Nov 5, 2024

Cauldron Energy Hits 4.34m @ 1,021 ppm eU3O8 at Manyingee South, Yanrey Uranium Project, Western Australia

Introduction:

Cauldron Energy Limited (ASX: CXU) has reported significant uranium intercepts from its Manyingee South prospect within the Yanrey Uranium Project in Western Australia, highlighted by 4.34m at 1,021 ppm eU3O8 from 61.66m.

Drill Results:

4.34m @ 1,021 ppm eU3O8 from 61.66m (24YRAC103)
1.84m @ 2,918 ppm eU3O8 from 68.76m (24YRAC104)
2.28m @ 954 ppm eU3O8 from 63.50m (24YRAC104)
1.24m @ 1,359 ppm eU3O8 from 72.04m (24YRAC104)‍
1.64m @ 538 ppm eU3O8 from 67.78m (24YRAC106)

Project Overview:

The Yanrey Uranium Project covers approximately 1,150 km2 and is located 80 km south of Onslow in Western Australia. It is situated in a highly prospective region containing multiple uranium deposits, including the neighboring Manyingee Deposit owned by Paladin Energy Ltd. The project area hosts the Bennet Well Uranium Deposit, containing 30.9 Mlb of uranium oxide.

The Manyingee South prospect is a high-priority exploration target within the Yanrey Project, located approximately 4.5 kilometers south of Paladin's Manyingee Deposit. The current drilling program has extended the near-surface, strongly uranium mineralized north-south trend to greater than 3 kilometers in length and up to 1,100m in width.

Program Details:

The company has completed 59 air-core drill holes (24YRAC048-24YARC106) for a total of 4,998m at Manyingee South. Wide-spaced drilling (400m x 200m) has progressed along and across a north-south trending palaeochannel to demarcate the width and extent of roll-front(s)-type uranium mineralization. The program has successfully intersected mineralization developed at longitudinally consistent prominent stacked redox boundaries, interpreted as being stratigraphically equivalent to uranium mineralization observed at the nearby Manyingee deposit.

Understanding These Results:

The drilling results indicate continuous mineralization extending for at least 3 kilometers north-south and over channel widths east-west of up to 1,100 meters, with two distinctly higher-grade zones being delineated. The majority of mineralization intersected is equivalent to the 'A Roll' and 'C Roll' at Manyingee, with the uppermost 'B Roll' at Manyingee South being subject to erosion by Quaternary units and overprinting by surface oxidation.

High-grade mineralization intersected within 24YRAC103 and 24YRAC104 occurs at greater depths (>60m) and is currently equated to Paladin's 'C Roll' but may represent another roll-front at depth. This high-grade zone is spatially associated with the junction of an interpreted tributary stream entering the Manyingee South channel from the southwest.

Management Commentary:

Cauldron CEO Jonathan Fisher stated:

“The drilling programme at Manyingee South continues to deliver exciting results with these latest drilling results confirming the presence of a high-grade area in the southern portion of the prospect and increasing the width of mineralisation from 600 metres to now over 1,100 metres and still remaining open. Drilling has also located an additional zone of mineralisation 1,700m further to the north-west.

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. Forward planning is focussing on other targets which can be systematically tested in future drilling campaigns.

The next paleochannel target to be tested will be Target 14, lying approximately 3km southeast of Manyingee South, where similar features are evident. Drilling at Target 14 is expected to commence within the next 7 days.”

Next Steps & Catalysts:

Cauldron plans to drill test uranium targets west of holes 24YRAC089 and 091 at Manyingee South, and at Target 14, located approximately 2.5km south-west of Manyingee South.

The company is also preparing to commence drilling at Target 14, lying approximately 3km southeast of Manyingee South, where similar features are evident. Drilling at Target 14 is expected to commence within the next 7 days.

Commodity Outlook:

The uranium market has seen increased interest due to growing global demand for clean energy sources. Western Australia's Yanrey region is emerging as a significant uranium province, with multiple deposits identified and ongoing exploration activities by various companies.

Conclusion:

The latest results from Manyingee South continue to expand the known mineralization and confirm its potential as a significant new uranium deposit. With multiple high-grade intercepts and an expanding mineralized footprint, Cauldron Energy is well-positioned to further develop this prospect within its broader Yanrey Uranium Project.

Sources:

CXU Drill Results Announcement

Additional Figures:

Australia

ASX

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Nov 14, 2024