Cauldron Energy (ASX:CXU) has described its latest Yanrey Uranium Project (YUP) drilling assay results as “excellent” – putting the spotlight on its Manyingee South target area of interest.
Results from 30 drillholes sunk in the most recent campaign Cauldron considers near-surface, worth noting is reported intercepts on Friday were brief in nature.
Shareholders and traders appeared to be neither too impressed nor disappointed with results; CXU was flat on Friday in afternoon trades. Reported intercepts came in at 3m with 700ppm uranium mineralisation from 55m depth – that result captures the general nature of all assays highlighted.
For those keeping score, 700ppm comes in at 0.07% if you express grade as a percentage. While that’s likely to come across as lacklustre, it’s not necessarily unusual for uranium exploration.
The company is hopeful it can continue to confirm potentially economic mineralisation underground at Manyingee South, given its relative proximity to Paladin’s Manyingee Deposit – that asset, sharing the same name, is located 4.5km to the south.
Geotechs for CXU interpret existing data to suggest stacked zones of uranium lie underfoot, a feature Paladin’s play also boasts.
Notably, Cauldron wrote on Friday the latest assays suggest uranium mineralisation “dog-legs” in a westerly direction and extends to the north-west. In that same direction, the company’s aware of an electromag anomaly not yet thoroughly tested.
“As we continue to learn more about the paleochannel system around Manyingee South we further improve our understanding of the regional prospectivity,” Cauldron chief Jonathon Fisher wrote on Friday.
“We look forward to testing the extremities of the known mineralisation further, working with our indigenous partners in order to advance clear additional areas for future drilling outside of previously considered areas, given how our knowledge of the mineralisation and its scale has developed over time.”
CXU last traded at 1.8cps.
