Boadicea Resources Ltd (ASX: BOA) is into the field of mineral exploration. The company is focused on acquiring exploration tenements in Western Australia for evaluation and the discovery of commercially viable mineral deposits with an initial focus on gold.
The company today, on 4th April 2019, released Fraser Range Presentation. As per the same, Mr. Clarke Dudley, Managing Director of the company has focused on a few of the highlights. The presentation mentioned that the Fraser Range is an emerging world-class nickel province. Strategic Symons Hill licence remains the flagship project with exciting prospectivity for Nova-Bollinger style nickel-copper mineralisation. Additional MLEM surveying has been completed in the March quarter at the untested targets SH-09, SH-10 and SH-11 in the underexplored northern part of the project area. Also, the follow-up drill testing as warranted is expected to commence in the June quarter. Recent Mining Warden ballot has established Boadicea’s priority for a second strategic licence adjoining the Creasy Group’s significant Silver Knight nickel discovery.
During the first half of 2018, three diamond holes for 1,133m were drilled, testing significant moving loop electromagnetic (“MLEM”) anomalies (“conductors”) defined at Bell Ringer target. Sulphide mineralisation was discovered in all three holes explaining the EM anomalies, and it was dominated by iron sulphides rather than the targeted nickel and copper sulphides. The company is encouraged by the effectiveness of the EM technique to detect and model sulphide mineralisation. The downhole electromagnetic (“DHEM”) surveying of the Bell Ringer diamond holes confirmed the intersection of the C1, C2 and C4 conductors.
The source of these conductors remains unexplained. The company will now commit to drill these conductors following positive results from the completed MLEM of other northern targets. Additional MLEM survey completed in January at five untested targets SH-08, SH-09, SH10, SH-11 and SH-14 in the underexplored north part of the project area. These targets were carefully chosen using the company’s high-quality exclusive datasets and model criteria refined from Boadicea and competitor exploration results.
Also, the company has increased its landholding in the highly-prospective Fraser Range region by over 300% to 231 kms, with the Fraser South tenement E63/1859 (158km) now granted. The project is located at the southern margin of the Fraser Gravity Ridge, adjacent to Independence Group’s Southern Hills Project and Galileo Mining’s Yardilla Project, ~70km southwest of the Nova Nickel Mine. Boadicea`s increased landholding, ongoing applications and future exploration confirm the management’s commitment to the Fraser Range.
On the stock-performance front, the stock of the company has posted the YTD return of 11.11%. The company also has posted returns of 104.08% and 11.11% over the past six months and three months period, respectively. At market close on 4th April 2019, the stock of the company traded at a price of A$0.200, with a market capitalisation of A$10.57 million. It had a 52-week high price of $0.230, with an average volume of 24,814.
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