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Cauldron Energy to test silver/lead/zinc anomaly in South Australia

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Cauldron Energy (ASX: CXU) will start in early January 2013, drilling at a recently discovered silver/lead/zinc anomaly within its Marree Project in South Australia.

Geological mapping, surface soil and rock-chip sampling and a ground gravity survey have identified numerous outcropping base metal gossans and preliminary results were used to fast track the definition of drill targets.

Heritage clearance for the first 10 drill sites will be completed this week.

The anomalism of the outcroppings gossans have been initially tested using hand-held XRF machines.

Physical geochemical test results are expected back from laboratories in the next two weeks while soil geochemical and gravity surveys are still being conducted.

Preliminary results suggest anomalous trends, some coincident with defined gossans, exist and will result in the definition of additional drill targets for drilling early in 2013.

To assist in the early definition of drill targets, soil samples collected have been routinely tested in-field. In addition to field testing, all samples will be sent to independent laboratory for analysis and validation. These results are expected late January 2013.

The Marree Uranium Project, located 550 kilometres north of Adelaide, comprises five granted Exploration Licences covering 2,571 kilometres in the Eromanga Basin, adjacent to the uranium-rich Mount Babbage Inlier.

Besides hosting several sedimentary roll-front uranium occurrences, including the Beverley and Honeymoon Well uranium deposits and the recently discovered high grade uranium mineralisation at Beverley Four Mile, the recent work has determined that outcropping Proterozoic units – favourable for base metal mineralisation – are more extensive than previously determined.

 

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