Boadicea Resources (ASX:BOA) is benefitting from exploration carried out on its Fraser Range tenements in WA by IGO Limited (ASX:IGO).
The diversified miner has just completed an 809.4m deep diamond hole to test for nickel-copper-cobalt mineralisation that might extend the known ‘Orion’ intrusion at the Symons Hill tenement.
IGO has also drilled 87 of the initial 95 planned aircore holes on the tenement and is 32 per cent through a moving loop electromagnetic (MLEM) surveys across the southwest corner of the licence.
The aircore drilling is intended to increase understanding of the Orion intrusive complex and follow up on Boadicea’s EM targets and other geophysical anomalies elsewhere within the licence area.
Meanwhile, the MLEM survey is designed to test the potential extent of the Orion intrusive complex within the Symons Hill licence and identify additional drill targets.
“Completion of this 809 metre hole is an indication that IGO intends to conduct ongoing active exploration on Boadicea’s nine Fraser Range tenements now managed by IGO,” Boadicea managing director Jon Reynolds noted.
“Exploring Symons Hill potential is IGO’s highest priority Fraser Range exploration project, strategically located adjacent to the Nova operation.”
Fraser Range asset sale
In September 2020, Boadicea completed a conditional sale agreement with IGO that covers nine tenements in the highly prospective Fraser Range – including Symons Hill.
Under the agreement, IGO has a five-year exclusive access and exploration rights for the tenements.
Should IGO declare a JORC resource during this period, Boadicea will sell the assets for $50m in cash and a 0.75 per cent net smelter royalty on all revenues.
The Orion prospect is just 3km northeast of the Nova operation and is a highly prospective sulphide intrusion exhibits textural and lithological features indicative of a productive nickel and copper-sulphide bearing chonolith (‘worm’-like) intrusion.
While its known extents are within IGO’s mining licence, Orion is interpreted to extend to the northeast into Symons Hill.
Importantly, data to date indicates the intrusion is becoming more dynamic and therefore more prospective for nickel-copper mineralised systems towards the northeast.
This article was developed in collaboration with Boadicea Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.