Uranium play Boss gets a lift from a different kind of yellow metal
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Uranium play Boss Resources excited the market — not on yellowcake news but on some “bonanza” gold intercepts out of a joint venture project in Burkina Faso.
The ASX-listed company’s joint venture partner on the Golden Hill property, TSX-listed Teranga Gold Corporation, recorded some very tasty gold intercepts at the Jackhammer Hill discovery.
Best intercepts included a “bonanza” intersection of 14 metres at 110.6 grams per tonne gold of which 1 metre came in at a whopping 1499 grams per tonne.
Another 15-metre intersection graded at 5.7 grams per tonne including 1 metre at 42.1 grams per tonne gold.
The stock (ASX:BOE) gained 24 per cent to an intraday high of 6.7c before dipping to 5.4c, up 10 per fent.
Recent drilling at Golden Hill has confirmed high-grade, near-surface oxide gold mineralisation.
So far, Teranga has uncovered four prospects at Golden Hill, all located around 5km from a central point.
“Under an earn-in agreement with Boss, Teranga is fast tracking exploration activities with drilling results highlighting exciting intercepts at relatively shallow depths at the Golden Hill project,” Boss managing director Duncan Craib said.
“In one of the fastest growing gold metallogenic areas of the world, Burkina Faso is a jurisdiction which supports gold mining an encourages fast development.”
Teranga and Boss own 51 per cent and 49 per cent respectively of the Golden Hill and Gourma gold projects.
Teranga is earning 70 per cent on completion of a definitive feasibility study. It can then buy up a further 10 per cent stake for $2.5 million.
The main focus for Boss Resources is its Honeymoon uranium project near Broken Hill in South Australia.