Australian company Boss Resources has increased the exploration target at its Honeymoon uranium project in South Australia.
Australian company Boss Resources (ASX:BOE) has increased the exploration target at its Honeymoon uranium project in South Australia.
The larger target area announcement comes less than a week after Boss Resources reported the completion of its phase one restart program at Honeymoon.
The energy-focused explorer released a mineral resource estimate for the Honeymoon restart area in February, reporting a total contained uranium oxide resource of 36 million pounds of U3O8 at a cutoff of 250 parts per million (ppm).
Included in the revised exploration target are 10 specific areas, seven of which are located within the eastern region tenements. The remaining three are situated in the western region tenements.
“The increased exploration target is another step forward, and we look forward to unlocking additional large-scale uranium mineralization within the broader Honeymoon uranium project,” said Duncan Craib, managing director of Boss Resources.
Incorporating the increased exploration target, Boss estimates the Honeymoon uranium resource to be between 26,300 and 86,160 tonnes of contained U3O8, using a cutoff of 250 ppm.
“At the upper end of the target range, this represents a 90 percent increase from the previously reported exploration target,” notes the report.
Boss has been working to advance the Honeymoon uranium mine since acquiring the defunct project in 2015. Weak uranium prices kept the project from advancing at a faster pace.
“Having a fully permitted mining license and existing infrastructure makes Honeymoon one of the few uranium projects worldwide positioned [to] participate in the early stages of a new bull market,” Craib said.
The Australian miner has plans to perform exploration programs throughout the calendar year at 10 zones within the Honeymoon area. In addition to the exploratory work, Boss is also in phase two of a three-phase restart program at Honeymoon aimed at getting the project into production.
Shares of Boss were down 1.85 percent on Monday (March 25), trading at AU$0.05.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.