Boss Energy Ltd (ASX: BOE) shares are pushing higher on Thursday.
In morning trade, the ASX 200 uranium stock is up slightly to $1.94.
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Why is this ASX 200 uranium stock rising?
Investors have been buying the uranium producer's shares this morning after responding positively to the release of a promising announcement.
According to the release, enCore Energy Corp (NASDAQ: EU) has published an update on new uranium discoveries made near existing wellfields at the Alta Mesa Uranium Project in Texas, United States.
The Alta Mesa Uranium Project is co-owned by enCore Energy, which owns a 70% stake, and Boss Energy, which owns the remaining 30%.
Boss Energy also receives 30% of the mine's uranium production, which could be good news given today's announcement.
What was announced?
enCore Energy advised that it has made important new uranium discoveries in areas in or near existing wellfields. It notes that these discoveries have been made as a result of a major ongoing re-analysis of thousands of historic drill holes from across the Alta Mesa In-Situ Recovery (ISR) Uranium Project that began in April 2025.
Management advised that this more granular and detailed evaluation has identified uranium mineralised roll fronts in at least three areas to date. Follow up drilling by enCore has delineated these new roll fronts with drilling continuing to determine the extents of each.
Importantly, this newly discovered mineralisation lies at a depth of 320 feet to 345 feet. This is almost 200 feet above the previously exploited roll front.
The company notes that this shallow mineralisation makes for shorter drill times with less footage required, less cement, and shorter casing intervals. This results in significant cost savings in delineation and extraction versus deeper mineralization.
In addition, a third area extending south from the previously exploited mineralisation in Wellfield 1 continues to expand with additional ongoing drilling.
Looking ahead, the granular re-analysis of previous drill data is expected to continue through the end of the year with follow-up delineation drilling continuing into 2026.
This is in addition to the major drill program, expected to commence in the next few weeks, on the recently acquired Alta Mesa East Property, which hosts the extensions of roll front uranium mineralisation from several of the Wellfields to the west on the established Alta Mesa Project.
Overall, there are early signs that Alta Mesa Project could be a much greater operation than first imagined.
