Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) (Boss or the Company) is pleased to announce strong results from infill and resource extension drilling which further strengthen the Company's strategy to increase the forecast production rate and mine life at its Honeymoon Uranium in South Australia. The objective of the drilling was to extend Honeymoon's mine life and increase its production profile by upgrading known JORC Resource outside the Honeymoon Resource Area (HRA) and targeting greenfield exploration areas close to the known resources.
Boss Managing Director Duncan Craib said: 'These results show Boss' two-pronged strategy for creating shareholder value is well on track. 'This involves the recent Final Investment Decision to restart Honeymoon's production and generate substantial cashflows, which will make Boss Australia's next uranium producer, and to grow Honeymoon's mineral resource and mine life by advancing numerous highly promising near-mine and regional targets. 'We will undertake detailed geological modelling and planning for resource infill/upgrade drilling this quarter, designed to increase resource confidence on the Jason's and Gould's satellite deposits. 'Infill drilling will commence Q1 2023, with the aim of increasing the production throughput and growing the mine life at Honeymoon'.
It is envisaged that these new mineralisation target areas will form the basis of a study to assess and define production ramp up to produce more than 3Mlb/annum U308 equivalent. Ramping up production does not form part of the current Honeymoon restart feasibility studies, but the Company believes that, with improving market conditions, it is prudent to progress with the exploitation of the known satellite deposits. In addition to the exploration drilling, delineation data was obtained on the eastern boundaries of the HRA ahead of wellfield development commencing in August 2022, in preparation for Honeymoon's restart.
Honeymoon Project Mineral Resource
The global Honeymoon Mineral Resource stands at 71.6 Mlb (52.4Mt) with an average grade of 620ppm U308, using a cut-off grade of 250ppm, as summarised in Table 1.1 The current Honeymoon restart feasibility studies utilise only a portion of Honeymoon's JORC resource, excluding 36Mlb of JORC resource outside the HRA, which could expand the mine life, and Boss' defined exploration target could potentially extend the mine life beyond the initial 11 years and increase the production profile. Honeymoon's Federal EPIP Act approvals allow export of more than 3Mlbs/annum U3O8 equivalent. In addition to the global Mineral Resource, the Honeymoon Uranium Project also has an Exploration Target range of 28 Mt to 133 Mt of mineralisation at a grade of 340 ppm to 1,080 ppm U3O8 for a contained 58 Mlbs to 190 Mlbs U3O8 (26,300 to 86,160 tonnes of contained U3O8), using a cut-off of 250ppm. Note the potential quantity and grade of the Exploration Target range is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain whether future exploration will result in the definition of a Mineral Resource.2
ADI Grant
The Company's long-term regional investigation strategy had always included using new innovative methods for large-scale exploration. The first component of the ADI program involving seismic surveying (both passive and high-reflection) to help further define the morphology of palaeovalley sequences within the Company's exploration licences. The second component of the program involved follow-up drilling of both targets identified from the seismic programs, and to continue to define and discover economic nearmine uranium mineralisation. The conclusion of Phase 2 drilling in May 2022 now completes the requirements for the ADI $275,000 exploration grant, which forms part of the Growth State Agenda that aims to accelerate mineral discoveries through innovative exploration and research projects in regional and frontier terrains throughout South Australia. The successful completion of the geophysical and drilling components of the ADI grant has provided the Company with a better understanding of the palaeovalley systems within its exploration licences, and this new data will now be used in conjunction with existing datasets to identify further exploration targets and plan future drilling programs. The Company will also continue to explore new and innovative ways to identify further exploration targets within its tenement package.
This ASX announcement was approved and authorised by the Board of Boss Energy Limited.
Contact:
Duncan Craib
Chief Executive Officer
P: +61 (8) 6263 4494
E: boss@bossenergy.com
Media
Paul Armstrong
Read Corporate
P: +61 (8) 9388 1474
E: info@readcorporate.com
Competent Person's Statement
The information contained in this announcement that relates to new exploration results is provided by Mr Jason Cherry, who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Cherry has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC 2012 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. Mr Cherry has 17 years' experience and is a full-time employee as Geology Manager for Boss Energy Ltd. Mr Cherry consents to the inclusion in this report of the matters based on this information in the form and context in which they appear
Forward-Looking Statements
This announcement includes forward-looking statements. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside the control of Boss Energy, which could cause actual results to differ materially from such statements. Boss Energy makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this announcement.
BOSS ENERGY LIMITED 
