Yanrey Uranium Project

Location:

85km south of Onslow in the northwest of Western Australia

Ownership:

100%

Licence area:

11 granted exploration tenements totalling 1,050 km2 plus 1 application for an exploration licence (220 km2) for a total project are of 1,270 km2 in Western Australia.

Overview

Yanrey is prospective for large sedimentary-hosted uranium deposits and is host to the Bennet Well Uranium Deposit.

Geology

Tenements overlie Mesozoic sediments highly prospective for sandstone hosted uranium mineralisation, amenable to In-situ Recovery (ISR) mining.

Mineralisation at Bennet Well is a shallow accumulation of uranium hosted in unconsolidated sands (less than 100 m downhole depth) in Cretaceous sedimentary units of the North Carnarvon Basin.

Highlights:

  • Total uranium resource of 38.9 Mt at 360 ppm eU3O8, for total contained uranium-oxide of 30.9 Mlb (13,990t) at 150 ppm cut-off. Preliminary economic evaluation has shown that a 150ppm eU3O8 average grade over at least half a metre is potentially economic for ISR type uranium production at the Yanrey Project
  • Tenements lie within an area historically proven to host significant uranium deposits, evidenced by the Manyingee uranium deposit (as at 15 August 2015), which has a published indicated resource of 15.7 million pounds at a grade of 850ppm U3O8 and an inferred resource of 10.2 million pounds at a grade of 850ppm U3O8
  • Targeted exploration has allowed Cauldron to clearly identify the increasing potential to further establish uranium resources at the Yanrey Project with multiple prospects over its large tenement holding.
  • Cauldron has not undertaken field work at Yanrey Project since the announcement on 20 June 2017 of a ban of new uranium mines in Western Australia by minister Bill Johnston. The policy heading for uranium exploration in Western Australia remains unclear at this time.

Bennet Well Deposit

Cauldron has successfully completed several exploration programs at the Bennet Well Deposit since commencing exploration in 2006, culminating in the Mineral Resource Estimate (2012) below.

The mineralisation at Bennet Well is a shallow accumulation of uranium hosted in unconsolidated sands close to surface (less than 100 m downhole depth) in Cretaceous sedimentary units of the Ashburton Embayment.  The Bennet Well deposit is comprised of four spatially separate deposits; namely Bennet Well East, Bennet Well Central, Bennet Well South and Bennet Well Channel.

The Mineral Resource (JORC 2012) estimate is:

  • Inferred Resource: 16.9 Mt at 335 ppm eU3O8 for total contained uranium-oxide of 12.5 Mlb (5,670t) at 150 ppm cut-off;
  • Indicated Resource: 21.9 Mt at 375 ppm eU3O8 for total contained uranium-oxide of 18.1 Mlb (8,230t) at 150 ppm cut-off;
  • total combined Mineral Resource: 38.9 Mt at 360 ppm eU3O8, for total contained uranium-oxide of 30.9 Mlb (13,990t) at 150 ppm cut-off.

Table 1: Mineral Resource at various cut-off

DepositCutoff (ppm eU3O8Deposit Mass (t)Deposit Grade (ppm eU3O8)Mass U3O8 (kg)Mass U3O8 (lbs)
Bennet Well_Total12539,207,00035513,920,00030,700,000
Bennet Well_Total15038,871,00036013,990,00030,900,000
Bennet Well_Total17536,205,00037513,580,00029,900,000
Bennet Well_Total20034,205,00038513,170,00029,000,000
Bennet Well_Total25026,484,00043011,390,00025,100,000
Bennet Well_Total30019,310,0004909,460,00020,900,000
Bennet Well_Total40010,157,0006206,300,00013,900,000
Bennet Well_Total5006,494,0007154,640,00010,200,000
Bennet Well_Total8001,206,00011751,420,0003,100,000
DepositCutoff              (ppm U3O8)Deposit Mass (t)Deposit Grade (ppm U3O8)Mass U3O8    (kg)Mass U3O8    (lbs)
BenWell_Indicated12522,028,0003758,260,00018,200,000
BenWell_Indicated15021,939,0003758,230,00018,100,000
BenWell_Indicated17521,732,0003808,260,00018,200,000
BenWell_Indicated20020,916,0003858,050,00017,800,000
BenWell_Indicated25017,404,0004157,220,00015,900,000
BenWell_Indicated30013,044,0004656,070,00013,400,000
BenWell_Indicated4007,421,0005604,160,0009,200,000
BenWell_Indicated5004,496,0006352,850,0006,300,000
BenWell_Indicated800353,000910320,000700,000
DepositCutoff (ppm U3O8)Deposit Mass (t)Deposit Grade    (ppm U3O8)Mass U3O8    (kg)Mass U3O8    (lbs)
BenWell_Inferred12517,179,0003355,750,00012,700,000
BenWell_Inferred15016,932,0003355,670,00012,500,000
BenWell_Inferred17514,474,0003655,280,00011,600,000
BenWell_Inferred20013,288,0003805,050,00011,100,000
BenWell_Inferred2509,080,0004554,130,0009,100,000
BenWell_Inferred3006,266,0005353,350,0007,400,000
BenWell_Inferred4002,736,0007802,130,0004,700,000
BenWell_Inferred5001,998,0009001,800,0004,000,000
BenWell_Inferred800853,00012851,100,0002,400,000

Note: table shows rounded numbers therefore units may not convert nor sum exactly