Boadicea encouraged by IGO’s exploration on Symons Hill licence in Fraser Range

Boadicea Resources Ltd (ASX:BOA) has welcomed an IGO Ltd update on a diamond hole that the mining titan has drilled on BOA’s Symons Hill licence within WA’s Fraser Range region.

Proactive Investors reports the mineral exploration company says the latest drill hole assays demonstrate an intrusion within the licence’s Orion prospect is fertile for magmatic nickel-copper sulphides.

IGO is buoyed by the latest results of up to 2.63 metres at 1,122 ppm nickel and 480 ppm copper from 462.33 metres and intends to conduct further drilling at Symons Hill to follow up a suite of additional targets.

The exploration campaign could lead to a major payday for Boadicea – if IGO establishes a JORC resource within a five-year period, IGO will fork out $50 million and a 0.75% net smelter royalty to secure BOA’s Fraser Range assets and feed its nickel-hungry mill.

IGO remains “very confident”

Boadicea Resources managing director Jon Reynolds said: “The assay results are interpreted to be from the northwest margin of the Orion Intrusion and not within the main intrusive body.

“This provides significant encouragement that Orion remains prospective for an accumulation of nickel-rich massive sulphides.

“We are strongly encouraged that IGO remains very confident about the Orion prospect and supports that confidence with the planning of additional holes along the Orion chonolith and other targets on our Symons Hill licence.”

Symons Hill diamond drill hole

Previously, IGO drilled an 809-metre diamond drill hole within the Symons Hill licence’s Orion prospect.

The drill hole targeted an extension of the Orion intrusion, which extends from IGO’s Nova mining lease and is delineated over 1.5 kilometres of strike, which also sits within the Symons Hill licence.

Drilling to date has defined the Orion intrusion as a chonolith, with the diamond drill hole in question interpreted to have skimmed its northwest margin, meaning the intrusion lies a little further to the southeast than predicted.

The best nickel intersection was 2.63 metres at 1,122 parts per million (ppm) nickel and 480 ppm copper from 462.33 metres, while the best copper hit equalled 2 metres at 649 ppm copper and 363 ppm nickel from 439 metres.

Ultimately, IGO maintains the magmatic sulphides within the Orion chonolith are of good nickel and copper tenor and the current interpretation is more prospective towards the northeast.

The mining titan intends to drill test the chonolith’s continuation within the Symons Hill licence, with the diamond drill hole marking just the start of a broader exploration campaign over the tenement.

Surveying and aircore drilling

In addition to the diamond drilling activity, moving loop electromagnetic (MLEM) surveys have taken place over the Symons Hill licence in a bid to pinpoint magmatic sulphide-bearing mafic intrusions.

IGO is completing further MLEM interpretation to better its understanding of the prospective area.

In terms of aircore activity, 89 holes for 3,449 metres have been drilled at Symons Hill, with as much as 841 ppm nickel, 962 ppm copper and 988 ppm cobalt intersected during the program.

In addition, two new mafic trends have been identified during aircore drilling to the licence’s northeast, while three known trends next to the Orion intrusion also potentially extending into the Symons Hill tenement.

Exploring Boadicea’s nickel assets

In September last year, IGO subsidiary IGO Newsearch Pty Ltd executed a conditional sale agreement with the Boadicea team.

Over a five-year term, IGO can exclusively access and explore nine of the 11 Boadicea-owned Fraser Range tenements.

If IGO declares a JORC resource within the five-year exclusivity period, Boadicea will sell and transfer the Fraser Range assets for $50 million.

Boadicea can also snap up a 0.75% net smelter royalty on all revenues generated by the Fraser Range tenements.

As a result, signs of a nickel discovery across any one of the nine exploration licences IGO is exploring could lead to a $50 million payday for Boadicea.

The ASX-lister, named after Celtic warrior Queen Boadicea, is also exploring for nickel, copper and gold across Western Australia’s famed Paterson Province and Queensland’s Charters Towers and Drummond Basin.