Boadicea Resources Ltd (ASX:BOA) has received validation of its exploration strategy focused on gold through a new substantial holder in Ulysses Ganas and Associates which has a 5.79% stake in the company.
Two parties associated with Ulysses Ganas have accumulated 3,580,896 shares in the company.
Ganas has 2,733,761 shares while Ganas (Aust) Pty Ltd – of which he is the sole director - has 847,135 shares.
MD purchase
This follows managing director Jon Reynolds demonstrating his confidence in the company’s emerging strategy by purchasing shares in an on-market transaction last week.
Reynolds acquired 20,833 shares in an indirect interest on December 3, increasing the total number of securities held in that interest to 183,725.
Gold strategy
Boadicea intends expanding exploration efforts into the prolific Charters Towers gold region of north Queensland after applying for a new exploration licence.
The proposed South West Ravenswood tenement covers 117 square kilometres and is around 20 kilometres southwest of Ravenswood Gold Mine, which is owned and operated by Ravenswood Gold, a private company owned by EMR Capital and Golden Energy and Resources Ltd (SGX:AUE).