Cauldron Energy Limited plans to accelerate exploration activities at its wholly owned Yanrey Project in Western Australia following confirmation of a significant Exploration Target* increase from 25 to 30 Mlbs to 30 to 115 Mlbs of U3O8 at a grade of 250 to 900ppm U3O8. The significant upgrade in Exploration Target* follows the recent 300% increase in the inferred uranium resource at Bennet Well. In the Company’s view, the Yanrey Project, which is adjacent to Paladin Resources Ltd’s Manyingee Deposit (24 Mlbs U3O8), and Energia Minerals Ltd’s Nyang Deposit (12 Mlbs U3O8) is developing into a regionally, if not globally, significant uranium project with the potential to be a major uranium mining centre.
Commenting on these results, Cauldron head of operations, Mr Simon Youds, said, “It is pleasing to have just upgraded our resource 300% and know that we are likely, based on the extensive prospects yet to be tested, to have substantially more uranium mineralisation which may further grow the resource.” “While it is very early on in the exploration of this area of Western Australia, we believe the area is emerging as a significant uranium province”, Mr Youds said. The Company believes the style of mineralisation at Yanrey is similar to that of the Beverly and Honeymoon uranium deposits in South Australia’s Lake Frome Basin, which are both currently operational in-situ leach style uranium mines.
“We’ve defined an updated resource of 15.7 Mlbs U3O8 in the palaeochannels in the Bennet Well region alone and have a revised minimum exploration target* of 23 Mlbs U3O8 and a maximum exploration target* size of 42 Mlbs U3O8 in this region at a grade above 250 ppm U3O8,” Mr Youds said. “This is just a small area which has been drilled and we can see from historical drilling and exploration reviews that we are likely to identify significant additional uranium resources elsewhere in our large tenement package,” he added. The immediate target for on-going exploration at Yanrey is the very prospective Barradale Channel. This prospect is a large target, with favourable geochemical and geophysical indicators and multiple opportunities for uranium mineralisation.