Boadicea Resources Ltd (ASX: BOA), based in Victoria, Australia, is a mineral exploration company, actively building on its ground position in the highly-prospective Fraser Range located in the very favourable mining jurisdiction of Western Australia, approximately 200 km south east of Kalgoorlie.
Though Nickel and Copper remain Boadicea Resources’ key focus commodities, the Company is open to other opportunities as well. The Fraser Range Nickel Belt, with nova-style high-value targets, is a fast-developing mineral province with large known unexplored resources and few years of mining, presenting a lucrative opportunity for upcoming miners to identify new nickel deposits. Thus, Boadicea Resources is transforming its exploration portfolio in this region via consolidation of more and more tenements to derive maximum exposure to the Fraser Range region.
Fraser Range Assets’ Worth More than Share Price
As on 18 March 2020, the Company has a market capitalisation of around $ 11.68 million with ~ 55.6 million shares outstanding. The BOA stock last traded at $ 0.220 on 18 March 2020, up 4.762% from its previous close. BOA has delivered a six-month positive return of 5%. The Company’s Management considers that Boadicea’s Fraser Range assets are worth significantly more than the current share price.
Nevertheless, Boadicea Resources is the only non-aligned, strategic listed Company in the Fraser Range region with a total landholding spanning across 722 km².
Three Most Strategic Licences
Of all its landholding, Boadicea Resources’ three most strategic licences in the Fraser Range include:
- Symons Hill
This exciting prospect with Nova-Bollinger style nickel-copper mineralisation adjoins Independence Group’s $ 1.8 billion Nova Nickel Mine, where there are six (6) drill ready conductors with additional targets to be tested with geophysics in the southwest of the property.
The Company is progressing with the development of Symons Hill Project in a systematic manner with collection and analysis of quality datasets and drill testing priority of targets, as warranted. A Moving Loop Electromagnetics (MLEM) survey was completed at the untested targets being, SH-09, SH-10 and SH-11, located in the underexplored northern portion of the project that delivered very encouraging results. The Company is looking forward to further exploration, especially in light of coincident aeromagnetic and gravity features, which were the reasons the targets were originally selected.
Boadicea Resources has also planned further MLEM surveys for the southern portion of the project next to Independence Group’s Nova Mine to discover more drill targets.
- White Knight
Located in the northern portion of the Fraser Range, the “White Knight” Exploration Licence, E28/2721, which spans 30 km², was granted in mid-January 2020, after the Company successfully won in five (5) Mining Warden ballots for applications in the northern portion of the Fraser Range. White Knight is located adjacent to Creasy Group’s Silver Knight Nickel discovery to its northwest, thus marking a milestone for the Company.
Transline Exploration Licence Applications were granted to the Company in late-January 2020 and include:
- Transline North Licence E28/2849 covering nearly 84 km2 and situated around 10 km west of Legend Mining’s’ recent Mawson nickel sulphide discovery.
- Transline South Licence E28/2866 covering nearly 38 km² and located 25 km southwest of Mawson.
Boadicea Resources was most recently reported success in ballot for the “Giles South” licence ELA28/2952 (approximately 42 km2) and the “Giles” licence ELA39/2148 (~126 km2), both of them significantly expanding the land exposure in the northern part of the Fraser Gravity Ridge.
For an eye over the Company’s half year to 31 December 2019, please read Boadicea Resources’ First Half 2020 Highlights.