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Australian mineral exploration company, Boadicea Resources Limited (ASX: BOA) is engaged in exploring Western Australia’s rich nickel-copper-gold land in the province of Fraser Range. Its flagship Symons Hill Project is located adjacent to world-class Nova-Bollinger nickel-copper-cobalt ore body, owned by Independence Group NL (ASX: IGO).
In the recently held Moving Loop Electromagnetic (“MLEM”) geophysical survey, Boadicea Resources identified multiple significant electromagnetic conductors at the Symons Hill Project, located 200km south-east of Kalgoorlie in the Fraser Range WA. This program was reportedly targeted to complete first pass surveying of five priority targets located within the highly under-explored northern part of the project area.
BOA Symons Hill Project - Location of priority northern targets and December 2017 MLEM survey coverage over high resolution gravity image (Source: Company’s Report)
The company holds an exploration licence for 73 km2 in Symons Hill and continues to make a series of Exploration Licence Applications within highly prospective areas of the Fraser Range , which subject to successful Mining Warden Ballot, has the potential to significantly increase the company’s landholding.
In 2018, Boadicea Resources was awarded with 158km2 Exploration Licence for its Fraser South Nickel-Copper Project, taking the company’s total landholding in the highly prospective Fraser Range region by over 300% to 231km2. It has earned additional exploration rights in four “Transline” Applications within the Fraser Gravity Ridge ~100-150km northeast of the Symons Hill Project.
The success stories of the company further continue with it winning exploration licences in a new area. The company recently secured two Exploration Licence Applications in a Mining Warden Ballot, adjacent to the Creasy Group’s Silver Knight Discovery.
Source: Company’s Website
The miner further ramps up its operations at Wildara Lithium – Gold Project to seize the underlying opportunity in rapidly growing electronic-vehicle market beside targeting returns from the safe haven. Located 30km southwest of Leinster in the northeast Goldfields region, Wildara Project is primarily targeted for its highly anomalous lithium potential which has been seen in the Minerals Research Institute of Western Australia (“MRIWA”) regional scale bore water geochemical sampling program.
As per the latest official information, a reconnaissance surface geochemical programme at Wildara has been completed in late 2018 to evaluate the lithium and gold potential; however, the results remain pending.
Boadicea also holds majority 95% interest in Horseshoe lithium pegmatite project, located 75km south-southwest of Coolgardie in a region of significant pegmatite development in the Eastern Goldfields district of Western Australia. The project covers 204km2 of the Horseshoe greenstone belt which broadly remains unexplored for lithium pegmatites. Boadicea, therefore, strategically pursues to explore Horseshoe lithium pegmatite project based on the encouraging historical reports which have noted the significant presence of pegmatites, particularly at the Tramline Prospect of Metals Exploration Ltd.
The future plan of the company foresees its journey focussing on gold, lithium and nickel exploration by actively targeting and reviewing several new project opportunities and assessing historical exploration results.
BOA is trading at a price of $0.170 (with close of trading on 29 May 2019). Over the past 12 months, the stock has provided an attractive return of 80.85% including a decent upside of 13.33% over the past six months.
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