The Boss Energy Ltd (ASX: BOE) share price is soaring today, up 6% at time of writing.
Below we take a look at the ASX uranium explorer's latest announcement.
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What did Boss report?
Boss Energy's share price is charging higher after the company reported it's getting set to commence a seismic reflection program at its Honeymoon Uranium Project in South Australia.
While widely used in oil exploration, seismic surveying is only recently being employed to explore for shallow mineral deposits. Boss said the method will reduce exploration costs. It's also faster than drilling with a lower environmental impact.
As part of its strategy to grow its uranium inventory, the company intends to survey 2 potential high-grade zones identified in its 2020 scout exploration drill program.
Commenting on the new exploration tactic, Boss Energy's managing director, Duncan Caribe said:
The impending seismic reflection program, followed by drilling, is aimed at creating value by growing the mineral resource inventory for Honeymoon, where we believe there is substantial exploration upside.
Passive seismic helped to refine the palaeovalley geometry. The modern seismic reflection system will now add to that by enhancing the detail of likely permeable horizons within the palaeovalley fill.
The combined arsenal of the two seismic systems has the potential to create significant value for shareholders, as they allow better targeting of exploration drilling, which opens the door to increasing both Life of Mine and production rates, in turn growing the project's NPV and free cashflow.
Citing the results of its recent Enhanced Feasibility Study, Caribe said that Boss is "well on track" to bring its Honeymoon project into production.
Boss Energy share price snapshot
Over the past 12 months, Boss Energy's share price has gained an impressive 131%. By comparison the All Ordinaries Index (ASX: XAO) is up 24% in that same time.
Year-to-date the Boss Energy share price continues to charge ahead, up 85% in 2021.
