Proactive Investors and a number of other publications including Mining Capital, Google news, Google Finance, Bing News, Twitter, MSN Money and Yahoo!7 have published news of the new Boadicea announcement it has completed a geophysical review, identifying five target zones for exploration at the greenfields project in the highly prospective Paterson Province.

Boadicea Resources Ltd (ASX:BOA) is set to hit the ground running with exploration at its recently acquired highly prospective Koongulla Project in the Paterson Province of Western Australia.

The company has completed a high-level regional scale geophysical review of the project, Identifying five target zones for exploration.

A review of historic exploration work indicates only limited previous activity and the company plans to begin an airborne geophysical (aeromagnetics) program this quarter.

Shares hit a new high of more than seven years today and traded up to 39 cents, 4% higher than the previous close.

“One of the hottest exploration addresses”

Boadicea managing director Jon Reynolds said: “The Koongulla project is an exceptional location in one of the hottest exploration addresses in Australia, the Paterson Province.

“This initial review is very encouraging given the series of regional-scale structures and trends apparent in the reprocessed and enhanced regional scale aeromagnetic, airborne electromagnetics and gravity data.

“Koongulla provides Boadicea Resources an exciting new exploration project to add to our extensive Fraser Range nickel portfolio.

“The board is enthusiastic about the exploration and continuing mine-making potential for both regions for nickel and copper-gold projects and we look forward to announcing updates to the market of our exploration and development endeavours.”

Exploration program

The company’s initial exploration activities have focussed on the following activities:

• Data acquisition and review, specifically geophysical data; and
• Planning of airborne geophysical surveys across the licence area

Following the review, Boadicea decided that acquiring detailed aeromagnetics would provide a more detailed interpretation and targeting process and allow a better understanding of the depth of cover.

Quotes are being sourced to complete the aeromagnetics program and it is anticipated that this will begin in the current quarter.

Highly prospective province

The Paterson Province in Western Australia covers around 30,000 square kilometres to the east of the Hamersley Basin and southwest of the Canning Basin.
The region is highly prospective for intrusion-related gold-copper systems such as Newcrest Mining Limited’s (ASX:NCM) Telfer deposit and more recent discoveries such as Rio Tinto Limited’s (ASX:RIO) Winu deposit and Greatland Gold PLC’s (LON:GGP) Havieron discovery.