- Boss Energy (ASX:BOE) reports further high-grade uranium results from its Jason’s deposit, 13 kilometres north of its Honeymoon Mine in South Australia
- Uranium prices are surging in 2024, this week up 14.59 per cent, and Boss has hit grades as high as 3221 ppm of uranium 100 metres downhole
- Considering the current strength of the uranium market, Boss will increase the forecast production rate at Honeymoon to more than three million pounds per year
- This year the company will conduct further drilling, with an update in 2H24 to aim for a resource upgrade in 2025
- BOE shares are up 4.54 per cent, trading at $5.53 at 11:03 am AEDT
Boss Energy (ASX:BOE) has announced further high-grade uranium results from drilling at its Jason’s deposit, located 13 kilometres north of the company’s Honeymoon Mine in South Australia.
The latest results reveal grades as high as 3221 parts per million uranium, extending approximately 100 metres downhole.
Other significant assays included 6.00 metres at 1278ppm uranium, 3.25 metres at 1509ppm and 4.50 metres at 1010ppm uranium.
In light of the robust uranium market, Boss Energy has decided to increase the forecast production rate at Honeymoon to more than three million pounds per year, up from the initial 2.45 million pound strategy.
“We have a twin-pronged strategy at Honeymoon to drive shareholder value by successfully ramping up production while increasing the inventory in preparation for our next round of growth,” BOE Managing Director Duncan Craib said.
“This is aimed at generating strong cashflow while laying the foundations for increases in Honeymoon’s production, which will in turn drive further growth in cashflow while also enabling us to leverage existing infrastructure.”
Future work
The results will be used to update satellite geological models in the first half of 2024, feeding into the company’s resource update in the second half of 2024.
Subsequent drilling activities are planned to initiate a resource upgrade in 2025.
The current life-of-mine plan at Honeymoon is based on only 50 per cent of the existing JORC resource.
BOE shares were up 4.54 per cent, trading at $5.53 at 11:03 am AEDT.