Yep. Have been looking to it. All info in 11 June 2019 announcement. Worth a read. A real sleeper in AEE. This could be quite big. Certainly Peter Reeve wants to sort it out. 70% interest. Will hang on for my share..
11/6/19 Ann..
Aura Energy Limited (AEE) is pleased to announce that it has signed a farm-in / joint venture agreement to extend its already significant position in the Tasiast Archean Greenstone Belt.
The agreement has been executed with Nomads Mining Company sarl of Mauritania and allows Aura to earn a 70% interest in Nomads 100% owned exploration permit. The exploration permit of 160 km2 covers 50 km2 of Archean greenstones in the Tasiast greenstone belt.
The exploration permit lies approximately 35 km along strike from Kinross’ giant +20 Moz1 Tasiast Gold Mine and 30 km from Algold's Tijirit gold deposits which occur in the adjoining greenstone belt. Algold have reported a resource of +1 million ounces of gold at Tijirit (refer Algold Resources Inc website Tijirit Project Mineral Resources Estimate).
The Nomads permit adjoins and is along strike from Aura’s Taet exploration permit which covers +30 km strike length of the Tasiast greenstones2 .
Peter Reeve, Aura Energy's Executive Chairman said “We are delighted with this strategic addition to our project area in the Tasiast gold district. It is unusual today to be able to obtain access to virtually unexplored greenstone belts in established gold bearing provinces such as this. We are excited at the potential given the 20 Moz Tasiast Gold deposit is the only known significant gold resource in a field where little exploration has been conducted and in a geological setting where gold deposits tend to occur in clusters elsewhere in the word.”
1 +20 M.ozs is an estimate of Tasiast’s gold “endowment”, ie current resources (10.8 M.0z – refer Kinross 2018 Annual Report for Reserves and Mineral Resources) plus gold previously mined.
Quarterly Report
“We also continued to advance activities at the Tasiast South Gold Projects, with Two geophysical crews from gravity specialist, GeoFocus, mobilised from South Africa to carry out detailed gravity surveying on all three of Aura’s tenements.”
Gravity Survey Results for Tasiast South During the Quarter, two geophysical crews from gravity specialist, GeoFocus, were mobilised from South Africa to carry out detailed gravity surveying on all three of Aura’s tenements, with the data to allow better definition of geology, the identification of structures likely to be of relevance to gold deposition and the possibility of direct detection of sulphide mineralisation on the nickel/cobalt targets. In total 6,643 stations were surveyed, with the program specifications designed and activities overseen by Newexco, geophysical consultants based in Perth, with extensive experience in Archean geophysics. The gravity data allows better definition of geology, the identification of structures likely to be of relevance to gold deposition and the possibility of direct detection of sulphide mineralisation on the nickel/cobalt targets.
The highest area of activity and payments included investment in the Tiris Uranium and Tasiast South Gold projects of $624k and staff costs of $347k, including fees paid to former directors for their service as directors
Annual Report
Tasiast South Gold Project, Mauritania During the reporting period, the Group continued to progress a corporate transaction for the Group’s gold assets and activities were largely on care and maintenance.
(iii Tiris International Mining Company sarl On 25 June 2016, the Group, Tris International Mining Company sarl ("TIMCO") and Sid Ahmed Mohamed Lemine Sidi Reyoug executed the Tasiast South sale and purchase agreement. On 2 April 2019, TIMCO was granted tenements 2457 (Hadeibet Bellaa) and 2458 (Touerig Taet) by the Ministry of Petroleum, Energy and Mines. Under the terms and conditions of the agreement, if the Group proves up an 'Indicated Resource' greater than one million ounces of gold will be required to pay Sid Ahmend Mohamed US$250,000 and, on commencement of production, Aura is required to pay Sid Ahmed Mohamed US$5/ounce of gold and a 0.4% net sales revenue royalty on other commodities with total royalty payments capped to a maximum of US$5 million.
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