Mineral Resources

As of August 2009, Aurora has identified a significant mineral resource at Michelin and Jacques Lake, as well as four additional satellite deposits: Nash, Inda, Gear, and Rainbow. Combined, these properties rank as one of the largest undeveloped primary uranium deposits in the world.

The following table summarizes the classified mineral resources of the Michelin, Jacques Lake, Rainbow, Nash, Inda, and Gear deposits:

The map below shows Aurora’s Central Mineral Belt claim boundary, as well as surface uranium mineralization. For more information on any of our six deposits, please click its name on the map.

Michelin Deposit

Michelin Deposit Block Model

The Michelin deposit is Aurora's most developed project so far, and its cornerstone asset. It is located approximately 40 kms south of Postville and 80 kms from Makkovik at the eastern end of the Central Mineral Belt. The deposit was originally discovered in the 1950's by a previous exploration company. When Aurora began drilling at the site in 2005, the deposit contained an historic resource of approximately 18 million pounds of uranium. Subsequent exploration has significantly increased the size of the deposit (see table above). The deposit remains open for expansion.

Two 50-person camps were completed in 2007, one at Michelin and one at Jacques Lake, which allows for year-round drilling and development activity.

Jacques Lake Deposit

Jacques Lake Deposit Block Model

The Jacques Lake deposit is a new discovery made by Aurora. Since 2005, Jacques Lake has grown from a promising target to a sizeable deposit (see table above). It lies approximately 25 kms southeast of Postville and 35 kms northeast of the Michelin deposit. It is one of the few new significant uranium discoveries made in the world over the past ten years. Jacques Lake remains open for expansion.

Rainbow Deposit

Located 3 kms to the southwest of the Michelin deposit, the Rainbow Zone was first drilled in 1970. Subsequent drilling in 1975, and by Aurora in 2006, confirmed the presence of near-surface zones of uranium mineralization similar to that contained in the Michelin deposit. The Rainbow deposit remains open for expansion.

Nash, Inda and Gear

The Nash, Inda and Gear deposits are three separate deposits located in the northeast portion of Aurora's mineral tenure and adjacent to Kaipokok Bay. The deposits were investigated extensively from the late-1960s until the mid-1980s by previous exploration companies. Together, these deposits had a collective historic resource of approximately 3.1 million pounds of U₃O₈ (according to the Mineral Occurrence Database of The Geological Survey of Newfoundland and Labrador). There was no further activity at the site until Aurora began drilling there in October 2006. The uranium grades within these deposits are, on average, higher than those at Michelin and Jacques Lake.

An updated resource estimate for the Nash, Inda and Gear deposits is summarized in the table above.

Nash, Inda and Gear deposits remain open for expansion.