Boadicea Resources awaits results of detailed airborne survey over Paterson Province project
An aeromagnetic survey has been flown on 100-metre spaced, east-west oriented lines for a total of 5,259 line kilometres.
Company
ASX: BOA
Boadicea Resources Ltd is an Australian minerals exploration company with a portfolio of tenements focused in Western Australia’s Eastern Goldfields, Lake Johnston, Mt Ida and Fraser Range regions. The company is exploring for metals required for battery production and critical to the energy transition to renewable sources. It focuses on exploring for lithium, nickel, copper and gold (which also provides a safe haven to investments in times of turmoil).
119 stories · page 6 of 6
An aeromagnetic survey has been flown on 100-metre spaced, east-west oriented lines for a total of 5,259 line kilometres.
The early-stage exploration has provided sufficient encouragement with anomalous nickel, cobalt and copper which paves the positive path for further follow-up exploration in 2021.
The company’s new exploration strategy in the Charters Towers gold province of north Queensland is backed by recent director purchases and new substantial holders.
The company has applied for a new exploration licence in the Charters Towers gold province of north Queensland, which has been identified as prospective for Ravenswood-style gold mineralisation.
The area has been identified as prospective for Ravenswood-style gold mineralisation with previous exploration highlighting anomalous Bulk Leach Extractable Gold geochemical gold assays over a 4-kilometre strike length.
IGO is targeting known prospects that are interpreted to extend into Boadicea’s Symons Hill licence, including the Orion, Hercules and Elara prospects.
The company has tenements in two of Australia's exploration hotspots - the Fraser Range and Paterson Province.
Following an initial geophysical review, the Licence E45/5818 (Koongulla North) has been applied for surrounding the northern section of the granted tenement EL45/5392 (the Koongulla Project).
As part of the asset sale of nine tenements in the Fraser Range, IGO has been issued 6.25 million shares in the company for a consideration of 24 cents per share.
The company’s shareholders approved the asset sale of nine tenements in the Fraser Range at the general meeting on October 14, 2020.
The asset sale agreement will see IGO Newsearch explore nine of the company’s tenements on the range at no cost to Boadicea for up to five years.
An online general meeting of security holders will be held at 11am AEDT on Wednesday, October 14.
The company has completed a geophysical review, identifying five target zones for exploration at the greenfields project in the highly prospective Paterson Province.
A general meeting next Wednesday, October 14, will enable shareholders to firm-up the way forward by voting to approve the transformational agreement forged with IGO Ltd.
Managing director Jon Reynolds says in the Annual Report that solid groundwork laid over many years is set to deliver shareholder value.
The company has entered an agreement with IGO Ltd for nine of its Fraser Range tenements with a potential value to BOA of $57 million.
The licence is for the E28/2952 tenement and has a total area of 14 blocks covering around 42 square kilometres.
The company is well-placed after the sale of 9 of its 11 tenements in the Fraser Range to IGO Ltd to explore additions to the portfolio.
In a win-win-win, the agreement will see BOA benefit from future upside from IGO efforts, shareholders will receive a dividend and the company will be well-funded for future exploration.