IGO and Boadicea encouraged by 809m drill hole results

Following IGO’s release of a successful 809m drill hole into the Orion intrusion extending into Boadicea’s Symons Hill project, Boadicea Managing Director Jon Reynolds spoke with Stockhead outlining the good base start of mineralisation at the prospect.

The diamond drill hole has produced very encouraging results.

Jon Reynolds said: “Mafic and ultramafic intrusions are often the host to nickel-copper-cobalt mineralisation, including the Nova mine.

“This is the first deep hole of the Orion intrusion now drilled on Boadicea’s Symons Hill tenement and sulphides have been observed in the Orion intrusion. Assays are pending.

“The Orion intrusion is open and will be further explored. Another intrusion, the Hercules prospect has been discovered.

“The exploration work at Symons Hill by IGO also includes extensive EM surveys and air-core drilling is ongoing and further drilling of Orion will be carried out.

“On other Boadicea tenements, exploration will include multiple air core drilling programs on at least another seven of Boadicea’s tenements, to investigate targets that include an eye feature near the Legend Mining Mawson discovery. Nova was an eye feature.

“The nine Boadicea tenements being explored at IGO’s cost are all nearby the three major Fraser Range discoveries to date and considered by IGO to be most prospective for nickel discovery.

“IGO needs further discovery to extend their mine life at the Nova Mine.

“On discovery of a JORC resource, even if uneconomic, IGO must pay Boadicea $50m plus a royalty that may be worth approximately another $30-$40 million.

“IGO has four and half years left to explore Boadicea’s Fraser Range tenements under the agreement reached in October last year, so IGO has a big incentive to actively explore Boadicea’s tenements,” Jon Reynolds said.