- First Quantum Minerals (FQM) begins a maiden diamond drilling program at Boss Energy’s (ASX:BOE) Honeymoon uranium project in South Australia
- This exploration is part of a partnership initiated in Feb 2022 allowing FQM to earn a substantial interest in Honeymoon
- Boss Energy can now concentrate on uranium while enjoying the benefits of FQM’s base metals exploration
- The program will assess base metal and precious metal potential in South Australia
- BOE shares are down 2.33 per cent, trading at $4.20 at 1:52 pm AEDT
Boss Energy (ASX: BOE) has announced that its partner, TSX-listed First Quantum Minerals, has launched a maiden diamond drilling program at the company’s Honeymoon uranium project in South Australia.
The program is designed to target basement-hosted base metal mineralisation.
The Boss-FQM agreement allows FQM to earn a 51 per cent interest in Honeymoon’s base metal resources by spending $6 million on exploration. FQM can also earn a further 24 per cent interest through solely funding all base metals expenditures up to a decision to mine.
Boss announced today the maiden program would encompass at least five diamond core holes, totalling 1800 metres of drilling. It is expected to span 4-6 weeks.
The exploration earn-in agreement between Boss Energy and FQM was inked in February 2022.
“This partnership is a fantastic opportunity for Boss and our shareholders,” BOE Managing Director Duncan Craib said.
“We have a global leader in FQM funding base metals exploration at Honeymoon, offering Boss significant exposure to their success while we remain focused on our goal of becoming Australia’s next uranium producer.”
Boss Energy shares were down 2.33 per cent, trading at $4.20 at 1:52 pm AEDT.