Maiden Murchison copper drilling hits high-grade mineralisation

Maiden drilling at BOA Resources’ Ricci Lee copper deposit in Western Australia’s Murchison region has confirmed the continuity of copper in the prospect’s south with a headline 14m at 2.49% copper from 122m, including 7m at 4.6%.

Miningnew.net says the company has completed 46 RC holes, with the initial six assays also returning 12m at 1.58% copper from 64m, including 3m at 3.38%, and 9m at 1.69% from 84m, including 3m at 4.43%.

Associated silver was also logged.

The results have confirmed the presence of high-grade zones in the south, with the other 40 holes from an extended campaign, including a mix of infill and extensional drilling, expected to generate a maiden resource.

Ricci Lee is 2km southwest of the Thaduna deposit, which has resources of 4.1 million tonnes grading 2.5% for 103,000t contained copper. Riccie Lee is interpreted as a geological analogue and potentially the same size.

The total program included 138 holes for 13,086m, with half of the metres drilled at Ricci Lee, the first drilling there in a decade.

Regional aircore assays could also unlock other prospects at the wider Neds Creek project in the coming months: Rooneys, Blockley, Mueller, Ward, and Limestone Bore.

All have had significant copper mineralisation in historical drilling.

The 1378sq.km Neds Creek project sits adjacent to the DeGrussa, Monty and Horseshoe Lights copper-gold mines.

BOA owns 49% of Neds Creek and is seeking to move to 100%, while adding in the adjacent Thaduna and Green Dragon deposits, as part of an all-scrip deal that is now worth around $14 million.

Consideration is the issue of almost 156 million shares, which will see the vendor, CVA, emerge with 28.6% of BOA, and Sandfire Resources 6.2%.

Copper prices have been on a tear lately, sparking a revival of interest in the copper potential of the Murchison, notably with Solstice Minerals enjoying drilling success at the Nanadie project.

There has also been a revival of interest in the wider Bryah-Yerrida basin gold-copper story, with new floats such as Gwardar Resources and Parbo Resources.

BOA shares hit a four-year high today of A9.5c.

The stock was still up 10% in midday trade at 9.1c, capitalising the explorer at $27 million.

BOA was trading at 2.1c just over 12 months ago.