Aurora’s Michelin Project encompasses mineral licenses with 946 km2 of claims in the Central Mineral Belt of Labrador. Aurora has identified significant uranium resources in six deposits – Michelin, Jacques Lake, Rainbow, Inda, Nash, and Gear. There is also a high probability that more uranium can be found in these deposits and in the licensed area.
Aurora’s objectives for the Michelin Project are to expand its existing uranium resources in the region through a multi-year exploration program. The Michelin deposit is the cornerstone to any development decision, therefore continued exploration will target increasing uranium resources within a 10km radius of the Michelin deposit using geological, geophysical, and geochemical methods. Aurora plans to develop these resources through a long-life mining and milling operation, subject to economic viability, regulatory, and community approvals.
The Project is located on lands that fall under the jurisdiction of both the Nunatsiavut Government and NL Provincial Government. Both governments are currently supportive of uranium exploration in Labrador. Aurora has consulted regularly with local governments and residents on its plans and activities in Labrador.
In June 2015 the Canadian Government granted an exemption to Paladin to the current Non-Resident Ownership Policy under which, by the stage of first production, Canadian resident ownership must be at least 51%. The exemption, which followed an extensive and rigorous appraisal process by the government allows Paladin, at the appropriate time, to proceed to production on its own accord with no requirement for a majority Canadian partner.