The company has recently completed a geological review of the mineralisation setting at the uranium deposit, which demonstrated areas proximal to the deposit hold high potential, to further expand the mineral resource.

Based on the review, the Western Australian Department of Mines and Petroleum has granted up to $150,000 for drill testing of greenfield type targets at the project.

The 40-hole mud rotary drilling program has been designed to test the high priority targets, in addition to improving the metallurgical understanding of the deposit.

The company will also use the data from the drilling to understand the recoverability of uranium and increase its ability to discover deposits such as Bennet Well.

Cauldron Energy operations manager Simon Youds said: "We welcome the potential to increase shareholder value through drilling that is aimed to increase the mineral resource at Bennet Well, further our metallurgical understanding and to also attempt to define new zones of mineralisation that may, after further work, significantly add to the total mineral inventory of the deposit."

In January this year, Cauldron obtained approval from the Western Australia Minister for Mines and Petroleum toexplore for uranium on and adjacent to pastoral leases on the Minderoo pastoral station in Pilbara region.