In the coming year, Cauldron plans to continue drilling at its Blackwood gold camp, undertake seismic work at Yarney and work through expressions of interest from its WA sands properties.
Cauldron Energy Ltd (ASX:CXU) continued to make progress on its gold, uranium and river sands projects in the last quarter of 2021.
The multi-commodity explorer is advancing a series of assets across Victoria and Western Australia while continuing to assess new project opportunities.
Over the coming year, Cauldron plans to continue drilling at its Blackwood gold camp in Victoria, while in WA it will undertake seismic work at the Yanrey uranium project and work through expressions of interest of its sand buildings.
The company ended 2021 with approximately $700,000 in the bank to support its exploration efforts. In addition, CXU holds a portfolio of shares of other ASX-listed entities valued at approximately $650,000.
Blackwood Gold Project
Cauldron’s primary focus is the Blackwood Project, which lies south-east of Daylesford in the very promising historic goldfields of central Victorian times.
The project covers approximately 24 square kilometers and secures the most significant part of the historic Blackwood Goldfield, which generated approximately 218,000 ounces of gold between 1864 and 1960.
During the quarter, Cauldron prepared for drilling on the asset, with work resuming in late December.
To enable exploration to continue, the company applied for – and has since been granted – a prospector’s license (PL7763) on the Annie Laurie and Grace Egerton zones.
Going forward, Cauldron plans to continue the first phase of its drill program, designed to cover 36 holes and approximately 4,800 meters.
CXU will also analyze LiDAR data to identify surface workings and fault structures across the asset.
Ultimately, the resulting data will help Cauldron complete the ground test, validate historical information, and provide an additional tool to adjust the design of current underground boreholes.
Now that access has been established, drilling activities can begin to benefit from comprehensive data compilation and LiDAR analysis.
Work will continue to advance the conceptual model of Blackwood’s south-dipping gold reefs, promoted through the various mining periods since the 1860s.
Cauldron’s exploration manager will be mobilizing at Blackwood in the current quarter to facilitate broader, more regional exploration plans.
Yarney Uranium Project
Cauldron’s Yarney asset is prospective for large sediment-hosted uranium deposits and hosts the Bennet Well deposit.
The asset contains a combined mineral resource of 38.9 million tonnes at 360 parts per million (ppm) eU3O8, for a total contained uranium oxide of 30.9 million pounds at a cut-off of 150 ppm.
Cauldron has not done any substantive mineralization work on the asset since the release of the Mineral Resources in 2015.
This is due to the lack of ministerial approval for the proposed programs since the election of the WA State government in March 2017 and the corresponding ban on uranium mining in June 2017.
In 2022, Cauldron plans to undertake further passive seismic work on a selection of buildings.
During the December quarter, CXU released analyzes of its passive seismic program, conducted at the Flagstaff building in Yarney.
The studies revealed several new targets over areas of unusual complexity underground, and the structural information will help Cauldron further develop the system-like exploration model.
WA Sands Projects
In late December 2020, Cauldron announced that it would acquire a 100% interest in a number of river sand properties at the mouths of the Gascoyne (Carnarvon) and Ashburton (Onslow) and Fitzroy (Derby) rivers in the north of Western Australia, collectively covering approximately 286 square kilometres.
As of the date of this report, the acquisition is partially complete, with ownership of four licenses having transferred to Cauldron so far.
Sand is the most consumed natural resource on the planet besides water and by far the largest extracted product in the world.
It is estimated that more than 40 billion tonnes of aggregates (including sand and gravel) are consumed each year.
The demand for construction sand, which is found in the beds, banks and fluvial plains of rivers, as well as in lakes and by the sea, is large and likely to exceed supply in years to come. to come.
Cauldron has already received several expressions of interest for sand supply, which he is currently working on.
Shareholders will be informed if and when the discussions result in the receipt of a formal commitment.