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Boss Energy has announced that its drilling program at the Gould’s Dam satellite deposit in South Australia has yielded “highly successful” results. The company has intercepted uranium mineralisation in 21 holes so far, with significant assay results. For example, one hole returned 5.25m at 3,744 parts per million (ppm) uranium oxide, while another hole intercepted 2.75m at 3,693ppm. These results confirm an overall upgrade of the historical drill results.

The Gould’s Dam deposit, located 80km northwest of the Honeymoon Mine, has an indicated mineral resource of 4.4 million tonnes at 650ppm uranium oxide and an inferred resource of 17.7Mt at 480ppm. Boss Energy believes that this significant resource, combined with the latest drilling results, has the potential to increase both the production rate and mine life at Honeymoon.

Boss Energy’s exploration strategy has been successful thus far, as evidenced by a 433% increase in the JORC resource at Honeymoon to 71.67 million pounds of uranium oxide. The company has implemented a two-pronged strategy that involves starting production and cash flow while simultaneously increasing the uranium inventory to extend the mine life and production rate.

According to Managing Director Duncan Craib, the drilling results have exceeded expectations in terms of grade and thickness of the mineralisation. He also noted the operational benefits of leaching higher grade material.

The drilling program at Gould’s Dam is ongoing, with further twin and infill drilling planned within the indicated resource area. Boss Energy also intends to conduct investigative drilling in areas surrounding the current indicated resource. Once the work at Gould’s Dam is completed, a resource infill drilling program will commence at another satellite deposit called Jason’s.

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