News: Cauldron Energy's now a four-bagger

Cauldron Energy (ASX:CXU) is traded higher yet again today, bringing its gains since May to well over 300%.

Shares were trading at $0.087 on May 9th, and hit an intra-day and fresh 18 month high today of $0.41.

Cauldron shares last traded at $0.395.

In late March, tests at its Bennett Well deposit in Western Australia highlighted its in-situ leach recovery potential and likelihood for an increase in uranium grade.

More extensive bottle roll tests, which better simulate in-situ leach conditions, had returned 96% uranium extraction, indicating that the In-Situ-Leaching method offers an effective and potentially lower cost production method.

It confirmed that Bennett Well uranium is easily extracted using acid media without the need for additional oxidant.

Meanwhile, recent metallurgical studies show potential for a significant increase to the uranium oxide grades, which would lead to an increase in the contained resource.

Bennett Well is part of the 1,930 square kilometre Yanrey Project located adjacent to Paladin Resources’ (ASX:PDN) Manyingee deposit that has an Indicated Resource of 17.8 million pounds of U308.

An independent audit of gamma probe calibrations has also been completed to update all uranium oxide grades based on the new data with a revised Resource estimate due to be completed by the end of this month.

Cauldron also has a large high grade polymetallic prospect at its Marree Base Metals Project in South Australia, with assays of rock chips showing silver grades up to 2,830 grams per tonne and lead up to 33.9%.