Vancouver – The northern tip of Aurora Energys (AXU-T) large uranium project in coastal Labrador is showing it has as much potential as the rest of the project: the first two drill holes into the Gear zone returned significant U3O8 intercepts that extended the depth of the historical deposit.
Drill hole 5 returned 23 metres grading 0.09% U3O8 from 346 metres depth, including a 10-metre segment grading 0.17% U3O8. That intercept increased the known depth of the deposit by 100 metres. Hole 7, drilled at a shallower angle from the same set up, intersected 7 metres of 0.16% U3O8 from 323 metres downhole.
Mineralization at Gear is exposed at surface and has been drilled over a strike length of roughly 200 metres. The mineralized body is thought to be moderately to steeply dipping south, thus stated widths are approximately 80% of true widths.
Gear is the northernmost part of a 15-km long belt of U3O8 targets called the Inda Lake trend. Other zones along the belt also host historical resources, and Aurora has two drills turning on the trend to confirm historical results.
The Inda Lake trend comprises one arm of Auroras 800-sq.-km Central Mineral Belt project. The Michelin U3O8 deposit in the south of the project is advancing through pre-feasibility studies.
Aurora moved up 56 or 3.8% on the news to close at $15.25. The company has a 52-week trading range of $8.14 to $20.09 and has 66.1 million shares issued.
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