Cauldron Energy (ASX:CXU) has found significant uranium deposits at its newly explored Bennet Well South prospect in Western Australia that could add to its resource base.
Two holes drilled intersected 11 metres wide zone of U3O8 and also include intersections of 1.1 metres at 271 parts per million and 1.28 metres at 231 ppm wit peaks up to 587 ppm in one of the holes.
This is the second high grade result signaling significant mineralisation trend at its Yanrey project. Cauldron had already found high grade ore at its Bennet Well east area, which intersected 3706 ppm and 2156 ppm from two wells drilled.
The current well is 200 metres north of the previous high grade intersection.
The current two drill holes are part of the first holes drilled in the second of the three prospects identified in the 5000 metres drilling campaign at Yanrey.
Both holes have intersected a wide uranium zone that exhibits both oxidised and reduced sediments, which is indicative of high grade uranium mineralisation.
Cauldron hopes for a significant upward revision of the exploration target at Yanrey given the 100% success of its current drilling campaign.
Drilling is expected to be completed by mid-November.
Cauldron is also looking to accelerate its exploration at the new base metal discovery at the Marree Project in South Australia.
The program will include soil sampling and ground geophysics.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.