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Cauldron Energy secures partner to fund up to $2 million at Yanrey North

The Yanrey area is prospective for large sedimentary-hosted uranium deposits.

two hands signing a paper representing a deal
The farm-in pertains to an area that adjoins the Yanrey Project to the north

Cauldron Energy Ltd (ASX:CXU) has signed a farm-in agreement with Oceltip Metal Pty Ltd for the Yanrey North project area on the central coast of Western Australia.

The Yanrey North area is north of Cauldron’s Yanrey Exploration Project which hosts the Bennet Well uranium deposit.

Oceltip has will fund exploration to the value of $2 million over an initial three year earn-in period to earn 60%.

Cauldron’s chairman Tony Sage said: “The expenditure committed in this farm-in and future joint venture demonstrates Cauldron’s belief in the exploration potential of the entire project area.”

READ: Cauldron Energy's extensive uranium assets highly leveraged to rebound in commodity price

The Yanrey North area which the farm-in agreement pertains to granted E08/2017, E08/2385, E08/2386, E08/2387 and applications for E08/2666, E08/2667 and E08/2668 once granted.

Farm-in to provide renewed exploration focus

Oceltip has the option to extend the earn-in period by a further two years if it has spent at least $1 million in the first three years.

At successful completion of the earn-in period a joint venture will be formed with 60% interest held by Oceltip and the balance held by Cauldron.

Quick facts: Cauldron Energy Ltd

Price: 0.018 AUD

ASX:CXU
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Market Cap: $5.93 m
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