The news out of Aurora Energy Resources (AXU-T, AUEGF-O) Central Mineral Belt in coastal Labrador just seems to get better and better.
Eight of 11 new holes drilled 15 km west of the companys robust and growing Jacques Lake deposit have intersected uranium mineralization within 50 metres of surface, with grades as high as 0.48% U3O8.
These results reinforce the potential for another Jacques Lake or better, says Christopher Lee, chief geoscientist for Aurora and the Fronteer Development Group (FRG-T, FRG-X), which owns a bit less than half of Aurora. Weve now demonstrated continuity of the mineralized system within the same stratigraphic belt that stretches all the way to Jacques Lake and beyond.
The five new zones of mineralization where the shallow holes were drilled are collectively referred to as Aurora West. They are believed to be part of the same mineralized structure, known as the Aurora Corridor, which also hosts the Jacques Lake deposit and other promising drill-ready targets such as Gayle, Kathi and Burnt Brook.
The magnetic anomaly in the Aurora West area is significantly bigger than the one that defines Jacques Lake, which indicates that all the right rocks are there in greater abundance, Lee explains. The zones weve tested down to fifty metres depth are still a bit narrow, but were encouraged by the fact that theyre comparable in grade and thickness to the initial near surface discovery holes at Jacques Lake.
Jacques Lake is located about 30 km northeast of the companys flagship Michelin deposit.
In February, Aurora released a new resource estimate for Michelin and the Jacques Lake deposit that totalled 58 million lbs. U3O8 in the measured and indicated categories, and a further 38 million lbs. U3O8 in the inferred category.
Nearly 90% of these pounds are in Michelin, which has a strike length of 1 km and remains open in all directions.
But signs are good that Aurora has more pounds in the ground at Aurora West and along the Aurora Corridor.
Aurora will continue to explore east along the Aurora Corridor testing zones of uranium occurrences at Gayle, Kathi and Burnt Brook. The three zones are inside 7 km of Jacques Lake and have returned surface grades as high as 1.51% uranium.
Aurora plans to drill year-round, with two fully winterized camps, at least five drill rigs and a staff of 40.
On the TSX in Toronto, shares of Aurora climbed 0.14 to $11.40 on the news, while Fronteer Developments shares jumped 9.89% or 0.86 a share to close at $9.56.
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