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Cauldron Energy (ASX:CXU) has unveiled its latest drill hits on-site at Manyingee South as the miner sniffs after uranium mineralisation.
Rather than getting bogged down in grades, Cauldron appeared to be asserting on Tuesday, the results ultimately show north-south near-surface mineralisation extends across a 3km streak which is, at its widest point, some 1.1km the other direction.
With that said – only one sample highlighted on Tuesday graded above 1,000 parts per million (ppm). Worth noting, 10,000ppm = 1%.
Uranium projects of Yanrey’s calibre are not necessarily rare strangers to low ppm concentrations. What could be more concerning for potential investors is the widths of drill hits highlighted on Tuesday were all less than five metres.
Then again, the company knows this.
“The Manyingee South channel is one of several palaeochannels already identified in Cauldron’s tenement area with each channel holding potential to host uranium mineralisation and requiring future drill testing,” Cauldron wrote.
Despite a hostile attitude towards uranium mining and production from the Western Australian government, Cauldron continues on with its chief Jonathan Fisher renowned for being vocally pro-nuclear-feedstock-minerals.
“The drilling at Manyingee South has enabled a better understanding of the paleochannel system in the immediate area and further improves our understanding of the regional prospectivity,” Fisher said.
“Forward planning is focussing on other targets which can be systematically tested in future drilling campaigns.”
The company will go after further targets in the next seven days.
CXU last traded at 1.4cps.
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