The eagle keeps circling and landing in the Fraser Range and the pickings are getting more intense. This week it is S2 Resources making headlines in the Fraser Range.

Again Boadicea’s Symons Hill and White Knight licences are identified to between 50-65km distance each from S2Resources newly-discovered large strong electromagnetic conductor associated with the recently eye-like magnetic feature.

Figure 1: Location of Boadicea’s Symons Hill and White Knight tenements in relation to the S2 Resources prospective anomaly.

Boadicea has had a strong belief in the potential of the Fraser Range and since it listed on the ASX in 2012, this newly discovered province is slowly starting to show its resource ability. The IGO operations at Nova; Legend’s Mawson discovery; Creasy’s Silver Knight discovery and now S2 Resources’ provides the strongest indication yet of the best is yet to come.

Boadicea’s new management team has spent the past four months consolidating the company’s reinvigorated direction and looks forward to providing investors with more news flow going forwards.

The S2 Resources blue sky hopes in the Fraser Range

In its ASX announcement on Monday 17 August, S2 Resources Ltd advises the first moving loop electromagnetic (MLEM) survey on the Company’s exploration licence E28/2792 in the Fraser Range has revealed a large strong electromagnetic (EM) conductor associated with the recently identified eye-like magnetic feature.

The Company recently undertook a MLEM survey over the eye-like magnetic feature on recently granted exploration licence E28/2792 where it is exploring for magmatic nickel sulphides. The survey identified a conspicuous anomaly on initial 400 metre spaced lines and subsequent 200 metre spaced infill lines. Such anomalies indicate the presence of conductive material which could be nickel sulphide mineralisation, barren (iron) sulphides, graphite bearing rock, or even hypersaline groundwater.

Modelling of the data by Newexco geophysical consultants has identified a discrete, highly conductive elongate rectangular body which dips steeply west over a vertical interval of 160 metres and plunges to the northeast for a distance of 800 metres. The up-dip and up-plunge tip of this body commences at a depth of 200 metres below surface and deepens down plunge to the northeast.

The anomaly stands out clearly from the background with no other responses of note, and the observed response profiles fit very well with the theoretical responses, indicating a good fit to, and high degree of confidence in the model.

Very little is known about the geology of the area because of lack of outcrop, but the conductor sits within an interpreted prospective corridor of ultramafic intrusives and minor nickel sulphide occurrences previously identified by other companies.

The tenement is entirely covered by recent transported sediments, rendering surface geochemical sampling ineffective, so no geochemical survey has been done. Also, the top of the conductive body is located 200 metres below surface, so surface geochemistry is likely to be irrelevant. The target is sufficiently well defined to drill as soon as heritage and drilling approvals have been obtained.

Figure 2: Location of recent EM survey coverage and new EM conductor associated with the eye in exploration licence E28/2792 at Fraser Range. The blue dots are ultramafic intrusions with minor nickel sulphide occurrences documented by other companies on adjacent ground.

Figure 3: Stacked profiles of Z (vertical) component of EM responses showing location of anomaly and modelled conductive plate relative to the eye, over magnetics. The asymmetry of the profiles is consistent with the conductive source having a westerly dip.

Figure 4: Colour “hotspot” map of EM responses showing distinct strong anomaly and modelled conductive plate relative to the eye, over magnetics. Note the classic butterfly shape of the anomaly – like a magnetic field around a magnet.

Figure 5: Stacked response profiles from four lines of the EM survey, showing a good fit between observed response (black lines) and theoretical responses (red lines) for the modelled conductive plate.