Cauldron Energy extends takeover for Energia Minerals
Cauldron Energy (ASX: CXU) has extended to 1 May 2014 the deadline of its all-scrip takeover offer for Energia Minerals (ASX: EMX) that could extend its Yanrey Uranium Project in Western Australia.
The offer is currently a conditional offer of one Cauldron share for every eight Energia shares.
Acquiring Energia will grant Cauldron economies of scale and further enhance the In-situ Recovery (ISR) mining opportunity by controlling over 190 kilometres of contiguous mineralisation.
Energia is developing the Nyang Project, which includes the Carley Bore Deposit that has an Inferred Resource of 16.7 million pounds of U308 at 330ppm.
Cauldron's 1,930 square kilometre Yanrey Project in northwest Western Australia is highly prospective for sandstone hosted uranium mineralisation that is amendable to ISR mining, similar to Paladin Resources’ (ASX: PDN) Manyingee deposit that has an Indicated Resource of 17.8 million pounds of U308.
Exploration has identified 11 major palaeochannels, most with evidence of uranium mineralisation. Yanrey has an Exploration Target of between 30 million and 115 million pounds of U308 at grades of 250ppm to 900ppm.
Studies indicate that average grades of above 250ppm eU308 over 1 metre are potentially economic for an ISR mining operation.
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