Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to announce the conclusion of a successful infill drilling program at the Gould’s Dam and Jason’s satellite deposits within its Honeymoon Uranium project in South Australia.
Highlights
Infill drilling campaign completed at the Gould’s Dam and Jason’s satellite deposits within Honeymoon
The results will underpin an updated geological/mineralisation model and resource upgrade
Gould’s Dam is located ~80km northwest of the Honeymoon Mine (Figure 1) and currently contains a JORC-compliant resource of 25Mlbs of indicated and inferred U308; The Jason’s deposit is located ~13km north of the Honeymoon mine (Figure 1) and contains a JORC Resource of 6.2Mt at 790ppm U308 for 10.7Mlbs contained U308 (Inferred).
A total of 47 mud rotary holes for 6,455m were completed at Beulah (within the Gould’s Dam Inferred Resource envelope) and an additional 25 holes for 3,074m within the Inferred resource envelope at Jason’s. Uranium mineralisation highlights from these two programs include (PFN results, ppm pU3O8):
3.25m @ 3,873ppm pU3O8GT 12,587 (WRM0176 from 122.00m)
plus 2.75m @ 946ppm pU3O8GT 2,602(WRM0176 from 126.25m)
6.25m @ 1,094ppm pU3O8GT 6,838(WRM0175 from 118.00m)
2.00m @ 714ppm pU3O8GT 1,428 (WRM0180 from 119.25m)
plus 4.25m @ 724ppm pU3O8GT 3,077(WRM0180 from 122.50m)
4.50m @ 548ppm pU3O8GT 2,466 (WRM0190 from 121.75m)
1.50m @ 1,381ppm pU3O8GT 2,072 (WRM0192 from 120.25m)
4.00m @ 504ppm pU3O8GT 2,016 (WRM0187 from 111.25m)
2.50m @ 662ppm pU3O8GT 1,655 (WRM0195 from 122.75m)
2.75m @ 517ppm pU3O8GT 1,422 (WRM0211 from 118.25m)
2.25m @ 626ppm pU3O8GT 1,409 (WRM0207 from 123.75m)
1.75m @ 802ppm pU3O8GT 1,404 (WRM0213 from 124.75m)
3.00m @ 960ppm pU3O8GT 2,880 (BMR233 from 86.75m)
1.25m @ 1,258ppm pU3O8GT 1,573 (BMR232 from 89.25m)
plus 0.50m @ 1,428ppm pU3O8 GT 714 (BMR232 from 91.50m)
0.50m @ 3,897ppm pU3O8GT 1,949 (BMR238 from 96.25)
“These satellite deposits have the potential to drive growth as well as enabling us to leverage existing infrastructure and further capitalise on the opportunity presented by growing global demand for uranium from tier-one locations”. – Boss MD Duncan Craib
The program has returned strong drilling results as well as high-quality modern downhole geophysical data which will be used to build an updated geological and mineralisation model which will feed into a resource update
The two deposits have combined resources of 36.7Mlbs of contained U308. Honeymoon is producing under its current Mining Licence covering 36Mlbs and therefore the Company will now seek government endorsement for the mining of two satellite deposits, effectively doubling the allowance under the License.
This will pave the way for Boss to assess potential increases in the annual production rate and mine life at Honeymoon.
AMC Consultants have been engaged to produce a block model and mineral resource update for these key satellite deposits, which will enable the company to determine those areas which are most economically viable.
Boss Managing Director Duncan Craib said: “With the production ramp-up at Honeymoon progressing so well, we are eager to press ahead with our plans to grow the annual output, cashflow and minelife.
“These satellite deposits have the potential to drive growth as well as enabling us to leverage existing infrastructure and further capitalise on the opportunity presented by growing global demand for uranium from tier-one locations”.
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