Boadicea Resources Ltd (ASX:BOA) executive director Domenic De Marco has demonstrated his confidence in the company’s exploration strategy with the purchase of shares in an on-market transaction.
On February 12 De Marco acquired 100,000 shares at 28 cents per share in a direct interest, increasing the total number of securities held in that interest to 309,500 with another 26,000 held in an indirect interest.
Leveraged to Orion extension
The company welcomes advanced exploration on IGO Ltd’s (ASX:IGO) Nova Mining Lease, less than 1 kilometre from the company’s Symons Hill licence, in the Fraser Range.
The Orion chonolith (‘worm-like intrusion’) has been intercepted by multiple drill holes and is interpreted to have a strike length of greater than 1,000 metres and a diameter of 80-250 metres.
IGO is advancing exploration on the potential Orion extension within the Symons Hill licence with drilling on Symons Hill expected in Q1/Q2 2021.
Of the more than 600 IGO Fraser Range mafic-ultramafic intrusions, Orion is ranked in the top three for prospectivity.
IGO has developed an in-house geochemical screening tool (the Mafic Prospectivity Index, or MPI) which can identify the most prospective intrusions in the Fraser Range by defining levels of crustal contamination, nickel and copper fertility, and intrusions that have chemical compositions like those at Nova-Bollinger.
Of key interest to Boadicea is the Orion prospect, one of the highest priority targets identified by IGO to have the potential to lead to a discovery in the near-term.