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Geology & Resources

Aurora claims cover a significant area of prospective ground over the Central Mineral Belt (CMB). The CMB contains publically reported 83.9Mlb U3O8 Measured and Indicated Mineral Resources as well as an additional 86.6Mlb U3O8 Inferred Mineral Resource in 12 deposits, half of which are covered by the Aurora tenements. The largest of these deposits is Michelin, the flagship of Aurora’s CMB project and one of the world’s top five albitite-hosted resources.

Over the last financial year, Aurora carried out geological and geophysical ground surveys in the northern summer of 2013 and a 15-hole, 4,432m drilling programme in February and March 2014. On 26 June 2014, Paladin announced a revised Mineral Resource estimate for the Michelin Deposit, conforming to both the JORC(2012) Code and Canadian National Instrument 43-101.

The 2014 Mineral Resources estimate for the Michelin Deposit was successful in converting some 13.2Mlb U3O8 of previously Inferred category material into the Measured and Indicated categories, as well as adding an additional 3.8Mlb U3O8 for a Measured and Indicated Mineral Resource total of 84.1Mlb U3O8. Additional Mineral Resources remaining in the Inferred category now stand at 22.9Mlb U3O8.

Open Pit portion Cut-off grade 250ppm

  Mt Grade % Mlb
Measured

10.46

0.09

21.63

Indicated

5.94

0.09

12.26

M + I

16.39

0.09

33.89

Inferred

1.64

0.13

4.86

Underground portion Cut-off grade 500ppm

Measured

5.11

0.11

12.45

Indicated

16.00

0.11

37.79

M + I

21.11

0.11

50.24

Inferred

7.17

0.11

18.02

Combined

Measured

15.57

0.10

34.08

Indicated

21.93

0.10

50.05

M + I

37.50

0.10

84.13

Inferred

8.81

0.12

22.88

 

The additional drilling in 2012 and 2013 has infilled some areas within the previous Mineral Resource and allowed for the creation of a much more robust geological interpretation. The Mineral Resource detailed above is broken down on a similar basis to the previous Mineral Resource estimated by Aurora in 2009. Following pit optimisation studies using previous costs and a variety of uranium prices, the Open Pit (OP) and Underground (UG) split is determined now to be approximately 230m below surface (or 100m RL).

ADDITIONAL POTENTIAL

The Michelin Deposit is still open along strike and at depth. Drilling programmes have already been designed to both infill and extend the existing Mineral Resource. In addition, there are also a number of promising targets within the Michelin – Rainbow trend, which are actively being explored and are expected to contribute to the economic viability of the project. Additional Mineral Resources for other deposits within the Michelin project are detailed below.

Deposit

Measured Mineral Resource

Indicated Mineral Resource

Inferred Mineral Resource

Cut-off 0.05%
& 0.02% U3O8
Mt Grade % t U3O8

Mt

Grade %

t U3O8

Mt

Grade %

t U3O8
Jacques Lake

0.9

0.09

747

6.0

0.07

4,327

8.1

0.05

4,103

Rainbow

0.2

0.09

193

0.8

0.09

655

0.9

0.08

739

India

 

 

 

1.2

0.07

826

3.3

0.07

2,171

Nash

 

 

 

0.7

0.08

564

0.5

0.07

367

Gear

 

 

 

0.4

0.08

270

0.3

0.09

279

Total

1.1

0.09

940
(2.1Mlb)

9.1

0.07

6,642
(14.6Mlb)

13.1

0.06

7,659
(16.9Mlb)

 

The Mineral Resources for the satellite deposits are reported at cut-off grades that contemplated underground (0.05% U3O8 cut-off) and open pit (0.02% U3O8 cut-off) mining, based on preliminary economic assumptions carried out by Aurora.

Latest prices

ASX A$ 0.105
TSX C$ 0.110

Latest Prices

TradeTech U3O8 spot US$23.25/lb
TradeTech U3O8 long term US$35.00/lb

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