Boadicea Resources Ltd (ASX:BOA) has an active exploration quarter underway with teams on the ground in Western Australia and Queensland undertaking various scopes of work.
The exploration program comes as good news to its loyal investors, as Boadicea hits another milestone – now boasting 1,000 shareholders on its register.
This work heralds the start of a strong emphasis on in-ground exploration by the Boadicea team in 2022 to advance the company’s projects and is a consolidation of the business development work undertaken by the new management installed in 2020.
In-ground exploration focus
During the past two years, the Boadicea team has focused on expansion of its project base through acquiring quality tenements and has secured a strong portfolio and a commodity mix that is sustainably attractive in the EV space.
Work is now underway to explore the potential and grow resources and expenditure for in-ground exploration work.
Boadicea’s portfolio of tenements are in the world-class locations of Fraser Range, Paterson Province, Charters Towers, Drummond Basin and Eastern Goldfields. The tenements are prospective for nickel, lithium, copper, cobalt and gold.
To date exploration on Boadicea licences has been delivered by the IGO Ltd-Boadicea deal struck in September 2020, working across nine of Boadicea’s 11 Fraser Range tenements.
Nickel - Southern Hill and Fraser South
In the Fraser Range, Boadicea is halfway through a ground EM survey of its Southern Hill and Fraser South tenements which do not form part of the IGO exploration deal.
Boadicea managing director Jon Reynolds said, “We’re halfway through the ground EM survey aiming to identify potential accumulations of nickel sulphide drill targets.
“While there is some inaccessible terrain we have been able to modify the survey to complete our work,” he said.
This work is expected to be completed shortly and analysis of the acquired data and results are likely be available in the current quarter.
Lithium - Bald Hill East
An auger sampling program was completed recently and assay results are expected in the second half of this month. The tenement is about 2 kilometres east of the Bald Hill Mine and lithium processing site.
Boadicea management is encouraged by early indicators which show lithium pegmatites could extend into Bald Hill East.
The initial exploration activity is to test the theory of extension of the known Bald Hill Lithium deposit and if successful a more extensive exploration program will be committed to Bald Hill East.
Reynolds said, “By 2030, demand for lithium is expected to exceed two million metric tons of lithium carbonate equivalent. This is more than double the demand forecast for 2025.
“It is the increase in battery demand for electric vehicles which will be a strong driver of lithium consumption in the next decade and exploration success for new sources of lithium is paramount.
“We are in a good position with our Bald Hill East tenement to be in a prime position for a discovery and due to its proximal location to an existing plant, a higher chance of commercialisation.”
Gold-copper - Koongulla
Preparation is underway for a heritage survey which is planned to start end of June/early July.
The on-ground team is identifying all existing tracks that may need to be used for the exploration program.
“The exploration team is working through a number of logistical challenges associated with the heritage survey as we need to find tracks that give us good access and therefore form part of the access agreement with the Native Title owners,” Reynolds said.
“The Paterson Province is harsh terrain, but we are looking at how other successful explorers have conquered the province and taking lessons from them to ensure our exploration program gives us the best opportunity to make a discovery ourselves.
“As a first-mover in this region of the Paterson Province, the access challenge is more than offset by the opportunities that the Koongulla Dome represents.
“Camp facilities, water access, getting elders to site and resourcing the drilling requirements, whilst maintaining a highest degree of possible safety, are all currently being planned and coordinated,” the MD said.
News this month by Antipa Resources updating its Minyari Dome Project give Boadicea management further encouragement. Antipa updated its Minyari‐WACA mineral resource (100% Antipa) by 250%:
The project resource now stands at 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt at 1.6 g/t gold and 0.19% copper.
Within this is an indicated resource of 1.0 million ounces of gold, 41,100 tonnes of copper, 387,000 ounces of silver and 7,700 tonnes of cobalt at 1.4 g/t gold and 0.19% copper. This makes for 2.3 million gold equivalent ounces from 33.9 million tonnes at 2.14 g/t gold equivalent.
The discovery cost for Minyari has been an extremely low $7.20 per gold equivalent resource ounce. Minyari resources start from surface providing open pit together with underground development potential.
Antipa has reported the uplift in resource scale delivers strong potential for a standalone development opportunity.
Gold - South West Ravenswood
With the granting of the licence for South West Ravenswood, discussions have begun with landowners for access to the site.
Boadicea’s geological consultant Map to Mine has completed a full historical assessment of the licence and identified a couple of previously unidentified opportunities which are being advanced for lithium and gold potential.
Over the Anzac long weekend, Map to Mine geologists conducted first ground reconnaissance and rock sampling of the area.
MD Jon Reynolds and non-executive director Graeme Purcell will travel to North Queensland this month to get on ground and review more carefully the opportunities this early exploration work is delivering.
Gold - Mt Carmel and Clarke Reward
Boadicea has been reprocessing and awaiting the results of the interpretation of additional airborne geophysical data which was purchased at a very low cost.
Furthermore, Map to Mine, Boadicea’s engaged geology consultant, is working through historical data to plan the next stage of exploration.
Lithium-tin - Hanns Gully
The application has been submitted for a Prospecting Licence for the Hanns Gully Lithium-Tin Project. Granting of the licence is expected shortly.
Reynolds said this would allow BOA early access to the ground while it awaits the granting of the licence.
“We have begun data compilation and reviewing the information available.
“Lithium has been identified in the region off the lease but provides some encouragement that the geological concept is valid.
“We expect to be able to do an initial field reconnaissance this month.
“We know we have embarked on an ambitious program of works, but with careful planning and good teams on ground, we’re confident as a junior explorer we will be making headlines,” Reynolds added.