Cauldron Energy Ltd (ASX:CXU) has found a near-surface trend of uranium mineralisation extended up to 2 kilometres at its Manyingee South prospect – part of the wider Yanrey uranium project in Western Australia.
The discovery was made based on results for a further 8 holes from the company’s drilling program at Yanrey – located 100 kilometres south of Onslow – with two holes (24YRAC058 and 24YRAC059) revealing stacked zones of uranium mineralisation which suggests a roll-front formation.
The grades here were up to 880 parts per million (ppm) eU3O8 over 3 metres.
Additionally, Cauldron intersected a section across the palaeochannel – which encompassed drill-holes 24YRAC057, 24YRAC048, 24YRAC058 and 24YRAC059 – where mineralisation was found across a width of ~600m, open to the east and west.
This suggests the presence of a wide mineralised palaeochannel system.
CEO Jonathan Fisher said the results enabled Cauldron to continue building its strong story at Yanrey.
“I am enormously pleased that Manyingee South continues to deliver robust, high grade
uranium mineralised intercepts, now demonstrating at least 2 kilometres of continuous
mineralisation along a north-south trend which remains open in width and in both
directions along strike,” he said.
“The drilling rig is continuing to evaluate and discover further uranium mineralisation at the
Manyingee South target area and we look forward to further drilling results being released
to market in quick succession as drilling continues with pace.
“The excellent results at Manyingee South hasten my excitement to test a number of the
other palaeochannel systems in the Company’s project area a number of which were
considered high-ranking targets of equal priority to that of Manyingee South.”
Cauldron has been trading at 2.1 cents.