Following interpretation of recent drilling in the area along with the Dynasty Metals results and new geophysics data, the company determined the potential uranium mineralization strike extension to the southeast of Bennet Well resource known as the Bennet Well Channel.
The strike of mineralization extends southeast into an existing exploration license, from the Bennet Well Mineral Resource.
With the new exploration license application ELAE08/2774, the company intends to secure the Bennet Well Channel’s potential strike extension of the entire mineralized portion.
Cauldron operations manager Simon Youds said: "Cauldron is in the exciting position where predictions by the exploration model are producing tangible results capable of substantially increasing the Mineral Resource of Bennet Well, coupled with the associated increase in shareholder value."
Bennet Well Channel is a linear zone of mineralization proximal to the Bennet Well resource and extends to the southeast for at least 3.2km and about 500m wide.
Cauldron Energy expects the mineral resource to increase at the Bennet Well to 36.1 million tons of resources at 270 parts per million uranium oxide (U3O8) for a total contained oxide content of 21.5 million pounds, with the further drilling of Bennet Well Channel.
Earlier this year, Cauldron completed a drilling program which intended to determine the uranium mineralization which was estimated in an exploration target.
The drilling validated the strike length and extensions to grade increased the Bennet Well Channel’s exploration target at five-fold. This ranged between 1.6 million tons and 8.6 million tons mass of mineralization at 470 ppm U3O8 for a contained uranium oxide content of between 1.6 and 8.9 million pounds.
