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AEE’s announced this morning an increase to 631 million pounds of their uranium JORC at their Haggan project in Sweden
This jumps AEE to Australia’s largest uranium resource holder after BHP.
As can be seen below there is a lot more to come and with a market cap of just AU$41m AEE is now the world’s cheapest, in terms of EV/Resource, of the “giants” according to my research.
New milestone – Häggån uranium resource doubles to 631 million pounds
(To understand the Haggan project you need to read about the tank leach and bio-leach techniques that have been developed to give a large % recovery in around 12 hours). See earlier posts on this blog.
Resource expanded to 631 million pounds of uranium at a grade of 160ppm U3O8
Häggån Project now in the top three largest undeveloped uranium resources in the world
Resource covers only 15% of the Häggån Project with significant potential for further increases around drilled, thick mineralisation
Estimate independently prepared by Hellman & Schofield Pty Ltd
Häggån includes substantial molybdenum (383,000t), nickel (580,000t) & vanadium resources
The uranium share index isn’t looking all that good at the moment. Interesting to compare the Australian Gas share index….
It looks like AEE will again shine on the back of a largish JORC increase that will see the current JORC for their Swedish Haggan deposit markedly increase… so up from the current 291 million pounds to? is the question.
Personally I think that eventually AEE’s Haggan deposit will approach a billion pounds of uranium.
Moreover AEE are making rapid progress with their bio and acid tank leaching processes that feature a very fast throughput.
But perhaps the best thing about AEE’s deposits is that they are outside of Australia and cannot be knocked on the head by the green Senate.
“Aura Energy (ASX: AEE) has intersected more thick uranium from drilling at the Häggån Project in central Sweden, extending the area of known mineralisation into the west of its Häggån permit.
The results are expected to boost the existing JORC Resource of 291 million pounds (Mlbs) at 162 parts per million (ppm) uranium (U3O8) in the following weeks, and will also provide key inputs for mining options in the Scoping Study.
Today’s results represent another significant step in the development of the Häggån Project as a world-class uranium project. Häggån is one of the 10 largest undeveloped uranium resources in the world.
The final assays build on the previously announced results of the 11 hole drilling program undertaken earlier this year. There is up to 186 metres of mineralisation downhole and all holes in the program had mineralisation in excess of 100 metres.
Dr Bob Beeson, managing director of Aura Energy, said “every hole in the 2011 program intersected greater than 100 metres of cumulative mineralisation, emphasising the extent of this thick, flat-lying sheet. ” Read more
I note that MAK and UCL have been given their mining license for one of world’s largest phosphate deposits, the Sandpiper Phosphate project.
As a holder of MAK and UCL I’m pleased. But as a holder of EXT I wonder if it means anything that EXT hasn’t been given theirs?