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Boadicea director shows faith in multi-commodity strategy with on-market purchase
Executive director Steven Moon has this month acquired 50,000 ordinary shares at $0.18 per share in a direct interest.
Proactive Investors reports Boadicea Resources Ltd (ASX:BOA) executive director Steven Moon has shown his confidence in the company’s multi-commodity, multi-state exploration strategy with an on-market purchase.
On October 8 Moon acquired 50,000 ordinary shares at $0.18 per share in a direct interest.
This was his first purchase in that interest with a further 515,000 held in an indirect interest for a total of 565,000.
Boadicea has exploration plays in three Australian resources hotspots – the Fraser Range and Paterson Province in Western Australia and the Drummond Basin in north Queensland.
In the Fraser Range, the company is strongly leveraged to exploration by the region’s premier player, IGO Ltd, on nine of Boadicea’s tenements where it stands to receive a potential $50 million payday.
This amount, plus a 0.75% net smelter return royalty, will be received if IGO discovers any JORC resource on these tenements within the remaining 4.5 years of an agreement, without the need for evidence of it being mineable.
IGO has had encouraging initial exploration of intrusions of Boadicea’s Symons Hill licence adjacent to the Nova-Bollinger mine and discovered an ‘eye’ feature on one of BOA’s Transline tenements near Legend Mining Limited’s Mawson discovery.
Telfer lookalike
In the Paterson Province in WA’s northern Pilbara Boadicea has identified a Telfer lookalike dome feature at its Koongulla tenements which will be drilled after preliminary, methodical and systematic exploration to assist with drill hole targeting.
Paterson Province is one of Australia’s hottest exploration grounds for copper-gold deposits, with major discoveries already achieved, including a number that have originated from dome features.
Drummond Basin
The recently granted Clarke Reward Project in north Queensland may also prove a significant prospect for intrusive-related gold deposits.
This prospect will be drill tested following Boadicea’s usual methodical and systematic exploration to enhance drill hole targeting, thereby most effectively committing the drilling expenditure.
READ: Boadicea Resources to double its holding in the Drummond Basin mineral province
Boadicea is also assessing another Drummond Basin exploration target, Mt Carmel, for which it has applied for a new exploration tenement.
This application covers 118 square kilometres of a highly anomalous magnetic feature and will increase the company’s Drummond Basin holding to 214 square kilometres upon granting.
Drummond Basin is an established gold mining region that has proven fertile for the discovery of epithermal and intrusion-related gold systems and has an estimated total known gold endowment in excess of 7.5 million ounces.
