and
the resource was classified
as Indicated. Mineral
Resource estimated
in pass two and three
were classified as
Inferred.
Regions where grade
was assigned an average
grade due to insufficient
drill data or isolated
drill holes were not
classified.
------------------------------------------------------------- -----------------------------------------------------------------
Audits or The results of any This Mineral Resource
reviews audits or reviews estimates for Sadi
of Mineral Resource North, Marie, Hippolyte
estimates. W, Oum Ferkik West
and Oum Ferkik east
are based on 2011
models and these were
reviewed internally
by Coffey Mining Consultants.
No material issues
were identified as
a result of these
reviews.
However, no audit
for August 2021 Sadi
South Mineral Resource
update has been completed
by other external
party.
------------------------------------------------------------- -----------------------------------------------------------------
Discussion of The relative accuracy
relative * Where appropriate a statement of the relative and confidence level
accuracy/ accuracy and confidence level in the Mineral Resource in the Mineral Resource
confidence estimate using an approach or procedure deemed estimates are in line
appropriate by the Competent Person. For example, the with the generally
application of statistical or geostatistical accepted accuracy
procedures to quantify the relative accuracy of the and confidence of
resource within stated confidence limits, or, if such the nominated JORC
an approach is not deemed appropriate, a qualitative CODE (2012) Mineral
discussion of the factors that could affect the Resource categories.
relative accuracy and confidence of the estimate. This has been determined
on both qualitative
and quantitative basis.
* The statement should specify whether it relates to The main factor that
global or local estimates, and, if local, state the affects the relative
relevant tonnages, which should be relevant to accuracy and confidence
technical and economic evaluation. Documentation of the Mineral Resource
should include assumptions made and the procedures estimate is sample
used. data density and high
variability in uranium
grades. Confidence
* These statements of relative accuracy and confidence in mineralisation
of the estimate should be compared with production continuity is moderate.
data, where available. Most blocks were estimated
in estimation run
pass 1 and 2.
In regions where the
geology and mineralisation
are continuous and
grade was estimated
in estimation run
pass 1, the confidence
in the grade estimates
is high and the resource
was classified as
indicated. The rest
of the resource estimated
was classified as
inferred.
Some blocks were not
estimated due to insufficient
drill data particularly
at the margins of
the mineralised pods.
Block not estimated
in were assigned an
average grade and
these blocks were
not classified.
The estimates are
global, and the resources
classified as Indicated
are suitable for long
term mine planning
studies. It should
be noted that the
Indicated Resources
are based on broadly
spaced data and may
be locally inaccurate.
Closer spaced drilling
is necessary prior
to detailed mine planning
studies to increase
confidence in the
mineralisation variability.
There is no record
available of historical
production data as
only small scale illegal
artisanal mining has
occurred around the
Tiris deposits.
------------------------------------------------------------- -----------------------------------------------------------------
[1] ASTM C967-20, "Standard Specification for Uranium Ore
Concentrate"
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