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

Deposit Cutoff (ppm eU3O8 Deposit Mass (t) Deposit Grade (ppm eU3O8) Mass U3O(kg) Mass U3O8 (lbs)
Bennet Well_Total 125 39,207,000 355 13,920,000 30,700,000
Bennet Well_Total 150 38,871,000 360 13,990,000 30,900,000
Bennet Well_Total 175 36,205,000 375 13,580,000 29,900,000
Bennet Well_Total 200 34,205,000 385 13,170,000 29,000,000
Bennet Well_Total 250 26,484,000 430 11,390,000 25,100,000
Bennet Well_Total 300 19,310,000 490 9,460,000 20,900,000
Bennet Well_Total 400 10,157,000 620 6,300,000 13,900,000
Bennet Well_Total 500 6,494,000 715 4,640,000 10,200,000
Bennet Well_Total 800 1,206,000 1175 1,420,000 3,100,000
Deposit Cutoff              (ppm U3O8) Deposit Mass (t) Deposit Grade (ppm U3O8) Mass U3O8    (kg) Mass U3O8    (lbs)
BenWell_Indicated 125 22,028,000 375 8,260,000 18,200,000
BenWell_Indicated 150 21,939,000 375 8,230,000 18,100,000
BenWell_Indicated 175 21,732,000 380 8,260,000 18,200,000
BenWell_Indicated 200 20,916,000 385 8,050,000 17,800,000
BenWell_Indicated 250 17,404,000 415 7,220,000 15,900,000
BenWell_Indicated 300 13,044,000 465 6,070,000 13,400,000
BenWell_Indicated 400 7,421,000 560 4,160,000 9,200,000
BenWell_Indicated 500 4,496,000 635 2,850,000 6,300,000
BenWell_Indicated 800 353,000 910 320,000 700,000
Deposit Cutoff (ppm U3O8) Deposit Mass (t) Deposit Grade    (ppm U3O8) Mass U3O8    (kg) Mass U3O8    (lbs)
BenWell_Inferred 125 17,179,000 335 5,750,000 12,700,000
BenWell_Inferred 150 16,932,000 335 5,670,000 12,500,000
BenWell_Inferred 175 14,474,000 365 5,280,000 11,600,000
BenWell_Inferred 200 13,288,000 380 5,050,000 11,100,000
BenWell_Inferred 250 9,080,000 455 4,130,000 9,100,000
BenWell_Inferred 300 6,266,000 535 3,350,000 7,400,000
BenWell_Inferred 400 2,736,000 780 2,130,000 4,700,000
BenWell_Inferred 500 1,998,000 900 1,800,000 4,000,000
BenWell_Inferred 800 853,000 1285 1,100,000 2,400,000

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