Boss Resources Ltd. has delivered its maiden JORC Resource at the Gould Dam Project totaling 25.0 million pounds of contained U3O8, located in South Australia, 80 kilometers north-west of Broken Hill. The initial resource incorporated the results of 937 drill holes. This provides for a lift of 90% in the overall resource inventory at the Honeymoon project to 52.5 million pounds of contained U3O8.
As impressively, this represents a 330% increase in resources since the project was acquired by Boss in December 2015. Dr Marat Abzalov said that they have only just started to scratch the surface...and its clear that they are dealing in a highly mineralized uranium province. The global exploration target for the Boss Honeymoon Uranium Project (purchased from Uranium One) is currently estimated to be between 42 million pounds and 100 million pounds of contained U3O8 in addition to the current global resource of 52.5 million pounds of contained U3O8.
Extensional and infill drilling throughout the 15 kilometer strike length at Gould Dam provides the upside in resource case. Planning is underway for resource drilling at the high-priority Jasons region. Additionally, further opportunity to expand the resource lies within the 50 kilometer plus strike length of the paleochannels in the Western Tenements Project. The continued resource expansion program will segue into a pre-feasibility study on scope of mine restart in late 2016.
Boss has been transformed into an advanced uranium developer through the 80% acquisition of the Honeymoon Uranium mine in South Australia. The acquisition was effectively done at the cost of the $9 million environmental bonds to be paid in staged payments. The mine, which has been on care and maintenance since 2013, has existing infrastructure and a uranium processing facility which is in excellent condition. As a result of the purchase, Boss has all the necessary Australian permits to mine, process and export uranium.
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