Canadian mining company First Quantum Minerals has commenced a diamond drilling programme at Boss Energy’s Honeymoon uranium project in South Australia. The program is focused on the exploration of base metal mineralisation beneath the Yarramba Palaeovalley and will target three high priority areas identified through extensive analysis and modelling of geophysical and geochemical data.
Earlier this year, Boss Energy entered into an exploration earn-in agreement with First Quantum Minerals for the base metal rights to five tenements on the Honeymoon Project. Under the terms of the agreement, First Quantum Minerals will fund and carry out the drill programme. The programme will include a minimum of five diamond core holes with a total drill length of at least 1800 metres.
The drilling programme will be carried out by DDH1, a global drilling company recently acquired by the Perenti Group. The programme is expected to take four to six weeks to complete, after which geochemical assay results will be analysed.
Boss Energy is excited to partner with First Quantum Minerals, noting their track record of discovery and development. This collaboration provides Boss Energy with exposure to potential base and precious metal discoveries at no financial cost, allowing the company to focus on its goal of becoming Australia’s next uranium producer.
Upon completion of the drilling programme, First Quantum Minerals has the option to earn a 51% interest in the agreement by spending $6 million on exploration within five years and maintaining a minimum annual expenditure of $500,000 on the project. If this option is exercised, a joint venture agreement will be formed between First Quantum Minerals and Boss Energy.
