The company pointed out infill drilling and modelling work has confirmed 42 million tonnes at 0.35% V2O5 at 0.2% V2O5 cut-off as indicated resources in a coherent near-surface zone.

Häggån is a polymetallic deposit "containing economically significant levels" of vanadium, Aura said.

The overall estimate is based on 16,500m of diamond drilling in 91 drillholes, with the indicated resource based on 3530m in 25 diamond drillholes.

Häggån is located in central Sweden in a rural area, about one hour by car from the city of Östersund in the province of Jämtland.

Aura also owns an advanced, pre-development uranium prospect in Mauritania.

The company started the recently completed September quarter with A$800,000 cash.

Shares in Aura were unchanged Friday at 0.8c, capitalising the company at $10 million.