Pic: John W Banagan / Stone via Getty Images
Mining
Boadicea Resources has been granted an exploration licence at its ‘Clarke Reward’ gold project in North Queensland, paving the way for on-ground exploration to begin.
The granting of the five-year permit allows Boadicea (ASX:BOA) to get started with a work program which initially includes geophysical assessment and surveys, leading into potential drilling at Clarke Reward in Q4, pending early results.
An exploration agreement with the Bulganunna Aboriginal Corporation on behalf of the Jangga People, who hold native title rights over most of Clarke Reward, has also been signed.
That agreement also spans a key area of interest within the nearby ‘South-West Ravenswood’ project area, for which Boadicea expects to receive an exploration licence shortly.
The Clarke Reward licence covers 96km2 of a highly anomalous magnetic feature in a structural position at the margins of the famed Drummond Basin and the Anakie Metamorphic complex.
The project’s target is close to the Mt Coolon epithermal gold mine, a historical high-grade producer currently held by GBM Resources (ASX:GBZ).
Boadicea managing director Jon Reynolds said the company was looking forward to getting on the ground and exploring its North Queensland gold interests.
“As part of our ongoing interest in the Charters Towers and Drummond Basin region of North Queensland, we were very pleased to identify the Clarke Reward target, and we are very keen to refine, then drill test in Q4 2021 what may be a very rewarding intrusive-hosted gold resource,” he said.
“With this granting, ground activity can now commence.”
Clarke Reward will be BOA’s initial North Queensland project focus, and the company is currently reprocessing open file geophysical data.
With the exploration licence granted and the agreement with the Jangga People in place, BOA will progress to geophysical on-ground and airborne surveys to assess basement geology and refine its potential drill targets.
Of interest to BOA is an isolated magnetic anomaly of around 7.7km by 4.2km, which is interpreted to be a mafic intrusive within the Anakie Metamorphic Province or metamorphosed Drummond Basin sediments.
The anomaly does not outcrop and hasn’t been tested by any modern geophysical exploration techniques, and while drilling to date has confirmed regional depth to basement, it has not determined the source of the anomaly.
Previous exploration in the Clarke Reward area was focused on oil shale and coal potential in the cover sequence. This work determined depth to basement to be in the 50-100m range and depth to magnetic target in the 100-150m range.
Located in the Charters Towers region, a licence for the South-West Ravenswood exploration tenement is expected to be granted shortly, after the Native Title objection period ended on July 19.
That tenement covers 117km2 and is prospective for Ravenswood-style gold mineralisation, sitting just 20km south-west of the Ravenswood gold mine.
Today’s news comes after last week’s application by Boadicea for a licence to extend its Koongulla gold project in WA’s red hot Paterson Province.
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.
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