Victoria-based mineral explorer, Boadicea Resources Ltd (ASX: BOA) had the most momentous last few months, whereby the Company continued to expand and bolster its ground position in the Fraser Range located within the highly prospective mining jurisdiction of Western Australia.
The Fraser Range Nickel Belt hosts Nova-style high-value targets. It is a fast-developing mineral province with total known resources of 18 million tonnes with less than eight years of mining and a huge untapped potential for new nickel deposits.
Let’s look at the Company’s progress-to-date on its main projects.
- Symons Hill Project (E28/1932)
With exciting prospectivity for Nova-Bollinger style nickel-copper mineralisation, Symons Hill is the Company’s flagship project located adjacent to the world-class Nova-Bollinger nickel-copper mine, owned by Independence Group NL within the Fraser Range Province.
This project is being advanced systematically with collection and analysis of quality datasets and drill testing priority of targets, as warranted. Boadicea Resources has completed Moving Loop Electromagnetics (MLEM) survey at the untested targets SH-09, SH-10 and SH-11 in the underexplored northern part of the project and very encouraged by results, especially in light of coincident aeromagnetic and gravity features, which were the reasons the targets were originally selected.
Further MLEM surveys are planned for the southern part of the project, next to Independence Group’s Nova Mine licence for identifying additional drill targets.
- Fraser South Project (E63/1859)
Boadicea Resources increased its landholding in southern part of the Fraser Range region by over 300% to 231 km2 with the granting of Fraser South tenement E63/1859 (158 km2) in 2018, located closely to Galileo Mining’s Yardilla Project and Southern Hills Project of Independence Group.
So far, assessment of previous exploration and geophysical datasets with initial target selection has been completed and initial field reconnaissance results are under examination.
- Horseshoe Lithium Pegmatite Project (E15/1596)
The project is situated 75 km from Coolgardie and the Company’s tenure in this area now spans 96 km2, after having relinquished certain unprospective tenements. Examination of a geological field reconnaissance results is underway, which was conducted to identify additional targets and outline future exploration activities.
- Wildara Lithium – Gold Project (E36/873)
The Wildara Project is located 30 km southwest of Leinster and comprises one granted Exploration Licence (60 km² with 6 bores). The Company is currently assessing this project to generate additional targets for warranted geochemical programs as prior programs yielded no significant results.
Expanding Land Tenure, Greater Opportunity
As a result of its strategy to acquire more tenements in the region, the Company is now positioned next to the three (3) most significant nickel discoveries of Fraser Range being Nova, Silver Knight and Mawson.
Applications – Northern Fraser Range
Source: Fraser Range Presentation November 2019
The month of November 2019 began with Boadicea Resources receiving confirmation from the Department of Mines, Industry Regulation and Safety (DMIRS) about its success in 2 ballots drawn by the Mining Warden on 1 November 2019 in respect of “Transline West” licences, ELA28/2888 and ELA28/2895 totalling ~59 km2, taking Boadicea’s landholding to 465 km2.
The two tenements are positioned in the northern portion of the Fraser Gravity Ridge, adjacent to the 2 “Transline” tenements that were won in August 2019.
Subsequently in early December 2019, the Company added the “South Plumridge” licence, ELA28/2937 (~ 86 km2) to its portfolio, taking its landholding in the northern portion to ~ 554 km2.
After having been successful in 5 Mining Warden ballots for applications in the northern portion of the Fraser Range, the Company reported yet another milestone on 17 January 2020, with the grant of “White Knight” Exploration Licence, E28/2721, which spans ~ 30 km² and adjoins the Creasy Groups Silver Knight Nickel Project to its northwest.
Adding to the momentum, the Transline Exploration Licence Applications were granted to Boadicea on 23 January 2020. The Transline North Licence E28/2849 spans ~ 84 km2 and is located ~ 10 km west of the Legend Mining’s’ recent Mawson nickel sulphide discovery, and the Transline South Licence E28/2866 is ~ 38 km², that is, 25 km southwest of Mawson.
Most recently, the Company reported another success in ballot for the “Giles South” licence, ELA28/2952 comprising an area of ~42 km2 and the “Giles” licence, ELA39/2148 spanning across ~126 km2 in the northern portion of the Fraser Gravity Ridge. ELA39/2148 was initially a part of the Arrow Minerals Plumridge Nickel Project in JV with Independence Group that was relinquished due to statutory obligations. The two new tenements significantly augmented Boadicea’s landholding in the Frazer Range region to ~ 722 km2.
Applications – Southern Fraser Range
In February 2020, DMIRS confirmed that Boadicea had successfully won the Southern Hills Exploration Licence, E63/1951 (~23 km2), positioned in the southern portion of the Fraser Gravity Ridge.
Boadicea is quite certain about further nickel discoveries in the Fraser Range and confident that the Company is well positioned, with a strong cash position of ~$ 0.54 million (as at 31 December 2019), to capitalise on this opportunity with its existing and potential licence applications.
Besides, the Company has a tightly held capital structure, experienced & success orientated Board of Directors and consultants to achieve exploration success.
Stock Information: The stock of Boadicea Resources last traded at $ 0.210 on 5 March 2020 with a market capitalisation of around $ 11.68 million. Over the last one year, BOA has generated a positive return of 31.25% and a six-month return of 27.27%.