Company
ASX:CXU
Cauldron Energy Ltd (ASX:CXU) has a diversified portfolio of projects in Australia and has already achieved exploration success at its Yanrey Uranium Project with a defined uranium resource.
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The latest drilling increases the upper limit of the Exploration Target estimate for the Bennet Well Channel. A new channel has been identified extending 3.2 kilometres to the southeast of the Bennet Well uranium deposit.
The updated Exploration Target of 19 to 54 million tonnes grading 300 to 420ppm U3O8 is currently being tested by drilling at the Bennet Well Uranium Deposit. Initial results from the program are expected to be available soon.
The 4,000 metre rotary drilling program is designed to increase the size of the Bennet Well deposit and understand its metallurgy. Data will also be used to increase the company’s understanding on the recoverability of uranium and its
Bennet Well has clearly demonstrated its value to the company with a 16% increase in overall resources and a 90% increase in the Indicated Resource. The new exploration model will be leveraged into Cauldron Energy’s extensive Yanrey l
The receipt of $2 million in placement funds and the $0.8 million research and development tax rebate places the company in position to resume drilling at Bennet Well. A resource update is expected in early July.
Outstanding geochemical assay results from recent drilling at Cauldron Energy’s Bennet Well uranium deposit in Western Australia saw a peak 68.3% increase in uranium grade width in the main mineralised zone, relative to down-hole gamm
