Boadicea Resources Ltd (ASX:BOA) has made its case to prospective investors during this week's Proactive Resources Webinar.
The nickel, copper and gold-focused explorer outlined its current development strategy and described its operations across Western Australia and North Queensland in a virtual presentation on Thursday.
Managing director Jon Reynolds took to the stage to discuss the company’s partnership with mining titan IGO Ltd, an affiliation that could lead to a $50 million payday for the small-cap resources player.
Looking ahead, Boadicea will continue to explore over its Fraser Range, Paterson Province and Drummond Basin tenement, looking for “large-scale giants as it seeks to deliver value to its shareholders".
Boadicea’s enterprise value sits around $12 million — a figure the business believes poses a lot of upside for prospective investors.
Exploring the Fraser Range
Boadicea is currently exploring WA's Fraser Range region alongside fellow ASX-lister IGO.
In September last year, IGO subsidiary IGO Newsearch Pty Ltd executed a conditional sale agreement with the Boadicea team.
Over a five-year term, the mining titan can exclusively access and explore nine of the 11 Boadicea-owned tenements in the Fraser Range province.
Commenting on the exploration partnership today, Reynolds said: “It allows IGO to fulfil their needs and try to find nickel mineralisation for their hungry mill.
“The structure of the deal is that if they find a JORC resource of any type, they will buy the tenement office for $50 million.
“Now they've got another four and a half years to do that work. And so they are really focused on testing the nickel exploration opportunities within these tenements.
“But they're also looking for new opportunities within the other tenements, so this is an exceptionally strong deal for us shareholders to have.”
At the Symons Hill tenement, all eyes are on the Orion intrusion, where diamond drilling has been used to explore the nickel target.
Speaking on Orion’s promise for IGO, Reynolds continued: “Not only is it the best target they have, it is also getting better as it gets closer and further into our licence.”
Eighty-nine aircore drill holes have been completed over Symons Hill to date, with a moving-loop electromagnetic survey and drilling analysis planned for the current quarter.
Prospecting in the Paterson
Elsewhere in WA, Boadicea is targeting base and precious metal mineralisation in the famed Paterson Province.
Reynolds described the area as “likely the most attractive region for copper-gold mineralisation in Australia”.
“We’ve got about 880 square kilometres of tenure, making up the Koongulla Project on the east side of the province," he said.
“We've got a Native Title agreement completed so it's ready to be progressed.
“Now we've done some initial geophysics and we've got some really interesting targets.”
Geophysics work at the Koongulla project has pinpointed a dome structure — significant because several deposits in the Paterson are associated with known dome structures, including Newcrest Mining Ltd’s world-class Telfer mine.
In fact, the structure is firming up as a potential Telfer look-a-like and will be the focus of further exploration over the coming months.
Hunting for gold in Drummond Basin
Beyond Western Australia, Boadicea is on the search for precious metal mineralisation in Queensland’s Drummond Basin — a region with a gold endowment totalling more than 7.5 million ounces.
Boadicea picked up the exploration tenements late last year and secured the Clarke Reward gold licence just last month.
The area, although new to the explorer’s portfolio, is prospective for Drummond Basin-style epithermal gold and other intrusive-related mineralisation systems
Interestingly, it’s never been tested by any modern exploration.
Boadicea hopes to mobilise a team to the site in the coming months and kick off drilling either next quarter or early in the new year.
Concluding today’s investor session, Reynolds signed off: “We’re ready for growth, we’re ready to explore, we’re ready to add to the mineralisation in the ground.
“The company is now very well structured to deliver some upside to our existing shareholders and any new shareholders that come in."