Boss Resources Extends Honeymoon Mineralisation

THE DRILL SERGEANT: Boss Resources (ASX: BOE) recently completed a drilling campaign at the company’s Honeymoon uranium project in South Australia.

Boss Resources conducted the drilling, concentrating on the East Kalkaroo area, located approximately three to ten kilometres from the Honeymoon uranium mine.

The work program comprised:

Step-out drilling: targeting the easternmost edge of the Honeymoon Mining Lease, with the objective of identifying extensions to the current Mineral Resource; and

Regional exploration drilling: focusing on a poorly-explored central part of Exploration Licence 5621, with the objective of identifying new areas of mineralisation for future exploration.

Boss announced the drilling identified two new zones of mineralisation in what it has interpreted to appear as channel limbs of northeast-southwest and broadly east-west orientation, respectively.

The company also carried out regional-scale, airborne electromagnetic (EM) data, which its said suggest that these limbs are extensions of the same Tertiary-aged Yarramba Palaeochannel that hosts the Honeymoon uranium deposit, making these new targets highly prospective and worthy of further exploration.

New drill intercepts of uranium (PFN results, ppm pU3O8) include:

BIF0204 from 119m GT 2,902 (3.5m at 829 ppm pU3O8);

BIF0186 from 124.75m GT 1,136 (2.0m at 568 ppm pU3O8); and

BIF0198 from 109.25m GT 1,177 (2.75m at 428 ppm pU3O8).

pU3O8 is the equivalent grade as estimated from Prompt Fission Neutron (PFN) logging.

“The results from the 2018 exploration drilling campaign provide strong justification for further exploration over the two new target areas,” Boss Resources said in its ASX announcement.

“Prior to committing to an expensive drill program, comparably low-cost surface geophysics is recommended to provide better channel definition.

“The next stage of exploration activities will therefore involve the use of the ground-based passive seismic system to map out the underlying basement topography, identifying areas of basement depression and structure as well as improving the current resolution of the known morphology of the Yarramba Palaeochannel.

“The passive seismic system is a far cheaper and proven exploration alternative to the other standard geophysical techniques, and has been used extensively within the exploration industry to successfully map out palaeochannel morphology for various projects throughout Australia.”

Boss Resources indicated it intends undertaking a small orientation survey within the Honeymoon Mining Licence to provide definitive confirmation that the passive seismic system will derive expected results.

The company will then use the resulting data to produce a depth-to-basement model, with the recent drilling utilised as calibration data.

Once the model has been produced, the geophysical method will be applied to regional areas around the tenement package.

Boss anticipates this phase of exploration to commence in the first half of 2019.