Boss Resources Ltd (ASX:BOE) has increased the measured and indicated mineral resource by 149% at the Honeymoon Re-start Area in South Australia, which includes the Honeymoon, Brooks Dam and East Kalkaroo deposits.
The ML6109 area now totals 27 million pounds at 690ppm uranium oxide.
This resource upgrade of 24 million tonnes at 660ppm for 36 million pounds using a cut-off grade of 250ppm, is derived from recent infill drilling and reinterpretation of historical data.
It represents an overall 30% increase in metal mass from the previously reported mineral resource estimate.
Project positioned to participate in “new bull market”
Boss managing director Duncan Craib said: “Today’s announcement provides further validation that Honeymoon is one of the few uranium projects worldwide positioned to participate in the early stages of a new bull market.
“A 30% increase in mineral resource, covering a fully permitted mining licence ML6109, which is supported by an export licence, will help fast-track the re-start of uranium production and facilitate offtake arrangements.
“We believe Honeymoon’s uranium endowment will increase through future exploration activity on our surrounding 100%-owned tenements.”
READ: Boss Resources intersects high-grade uranium in Honeymoon restart drilling
Around 70% of the existing inferred mineral resource was converted to the indicated category.
This can now be considered for potential conversion to ore reserve through an updated feasibility study.
The Honeymoon Re-start Area is fully permitted for international export and will provide the initial feed source of uranium for a successful re-start and future expansion of production.
Boss’s exploration strategy is designed to further increase the global resource.
- Jessica Cummins