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Coda Minerals and Boss Energy Secure Exploration Tenements in South Australia

3 October 2023 12:33
ASX: COD

Coda Minerals (ASX: COD) and Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) have jointly acquired four exploration tenements in South Australia, encompassing the Kinloch Project, spanning approximately 3,184 square kilometres and situated 130 kilometres south of the Honeymoon Uranium Mine.

Successful Award

A recent drilling program consisting of 12 drill holes was completed as part of South Australia’s Delamerian National Drilling Initiative in the Quandong Vale area of eastern South Australia, aimed at gaining insights into the geological characteristics and mineral systems of the Delamerian basement and Murray Basin sediments.

Subsequently, Boss Energy and Coda Minerals secured four Exploration Release Areas through competitive bidding, which have now been processed into Exploration Licence Applications (ELAs) by the South Australian Department of Energy & Mining.

These four granted ELAs are:

  • ELA 2023/00049
  • ELA 2023/00051
  • ELA 2023/00052
  • ELA 2023/00053
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Figure 1: Location of the Kinloch Project areas granted ELAs

A Geological Opportunity

Significantly, the geological conditions in this new project area closely resemble those in the Lake Eyre Basin to the north, where Boss is actively engaged in the exploration and extraction of palaeovalley-hosted uranium deposits, such as Honeymoon, Jason’s, Gould’s Dam, Billeroo, and Sunrise.

Building on Past Achievements

Boss Energy’s past exploration efforts have been fruitful, with notable growth in its JORC Resource at the Honeymoon Uranium Mine.

Since its acquisition in December 2015, the JORC Resource has increased from 16.57 million pounds to 71.67 million pounds, reflecting a four-fold growth, with the current mine plan at Honeymoon only utilising 50 percent of this resource.

Mineral Rights Sharing Arrangements

Boss and Coda will advance the mineral rights sharing arrangements, with Boss operating uranium exploration and holding 100 percent of the uranium rights, while Coda will operate base metals exploration and retain 100 percent of the base metal rights, with plans to formalise this arrangement in a customary mineral rights agreement.

Next Steps in Exploration

With the granted ELAs now secured, Coda Minerals and Boss Energy are set to embark on an ambitious exploration journey. This includes extensive stakeholder engagement, on-ground exploration activities, the preparation of an exploration Program for Environment Protection and Rehabilitation, and the compilation and interpretation of all available geological and geophysical data.

Furthermore, regional geophysical surveys will be undertaken to define basement architecture and identify potential palaeochannel sequences within the Renmark Group. These crucial steps will unlock the full potential of the Kinloch Project and establish it as a significant contributor to South Australia’s uranium and copper resources.

Boss Managing Director Duncan Craib commented on its partnership with Boss Energy.

“We sincerely thank the Government of South Australia for entrusting this exceptional exploration acreage to Boss and Coda,” he said.

“Boss has a thorough understanding of the geology style and its uranium potential due to its striking similarities with the geology at Honeymoon and surrounding areas.”

“Boss will apply its wealth of exploration knowledge and in-depth understanding of uranium to the Kinloch Project area with the aim of establishing a new uranium province.”

COD’s Australian Stock Exchange-listed share price is currently trading at 0.18 AUD (12.30 pm UTC+ 8 hours).

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