Cauldron identifies third uranium channel at Yanrey

THE DRILL SERGEANT: Recent drilling carried out by Cauldron Energy (ASX: CXU) at the Bennett Well South prospect, within the company’s Yanrey uranium project in Western Australia, has identified a third high-grade uranium paleo-channel.

Cauldron considers the new channel to be of consistent depth, width and potentially significant length.

“The identification of this new 10 to 20 kilometre long channel by 500 metres wide, which appears to have 3 to 4 kilometres of the right high-grade uranium bearing sediments and is open to the north and the south and widening to the north, is a further significant development at this key Western Australian project,” Cauldron Energy head of operations Simon Youds said in the company’s announcement to the Australian Securities Exchange.

Cauldron Energy has been undertaking drilling at Bennett Well South in recent weeks on the back of a recent drilling program at Bennett Well East that yielded encouraging results.

The company previously announced results from the first two holes drilled at Bennett Well South, which intersected 11m wide zones of uranium equivalent mineralisation from 91.0m and 85.6m.

Cauldron claims the latest results from drilling at Bennett Well South have established the presence of a wide paleo-channel, with a thick zone of anomalous uranium mineralisation, exhibiting high grades, over a consistent 2.5 to 3.0m vertical thickness in the drill holes.

Results include:

–    2.8 metres at 319 parts per million from 82.2 metres at grade-width 893 parts per million metres [ppm.m];

–    2.5m at 481ppm from 92.1m at grade-width 1178ppm.m; and

–    3.0m at 384ppm from 86.3m at grade-width 1152ppm.m.

“The extent of the uranium mineralisation extrapolated from these drill holes point to a uranium mineralisation envelope containing more uranium than initially established to be at Bennett Well and more recently outlined at Bennett Well East,” Youds said.

“The dimensions of the channel could extend as far as 10 kilometres to 20 kilometres in a north-south direction and excitingly the potential for further extensions of high grade uranium mineralisation with at least 3 to 4 kilometres of suitable sediments now believed to have the correct redox environment is a strong possibility given the drilling success at the Bennett Well prospects in the current drill program.”

Cauldron said it has been encouraged by these results and has high expectations for the Bennett Well resource extensions and new channels proposed for testing.

The Company has now extended its current program by 1,500 metres.