(MENAFN- ProactiveInvestors - Australia) Cauldron Energy's (ASX: CXU) drilling has identified a third uranium paleo-channel at its Bennett Well South prospect in Western Australia, pointing to the likelihood there is more uranium than originally estimated.
The new 10 to 20 kilometre long by 500 metre wide channel appears to have up to 4 kilometres of the right uranium bearing sediments and is open to the north and south.
Significant drilling results include:
- 2.8 metres at 319ppm uranium from 82.2 metres;
- 2.5 metres at 481ppm uranium from 92.1 metres; and
- 3 metres at 384ppm uranium from 86.3 metres.
The latest find improves the potential for redox fronts along the full length of the interpreted paleo coastline and improves the potential for a significant upgrade of the original exploration target size of between 25 million and 30 million pounds of uranium for the Yanrey region.
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