Cauldron Energy Ltd (ASX:CXU) has been awarded 2 co-funded grants totalling up to $217,750 under Round 33 of the WA Government’s Exploration Incentive Scheme (EIS) for exploration work at its Yanrey Uranium Project in Western Australia.
Yanrey Project tenements showing regional geology.
The funding comprises up to $78,500 for a passive seismic geophysics program, based on a total project cost of $157,000, and up to $89,250 for first-pass exploration drilling, based on a total project cost of $178,500.
A further $50,000 is available under the round due to higher costs associated with international conditions.
The geophysics grant will support follow-up passive seismic surveying at Yanrey to better define the palaeochannel network that hosts uranium mineralisation. You can read more about the work being done at Yanrey in the company's recent quarterly.
Cauldron CEO Jonathan Fisher said the dual grants recognised the importance of the company’s uranium exploration work and its potential contribution to the WA economy.
“We are delighted to receive two grants for upcoming drilling and geophysical exploration activities at our world class Yanrey Uranium Project. This is the first time that Cauldron has been successful in being awarded an EIS co-funding grant and we understand the first time in several years that a company involved in uranium exploration has been successful.
"The dual successful EIS grants for both peophysics and drilling are recognition of the importance and uniqueness of the work we are performing in uranium exploration and the potential for it to contribute meaningfully to the WA economy in the future. We appreciate the recognition and support of the WA government and look forward to commencing this important exploration work.”
The news comes shortly after Cauldron was included in the Sprott Uranium Miners UCITS ETF (LSE: URNM) (HANetf), reflecting its positioning within the global uranium thematic.
Targeting the Ashburton East region
The drilling grant will be used for first-pass exploration drilling of specific targets in the Ashburton East region, within a palaeochannel defined by trial passive seismic surveying completed in 2025.
Cauldron plans to drill 20 aircore holes for 2,500 metres along the eastern side of the Ashburton River, targeting the northern bank of the mineralised Manyingee Palaeochannel and the Curtis palaeochannel, a north-trending offshoot regarded as a high-priority target.
Building on 2025 exploration success
The company said trial passive seismic work in 2025 had been successful at Manyingee South and Manyingee North, contributing to the discovery of the Manyingee North deposit.
Cauldron now proposes a further 220 line kilometres of passive seismic surveying across areas between the Bennet Well and Manyingee North deposits and beyond.
The Yanrey Uranium Project, around 100 kilometres south of Onslow, hosts more than 55 million pounds of uranium oxide in defined mineral resources across Bennet Well, Manyingee South and Manyingee North. Cauldron has also identified more than 20 palaeochannels across its tenement package, each considered prospective for uranium mineralisation.