Boadicea Resources Ltd (ASX:BOA) is highly encouraged by the positive progress of IGO Ltd within the joint venture properties in Western’s Australia’s Fraser Range that has led IGO to intensify exploration activities.
Consolidation by IGO of historical data with recent exploration activities and drilling have provided confidence to pursue further nickel-copper sulphide exploration work at the Symons Hill licence near the Nova-Bollinger deposit.
A new sulphide target has also been identified at South Plumridge while IGO also has works planned for other BOA licences that form part of the JV agreement.
IGO is the major Fraser Range operator and has the Nova-Bollinger Mine with a number of the JV tenements sharing similar characteristics while others are in proximity to the Mawson discovery of Legend Mining Limited.
Increasing activity
Boadicea managing director Jon Reynolds said: “IGO’s exploration activities are intensifying in the Fraser Range with significantly increasing activity planned for the whole tenement package.
“The proximal location of the northern tenements to the Mawson nickel discovery provides an outstanding opportunity for new nickel discoveries in this region of the Fraser Range.
“We look forward to providing more news on the development of prospects including North Emperor, Ballast Eye, Buckwheat and Eggpie.”
Boadicea Fraser Range tenements.
Agreement with IGO
BOA completed a conditional sale agreement with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Ltd in September 2020.
Under the terms IGO has five-year exclusive access and exploration rights for nine of BOA's 11 Fraser Range tenements.
Upon IGO declaring a JORC resource within the exclusivity period:
- BOA will sell and transfer, and IGO will purchase, the Fraser Range assets upon the payment of $50 million cash; and
- IGO will grant to the company a Net Smelter Royalty of 0.75% on all revenues from the Fraser Range Assets.
September quarter focus
During the September quarter, IGO’s fieldwork on JV tenements was mainly focused on Symons Hill (E28/1932) and South Plumridge (E28/2937).
Assays for a previous 809-metre diamond drill hole, targeting the Orion intrusion, demonstrate the intrusion is fertile for magmatic nickel-copper sulphides, providing confidence for further exploration, particularly as this hole is interpreted to have only skimmed the NW margin of this intrusive.
The Symons Hill tenement area.
New targets
During the September quarter, the focus has been on consolidating all the historic data with recent drilling (aircore and diamond) and MLEM survey data with this work resulting in identification of new targets in addition to Orion.
Relogging of BOA drilled historic holes at Bell Ringer and Red Cap revealed new interpretation of intrusives requiring additional exploration.
Northern Fraser Range tenements proposed work programs & targets on E28/2866, E28/2888, E28/2849, E28/2937. (Source IGO)
With IGO’s methodical exploration and increasing exploration program on other BOA Symons Hill targets, deeper drilling is expected within the E28/1932 tenement in 2022.
More detailed work in understanding the structural architecture and technical assessment of known intrusions which include Orion, Elara, Arcturus and Hercules, is needed to help target several search spaces that remain on E28/1932.
IGO has also identified a new nickel target at South Plumridge (E28/2937), known as Emperor North, with an MLEM survey planned to start this month.
Upcoming work
Heritage negotiation is ongoing with Native Title groups to finalise agreements that cover most of the northern targets, including the Transline, South Plumridge and Giles group of tenements.
Planned activity on other tenements, which is dependent upon completion of Native Title and Heritage Agreement, includes MLEM and aircore on:
- Ballast Eye (E28/2849), which is a significant eye feature;
- Eggpie target (E28/2866);
- Buckwheat target (E28/2888 and E28/2895);
- Beacon target (E28/2937); and
- Mahi West target (E28/2937).