Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to announce that First Quantum Minerals’ (TSE:FM) (First Quantum) maiden diamond drilling program on Honeymoon’s tenements in South Australia has successfully intersected basement-hosted base metal mineralisation below the Yarramba Palaeovalley which holds the uranium.
Highlights
First results received from copper exploration program conducted by First Quantum under its farm-in agreement with Boss at Honeymoon; Assays include:23CURDD002: 16m @ 0.27% Cu and 0.1g/t Au, from 288m, and;23CURDD006: 47m @ 0.19% Cu from 404m, with a number of narrower zones of 5-6m containing up to 0.5% Cu and 0.12g/t Au.The Boss- First Quantum agreement gives First Quantum the right to earn a 51% interest in Honeymoon’s base metal endowment by spending $6m on exploration and a further 24% interest by sole-funding all base metals expenditure up to a Decision to MineThe agreement enables Boss to remain fully-focused on its core business of uranium exploration, development and production while having exposure at no cost to the significant potential of a base metals exploration program led by a global major
Summary of drilling results from First Quantum 2023 drilling on EL6081 and EL6510
Following a phase of regional data assessment and targeting for base metals in the Paleo-Mesoproterozoic basement stratigraphy, a rotary mud-diamond drilling program was conducted on EL6081 and EL6510 during October-December 2023. Six holes totalling 2,473.4m across three targets were completed by DDH1 Drilling. The program intended to test several target styles associated with the Bimba Formation, the regionally anomalous unit that hosts the majority of known base and precious metal occurrences in the region.
Atlas target
Three holes totalling 1,029.5m were completed at the Atlas target, 4km east of Honeymoon. Drilling yielded several zones of stratiform and vein-hosted copper mineralisation with minor gold and outboard weak zinc at the interpreted Bimba Formation position, in two holes separated by 1.3km strike length. Mineralised intercepts include 16m @ 0.27% Cu and 0.1g/t Au, from 288m (23CURDD002) and 47m @ 0.19% Cu from 404m (23CURDD006), with a number of narrower zones of 5-6m containing up to 0.5% Cu and 0.12g/t Au. The intercepts are proof of process; evidence for movement and precipitation of copper (~gold/~zinc) within the Bimba Formation in the target area.
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