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Cauldron Energy to start diamond drilling at Yanrey uranium project


Cauldron Energy (ASX: CXU) will in May start diamond drilling to test the uranium potential of the highly prospective Barradale Channel within the Yanrey project area, Western Australia.

Yanrey has an Exploration Target of up to 115 million pounds of U3O8 with the targeted Barradale Channel having favourable geochemical and geophysical indicators and multiple opportunities for uranium mineralisation.   

Two previous drilling programs have been conducted at the Barradale prospect/channel in 2010 and 2012.

In the most recent program, nine holes that intersected the palaeochannel were abandoned short of their target depths due to the very thick (up to 40 metre) zones of cemented silcrete, pyrite and carbonate cemented bands.

The upcoming program will be to re-drill three of the previous drillholes that intersected the palaeochannel to penetrate through the hard cemented bands and see if high grade uranium exists at the base of the channel.   

Cauldron noted that the carbonate cemented bands seen in the Barradale Channel were very similar to those seen in Paladin Energy’s (ASX: PDN) adjacent Manyingee deposit, which hosts 24 million pounds of U3O8.

Cauldron had a cash balance of $2.7 million at the end of last quarter.


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