Boss Energy (ASX:BOE) is looking to drive the organic growth of its Honeymoon Uranium Mine in South Australia through a new infill and scout drilling program.
The $1.55 billion market capitalisation company says drilling is now underway at the Jason’s deposit — about 13km north of the Honeymoon mine — and has been designed to underpin increases in the inventory, mine life, and production rates at Honeymoon.
Boss says the drilling will also aim to provide important geological and hydrogeological information, test for continuity and extensions to existing mineralisation, and provide validation of historical drilling that returned grades of up to 4,428 parts per million (ppm) triuranium octoxide.
Drilling will comprise a combination of resource infill and step-out rotary mud drilling, with all holes to be logged with Boss’ in-house prompt fission neutron (PFN) tools along with a combination of borehole magnetic resonance (BMR), neutron porosity, formation density, and calibrated gamma tools.
The company believes this downhole logging suite will paint a detailed picture of the geological and hydrogeological setting of uranium mineralisation across the deposit and will be used to guide future infill and/or step-out drilling in the area.
Meanwhile, Boss Energy Managing Director Duncan Craib confirms that Jason’s deposit, in conjunction with the known satellite deposits of Gould’s Dam, Billeroo, and Sunrise, will form the basis of a study on increasing the forecast production rate to more than 3 million pounds per annum of triuranium octoxide equivalent or an extension of the project’s mine life.
“This will also help us to leverage the existing infrastructure at Honeymoon and capitalise on the growing demand for uranium from tier-one locations such as Australia.”
The current life-of-mine plan at Honeymoon is based on just 50% of the existing JORC resource.
Boss Energy is a uranium-focused company actively working on its Honeymoon Uranium Project in South Australia.
Honeymoon is on track for first production in the December quarter 2023.
As of 30 September 2023, Boss Energy had $63.118 million cash and cash equivalents at hand according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Boss Energy