New York, NY - June 19 2012 (Investorideas.com Newswire) FoxDavies Research reports Aura Energy (AEE:ASX) has released the results of its 2012 drilling programme at the Häggån uranium property in Sweden . This drilling intercepted mineralisation up to 148m thick and a new area of near surface mineralisation.
Comments
This was the third phase of Häggån drilling, comprising 14 holes totalling 2,226m. Nine holes were part of the exploration programme designed to extend the area of mineralisation outside the current resource boundary. The second set of five drill holes were larger diameter holes that were drilled as twins of earlier holes to provide samples for metallurgical test work. It was an excellent set of results and they are expected to support a substantial increase to the existing JORC resource when the expanded resource is released in the September quarter. A new area of near surface mineralisation was identified with an intersection of 147m grading 170ppm uranium only 15m from the surface. This near surface mineralisation is expected to provide additional options for the mining studies currently underway. The results of the metallurgical test work will be reported separately when complete.
Recommendation
We have retained the Buy on Aura Energy, with an unchanged target price of A$0.80/share.
Aura Energy is an energy uranium explorer with a huge resource in Sweden and a smaller higher grade resource in Mauritania . The Häggån orebody in Sweden is interesting in that it is polymetallic, containing economic quantities of uranium, molybdenum, zinc and nickel
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