Bennet Well Uranium Deposit
The Bennet Well Deposit is located within Cauldron’s Yanrey Uranium Project in Western Australia and represents a significant resource with multiple high-priority extension targets. The resource is a large, shallow accumulation of uranium oxide comprised of four spatially separated deposits – Bennet Well East, Bennet Well Central, Bennet Well South and Bennet Well Channel. Cauldron has reported a total Indicated plus Inferred Mineral Resource Estimate (JORC 2012) of 38.9 million tonnes @ 360 ppm eU3O8 for 30.9 million pounds (13,990 tonnes) of contained uranium oxide, using a cut-off of 150 ppm eU3O8.
Plan view of Bennet Well Mineral Resource (JORC 2012)
12 granted exploration licences, situated ~70 km south of Onslow, covering a total 1,270km2
100% Cauldron-owned, full technical/operational management by solid team of uranium experts
Hosts the Bennet Well Uranium Resource (JORC 2012) containing total combined 38.9 Mt at 360 ppm eU3O8, for total contained uranium-oxide of 30.9 Mlb (13,990 t) at 150 ppm cut-off
Project situated in a highly prospective, mineral-rich region containing multiple known economic uranium deposits
Valuable and globally significant asset
Amenability to In situ leaching, facilitating a low cost operation and hence increasing the attractiveness of the asset from a development perspective.
Conservative Exploration Target (Yanrey Project) between 21 million pounds and 53 million pounds grading between 300-600 ppm U3O8
Ongoing low-cost, non-invasive, innovative exploration continues to successfully map the Project’s extensive palaeochannel systems, allowing continual development of systems-style exploration modelling and smarter generation of drill-ready targets.
Bennet Well Resource Estimates
Ravensgate Mining Industry Consultants were commissioned to complete an upgrade to the Mineral Resource for the Bennet Well uranium deposit, after the completion of a mud rotary drilling program in late 2015.
The report was prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code). Ravensgate updated the Mineral Resource Estimate (JORC 2012) using a newly generated three-dimensional resource block model.
This resource modelling was subsequent to a comprehensive revision of the stratigraphic setting completed in-house, following information provided by the 2013 and 2014 diamond drilling program and the mud rotary drill programs of 2014 and 2015, along with a reassessment of all previous drilling results, as summarised in the below table.
The Mineral Resource estimate for Bennet Well and its classification is shown in the first table below and summarised as a total Indicated plus Inferred Resource (JORC 2012) of 38.9 million tonnes at 360 ppm eU3O8 for 30.9 million pounds (13,990 tonnes) of contained uranium oxide, using a cut-off of 150 ppm eU3O8.
Deposit | Cutoff (ppm eU3O8) | Deposit Copy | Deposit Grade (ppm eU3O8) | Mass U3O8 (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 eU3O8) | Deposit Mass (t) | Deposit Grade (ppm eU3O8) | Mass U3O8 (kg) | Mass U3O8 (lbs) |
|---|---|---|---|---|---|
BenWell_Indicated | 800
| 353,000 | 910
| 320,000 | 700,000
|
BenWell_Indicated | 500
| 4,496,000
| 635
| 2,850,000
| 6,300,000
|
BenWell_Indicated | 400
| 7,421,000
| 560
| 4,160,000
| 9,200,000
|
BenWell_Indicated | 300
| 13,044,000
| 465
| 6,070,000
| 13,400,000
|
BenWell_Indicated | 250
| 17,404,000
| 415
| 7,220,000
| 15,900,000
|
BenWell_Indicated | 200 | 20,916,000
| 385 | 8,050,000
| 17,800,000
|
BenWell_Indicated | 175
| 21,732,000
| 380
| 8,260,000 | 18,200,000
|
BenWell_Indicated | 150 | 21,939,000 | 375
| 8,230,000
| 18,100,000
|
BenWell_Indicated | 125 | 22,028,000
| 375
| 8,260,000 | 18,200,000
|
Deposit | Cutoff (ppm eU3O8) | Deposit Mass (t) | Deposit Grade (ppm eU3O8) | Mass U3O8 (kg) | Mass U3O8 (lbs) |
|---|---|---|---|---|---|
BenWell_Inferred | 800 | 853,000
| 1285
| 1,100,000 | 2,400,000 |
BenWell_Inferred | 250 | 9,080,000
| 455 | 4,130,000
| 9,100,000 |
BenWell_Inferred | 200 | 13,288,000
| 380
| 5,050,000 | 11,100,000
|
BenWell_Inferred | 175
| 14,474,000 | 365 | 5,280,000 | 11,600,000 |
BenWell_Inferred | 150 | 16,932,000
| 335
| 5,670,000 | 12,500,000
|
BenWell_Inferred | 125 | 17,179,000
| 335
| 5,750,000 | 12,700,000 |
BenWell_Inferred | 500
| 1,998,000
| 900 | 1,800,000 | 4,000,000 |
BenWell_Inferred | 400
| 2,736,000
| 780 | 2,130,000
| 4,700,000
|
BenWell_Inferred | 300
| 6,266,000
| 535 | 3,350,000
| 7,400,000
|
Mineral Resource Estimate (JORC 2012) for Bennet Well, at various cut-off grades
The below images show sectional views through the Bennet Well deposit model, displaying the sedimentary geological units modelled from the recent core drilling. These units were modelled into three-dimensional wireframe solids, used to constrain grade in block model generation, and subsequently for estimation of the Mineral Resource.
Bennet Well Amenable To In-Situ Leaching
In-situ Recovery (ISR) is the most popular and fastest growing process route for global uranium production. Initial test work conducted by Cauldron and CSIRO suggest that Bennet Well is an excellent candidate for ISR development.
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Permeability, porosity and density testing was completed by independent reservoir optimisation specialists, Core Laboratories Australia Pty Ltd using cores obtained from Bennet Well East and Bennet Well Central, affirming the suitability of ISR at the Bennet Well Deposit.
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A 2020 study by the International Atomic Energy Agency and the Nuclear Energy Agency estimated that in 2019, around 57.4% of global uranium produced was via low pH ISR1, with that figure predicted to rise.
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This method is proven in Australia, having been deployed at the Beverley, Four Mile and Honeymoon mines. ISR has numerous advantages, as listed below;
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Lower upfront capex
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Lower opex
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Lower ground disturbance
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No mining waste rock generate
CSIRO Metallurgical Characterisation Research Program
In late 2016, Cauldron successfully secured funding from the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Minerals Research Institute of Western Australia (MRIWA) to initiate a deposit-focused investigation into the amenability of Bennet Well for uranium extraction by the In-Situ Recovery (ISR) method of mining.
Phase 1 involved ten column leach tests on five mineralised zones which had been sampled by diamond drill core from the Bennet Well East and Bennet Well Central deposits. Both acid and alkali leaching solutions were tested, with oxidant added to each leachate mid-way through the leaching cycles.
The ion exchange method of extraction was also tested, using nine commercially available ion exchange pellets to strip the uranium mineralisation from the pregnant liquor solution. The second phase of the investigation (Phase 2) is aimed to support the activities of the proposed Field Leach Trials for which the approvals process was also commenced in 2016 and 2017. However, due to the change in State government and subsequent changes in policy towards uranium mining, these trials and Phase 2 activities are yet to be commenced.