- Boss Energy (BOE) announces fresh high-grade uranium intercepts through recent drilling at its Honeymoon project in South Australia
- The company is now set to work on upgrading the MRE for its Gould’s Dam target at the project
- After a further 40 holes are completed the company will switch to Jason’s Satellite target as the company targets December production
- The company has upgraded the Honeymoon resource by some 433 per cent over the last 8 years
- Shares last traded at $3.37
Boss Energy (BOE) has announced fresh high-grade uranium intercepts in the latest infill drilling run at its Honeymoon project in South Australia.
The company announced the results will pave the way for upgrading its resource estimate for the Gould’s Dam deposit, a targeted prospect within the Honeymoon project.
Since acquiring Honeymoon in 2015, the company has expanded the resource by a substantial 433 per cent through ongoing exploration efforts.
When it intends to begin producing uranium is another story that could be affected by macroeconomic and commodity price movements – but the company is targeting December 2023.
“The results from new drill holes within the resource surpass our expectations in both grade and thickness of the mineralisation,” BOE Managing Director Duncan Craib said.
“This is demonstrated by the exceptional results from WRM0013 including 5.25 metre width at 3744 parts per million (ppm) triuranium octoxide.
“To put it into perspective, our cut-off grade is 250ppm and while we could mine at lower grades, there are numerous cost and operational benefits to leaching higher grade material from continuous thicknesses.”
Notably, all 21 drill holes at Gould’s Dam successfully intercepted uranium, underscoring the prospect’s high value to the company.
Other results highlighted were a 2.75-metre thick section at 3693ppm triuranium octoxide and a 4.25-metre section grading at 1094ppm triuranium octoxide.
The company’s current life-of-mine plan for Honeymoon is based on only 50 per cent of the existing mineral resource, indicating further success at Gould’s may enhance the project’s overall bankability.
A further 40 drill holes are slated for Gould’s over the coming weeks and months, which will be followed by further drilling at Jason’s Satellite deposit, another target prospect within Honeymoon’s boundaries.
Boss Energy shares last traded at $3.37.