Boadicea to double its holding in the Drummond Basin

Boadicea Resources Ltd (ASX:BOA) has applied for a new exploration tenement (EPM 27991) in the Drummond Basin, North Queensland, known as Mt Carmel.

Proactive Investors has reported the Mt Carmel application covers 118 square kilometres of a highly anomalous magnetic feature and will increase Boadicea’s Drummond Basin tenement holding to 214 square kilometres upon granting.

 

Regional Boadicea tenement locations

The Drummond Basin has an estimated total known gold endowment in excess of 7.5 million ounces of gold.

Boadicea Managing Director Jon Reynolds said: “Following the recent analysis of the geophysical data for our Clarke Reward project, it became apparent that another exploration target opportunity existed in the region.

“The addition of the Mt Carmel application to our tenement position in the prospective Drummond Basin provides an excellent opportunity to apply our expertise across two tenements hosting similar features.

“We look forward to advancing the Mt Carmel project alongside the Clarke Reward with the aim of adding a significant gold resource to our portfolio.”

Testing for epithermal style gold mineralisation

The Mt Carmel application is based on a rimmed anomaly identified in the publicly available geophysical data that was recently reprocessed and interpreted.

Upon granting of the licence, Boadicea will initially assess historical exploration data for the region.

Additional exploration activities will be focused on testing for epithermal style gold mineralisation.

Drummond Basin

The Drummond Basin has an estimated total known gold endowment in excess of 7.5 Moz (million ounces) of gold.

It is an established gold mining region that has proven fertile for the discovery of epithermal and intrusion-related gold systems.

Mineralisation in the Drummond Basin is typified by low sulphidation epithermal style precious metal deposits.

Examples include Pajingo (3.0 Moz), Wirralie (1.1 Moz), Yandan (0.6 Moz) and Koala (0.36 Moz).