Victoria-based mineral exploration company, Boadicea Resources Ltd (ASX: BOA), focused on bolstering its ground position within the highly prospective and favourable mining jurisdiction of Western Australia, has released its half yearly financial report for the six months to 31 December 2019.
Symons Hill Project - Additional MLEM Surveys to Cover Untested Targets
During the half year, the Company primarily focused on its most important Symons Hill Project (E28/1932), located within the Fraser Range Province, ~ 100 km east of Norseman and ~ 200 km south east of Kalgoorlie in Western Australia.
The Company’s exploration licence in this area is adjacent to the Mining Lease (in the north east) where the world-class Nova-Bollinger nickel-copper mine is located. Independence Group NL now owns the Nova-Bollinger mine, as it completed the $ 1.8 billion acquisition of the previous owner, Sirius Resources, during late-2015.
Boadicea Resources had completed modelling of an MLEM survey during the quarter ended March 2019, whereby 11 conductive anomalies were identified, of which seven (7) had low conductance or high width, thus, the response was considered not to represent potential sulphides and likely related to stratigraphy. However, there are three (3) conductors (described in Table 1) that are considered prospective for sulphide accumulations, and in conjunction with the magnetic and gravity interpretation warrant drill testing. A subtle anomaly at target SH-14 was also considered a target warranting drilling.
The MLEM program results, especially in light of coincident aeromagnetic and gravity features, have provided an encouraging push to the Company to carry out drill testing of the conductors and targets in due course following the receipt of necessary permits and approvals.
Moreover, the Company is planning to carry out additional MLEM surveys over untested targets in the southern portion of the project in light of plans announced by Independence Group (IGO) in May 2019 to further drill test their Elara Prospect located ~1,500 m from the Symons Hill Project following the confirmation that drill hole SFRD0738 at prospect had intersected a thick package of key “Nova style” rock types during the March quarter 2019. Subsequently, IGO’s June Quarterly 2019 Report stated that prospective mafic-ultramafic rocks had been intersected at the Hercules Prospect, ~500 m from the Symons Hill Project.
Fraser South Project - Initial Geological Field Reconnaissance Completed
The Exploration Licence (E63/1859) spanning 158 km2 was granted to the Company in 2018, expanding its tenure by more than 300% to 231km² in the Fraser Range. It is located adjacent to Galileo Mining’s Yardilla Project and Independence Group’s Southern Hills Project.
Covering the project area, BOA has already concluded an initial geological field reconnaissance, in order to generate targets and plan exploration programs. The results from this work are in place and are presently being examined with their release scheduled for the March quarter.
Horseshoe Project - Geological Field Reconnaissance Results Under Assessment
The Horseshoe Lithium Pegmatite Project (E15/1596) is located 75 km south-southwest of Coolgardie in Western Australia’s Eastern Goldfields, where significant pegmatites are present. The project covers 204 km² on the Horseshoe greenstone belt, which is well defined by aeromagnetics with limited outcrop.
So far, no prior exploration has been undertaken at the project area and historic gold and nickel exploration reports have revealed presence of lithium pegmatites in this region, specifically at Metals Exploration Ltd’s Tramline Prospect.
Initial geological field reconnaissance program of the project area, in addition to rock chip and soil geochemical sampling, has already been completed. Additionally, the Company performed an auger soil geochemical program, unveiling disappointing results. Consequently, the less prospective areas were relinquished by the Company and the more prospective ones were retained. The Company’s tenure in this area now spans 96 km2.
The Company is presently examining results of a geological field reconnaissance of the retained area including some rock chip and soil geochemical sampling, that was conducted to generate additional targets and plan future exploration programs.
Wildara Lithium - Gold Project - Reassessment Underway for Additional Targets
The Wildara Project is located 30 km southwest of Leinster in Western Australia’s Goldfields region and comprises one granted Exploration Licence for 60 km² and covers six (6) bores, including the 5th highest (1,140ug/L) lithium anomalous bore within the entire 3,120 sample dataset.
Presently, the Company is reassessing the project to identify additional targets for warranted geochemical programs, scheduled for completion in the March quarter.
New Projects - Bolstering BOA Landholding in Fraser Range
During the half year, Boadicea Resources successfully secured grants for new Exploration Licence Applications within prospective areas of the Fraser Range:
- Southern Hills: The licence ELA 63/1951 covering 23 km² is located in the southern portion of the Fraser Range and forms part of the Southern Hills Independence Group/Creasy Group JV where Independence Group had purchased certain rights for $ 21 million on 3 July 18.
- Transline: The Company successfully won 2 of the ballots drawn by the Mining Warden in respect of the Transline Exploration Licence Applications including Transline North ELA 28/2849 and Transline South ELA 28/2866 totalling 121 km², both located in the northern Fraser Range region. Transline North is a strategic licence as it joins Legend Mining’s licence to the west containing the Mawson Prospect (formerly Area D), one of the latest nickel sulphide discoveries.
- Transline West: Boadicea Resources had also secured 2 ballots drawn by the Mining Warden in respect of the “Transline West” Exploration Licence Applications including ELA 28/2888 and ELA 28/2895 spanning a total area of ~ 59 km² in the northern part of the Fraser Range. These 2 tenements are adjacent to and compliment the 2 “Transline” tenements that were secured by Ballot in August 2019.
- South Plumridge: It covers the Exploration Licence Application 28/2937 and spans an area of ~86 km², also located in the northern part of the Fraser Gravity Ridge.
BOA Stock price Trending Near 52-Week High
Boadicea Resources’ share price zoomed up 13.04% to $ 0.260 on 27 February 2020, the day half year results were announced. The Company has a market capitalisation of ~ $ 14.45 million and ~ 55.6 million shares outstanding. The share price is currently trending towards the 52-week high of $ 0.290 that was recorded in December 2019.