Boadicea to add Mt Carmel gold project to Queensland portfolio

Boadicea Resources Ltd (ASX:BOA)’s Jon Reynolds tells Proactive Investors Andrew Scott it has applied for a new exploration tenement in the Drummond Basin, North Queensland, to be named Mt Carmel.

 

The Mt Carmel application covers 118sqkm of a highly anomalous magnetic feature and will increase Boadicea’s Drummond Basin tenement holding to 214sqkm upon granting.

Boadicea is becoming more active with acquiring and developing its Queensland projects as have been highlighted in recent announcements.

Jon Reynolds says hunting for the next 1Moz deposit in the Drummond basin has started in earnest with an assessment of the airborne geophysical data in the Clarke Reward project and surrounding area.

Clarke reward was granted in July and the recent work has provided the board of management a much clearer picture of the key target.

“A magnetic anomaly within the licence area which has been identified. It has a very similar appearance to the nearby Mt Coolon mine. The images are remarkably similar with a rim of magnetic highs around the anomaly. Interpreted cross cutting structures also enhance the prospectivity of the tenement,” Jon Reynolds says.

Magnetic features are significant for exploration. The Drummond Basis is known for two types of gold mineralisation, epithermal and intrusive-related gold. The identification of the magnetic anomalies highlight the presence of intrusive bodies at depth and they can become a source of the mineralisation as highlighted by Mt Coolon.

Boadicea’s presence in the Drummond Basin gives the company a significant boost in its exploration success activities.

“We assessed the regional magnetics and identified a second magnetic feature that was not covered by any tenements. So we have nearly doubled our land holding in the Drummond Basin to 214ksqkm.

“Mt Carmel is still obviously still in application phase but we are hoping that this will advance to granted stage faster than the Clarke Reward licence.

“Similar to Clarke Reward there is surprisingly limited exploration activity so we are encouraged that this has substantial potential. It is located approximately halfway (12 – 20km) between Mt Coolon and Wirralie both of which are +1Moz gold deposits,” Jon Reynolds says.
The next next steps for Boadicea in the Drummond basin are to conduct additional geophysics on both projects.

“Although the shallow nature of Mt Carmel will allow us to get on the ground quickly once the licence is granted, we are aiming to be available to drill potential targets in 2022,” Jon Reynolds says.