Boadicea Resources (ASX:BOA) Ltd is all set and ready for growth as it increases its exploration activity in the Australian mining hotspots of Fraser Range and Paterson Province in Western Australia and the Drummond Basin in Queensland.
It is also looking at a potential $50 million payday, as well as 0.75% net smelter revenue (NSR) royalty from its Fraser Range nickel assets operations.
The company said imminent assays were due from its partner IGO Ltd at the Orion Extension in the third quarter.
IGO has completed 89 aircore (AC) holes for the JV tenement, testing for potential nickel-copper-cobalt mineralisation as an extension of the Orion chonolith within the licence owned by Boadicea.
BOA is well funded for its exploration drive with $5.3 million in cash following a $3.7 million capital raise completed in June.
At Symons Hill, which is managed and funded by IGO, the first diamond drill hole was completed at the Orion intrusion and intersected visually good tenor pyrrhotite-chalcopyrite-pentlandite sulphides.
The Orion chonolith was intersected at a shallower depth than planned, which paves the way for additional testing of Orion within Symons Hill.
Around 50% of the down hole composite samples have been received with the bottom of the hole assays pending.
For the third quarter, plans include:
- Completion of MLEM survey and assessment of results;
- Assays and interpretation of AC drilling; and
- Planning of diamond drill holes on E28/1932 to follow up on MLEM results.
Work programs at Nova-Bollinger, about 3 kilometres from BOA’s Symons Hill Licence, is proposed with targets on E28/2866, E28/2888, E28/2849, E28/2937.
Following heritage agreements and surveys, further MLEM surveys and aircore drilling will progress on other BOA tenements.
The key targets include the investigation of an elliptical magnetic eye feature (Ballast Eye) on BOA’s prospective E28/2849 (Transline) tenement near Legend Mining Ltd’s ‘Mawson’ discovery.
Boadicea has tenements covering 885 square kilometres in the Paterson Province, with two tenements already granted – Koongulla (95%) and Koongulla North (100%).
The Koongulla East tenement application is expected to be granted soon after October 11, 2021, while the Koongulla South was applied for on July 9, 2021.
Follow-up airborne geophysical survey of 100 metres spacing east-west lines covering 1,842 kilometres, will commence in August 2021, covering all of Koongulla East, infilling gaps to the Koongulla Dome data.
The dome feature straddles Koongulla and Koongulla East tenements (E45/5392 and E45/5866).
Land access and a mineral exploration agreement has been completed with WDLAC for three Koongulla tenements.
The more recent Koongulla South application is likely to be brought under this agreement.
An on-ground gravity survey is planned over the much-anticipated Telfer-look-a-like dome feature in the fourth quarter of 2021 and drilling will follow on from the completion of the gravity survey, possibly in the second quarter of 2022.
BOA is also evaluating the potential to advance drilling in the fourth quarter 2021, ahead of geophysical survey work.
The company plans to start drilling at Clarke Reward in Queensland in the fourth quarter of 2021 to the second quarter of 2022.
The Clarke Reward, which was granted in July 2021, covers 96 square kilometres of a highly anomalous magnetic feature in a structural position at the margin of the Drummond Basin and the Anakie Metamorphic complex.
It is proximal to the Mt Coolon epithermal mine with more than 1 million ounces of gold and is prospective for Drummond Basin style epithermal gold, other intrusive-related mineralisation systems.
It has never been tested by any modern exploration.
BOA has entered into an exploration agreement with the Bulganunna Aboriginal Corporation, which provides land access.