Boss Resources Ltd (ASX:BOE) has increased the exploration target over its Honeymoon Uranium Project in South Australia to between 58 million and 198 million pounds of uranium oxide using a cut off of 250 ppm.
The new exploration target is in a range of between 28 million to 133 million tonnes at a grade of between 340 parts per million (ppm) to 1,080 ppm.
This increased exploration target is in addition to the February 2019 mineral resource estimate of 24 million tonnes at 660 ppm uranium oxide for a total contained uranium oxide content of 36 million pounds at a 250 ppm cut-off for the Honeymoon Restart Area.
READ: Boss Resources lifts re-start uranium resource at Honeymoon in South Australia
Boss Resources managing director Duncan Craib said: “The increased exploration target is another step forward and we look forward to unlocking additional large-scale uranium mineralisation within the broader Honeymoon Uranium Project.
“This has been made possible by the diligent efforts of the geology department re-analysing historical and recent drill and geophysical results.
“Having a fully permitted mining licence and existing infrastructure makes Honeymoon one of the few uranium projects worldwide positioned that can participate in the early stages of a new bull market.”
Work involved in the updated mineral resource estimate for the Honeymoon Re-start Area consisted of the construction of new 3D geology and mineralisation models, based on a full review and reinterpretation of all available drilling data.
Modelling aimed to provide updated information for the wellfield design stage of the definitive feasibility study.
The company is pursuing cost-effective alternatives to regional exploration in order to discover new economic mineral deposits.
Boss’ 2019 exploration program will focus on passive seismic exploration in the eastern region and an airborne survey over the western region.