BOA Resources has delivered high-grade copper results from its ongoing reverse circulation drilling campaign at the Ricci Lee prospect, located within the Neds Creek Copper Project in Western Australia.

The latest coverage by Cygnet Capital states latest assays from four RC holes have confirmed high-grade bornite mineralisation at depth while discovering a parallel hanging-wall structure.

Deep Bornite Zone and Hanging-Wall Discovery

The headline result was delivered in hole 26NCRC023, located in northern Ricci Lee, which intersected two distinct mineralised zones:

• Main Lode Target: 22 metres at 3.05% copper and 9.5g/t silver from 250 metres downhole, incorporating a high-grade core of 9 metres at 6.86% copper and 22.1g/t silver from 257 metres.
• New Hanging-Wall Lode: 10 metres at 1.81% copper and 3.9g/t silver from 133 metres downhole, including 3 metres at 4.96% copper and 11.1g/t silver.

The deeper bornite-bearing zone in 26NCRC023 confirms structural continuity with historic hole THC035 (10 metres at 5.12% copper from 218 metres), located 80 metres to the south. Confirming thick bornite mineralisation at 220 metres vertical depth indicates that Ricci Lee hosts a primary copper system at depth rather than isolated shallow lenses.

Concurrently, the shallow intersection in 26NCRC023 defines an unmapped hanging-wall structure situated 50 metres west of the Main Lode, introducing a secondary target trend across northern Ricci Lee.

Additional Intercepts and Systematic Hit Rate

Assays from Section 7173600N in southern Ricci Lee also returned positive results:

• Hole 26NCRC020: Intersected 12 metres at 1.02% copper from 194 metres downhole, including 3 metres at 2.77% copper.
• Hole 26NCRC025: Intersected 19 metres at 0.83% copper from 23 metres downhole, including 12 metres at 1.11% copper in the oxide zone.

BOA has now encountered high-grade copper in 9 out of the first 10 RC holes assayed from its maiden programme at Ricci Lee.

Structural Continuity and Exploration Read-Through

For Cygnet, the principal takeaway is the structural evolution of Ricci Lee from discrete shallow hits into a coherent, multi-lode copper system. Intersecting thick bornite mineralisation at depth demonstrates primary sulphide potential, while the discovery of the hanging-wall lode opens parallel corridors for resource growth.

Crucially, drill hole 26NCRC023 demonstrates that high-grade copper remains open along strike and down plunge, providing clear targeting vectors for subsequent drilling rounds.

What We Are Watching Next

We are tracking several near-term operational and corporate catalysts:

• Ricci Lee Assays: Reporting laboratory assays for the remaining 36 RC holes drilled at Ricci Lee.
• Regional Aircore Results: Finalising assays for aircore holes drilled across five regional prospects at Neds Creek (from a broader 13,000-metre campaign).
• Shareholder Vote (12 October 2026): General Meeting to approve acquiring the remaining 51% of Neds Creek and 100% of the Thaduna and Green Dragon deposits.

Risk and Uncertainty

While current results demonstrate strong copper grades, all reported drill widths represent downhole lengths, as true mineralisation widths are not yet established. Additionally, assays remain pending for 36 RC holes at Ricci Lee and broader aircore drilling. Furthermore, consolidation of 100% project ownership remains subject to shareholder approval on 12 October 2026.

Outlook

BOA Resources has strengthened the geological model at Ricci Lee by intersecting 22 metres at 3.05% copper at 220 metres depth and discovering a new hanging-wall lode. Hitting copper in 9 of its first 10 assayed RC holes provides strong momentum. With 36 RC holes and regional aircore assays pending, incoming news flow through Q4 2026 will determine the overall scale of the Neds Creek copper footprint.