Cauldron Energy (ASX: CXU) plans to accelerate exploration activities at its wholly owned Yanrey Project in Western Australia, an underexplored tenement with multiple uranium prospects.
The company has also increased the exploration target to 30 million to 115 million pounds of U3O8 at a grade of 250ppm to 900ppm from the previous 25 million to 30 million pounds.
This follows a 300% increase in the inferred uranium resource at Bennet Well to 15.7 million pounds of U3O8.
Subject to weather conditions, Cauldron expects to start drilling in the first quarter of 2013.
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.
Yanrey is also located adjacent to Paladin Resources’ (ASX: PDN) Manyingee Deposit and Energia Minerals’ (ASX: EMX) Nyang Deposit.
Cauldron 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.
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