The brave and bold new Boadicea Resources board is proactively moving forwards with company initiatives in its quest to grow shareholder wealth.

Executive Director Steven Moon was interviewed by Andrew Scott of Proactive Investors and outlined the exploration work and developments planned for Boadicea’s Koongulla and Koongulla North tenements in the Paterson Province.

In the interview Steven Moon says the opportunity to acquire the 258sqkm Koongulla tenement, on the western side of the Paterson Province, came at a time when Boadicea had little cash, COVID was all the talk, capital markets were poor and the company was negotiating the IGO deal.

Boadicea’s consulting geologist Graham Purcell reviewed the documents and supported the deal. Boadicea acquired 95% of the tenement with a 5% free carry for the seller and a consideration of $15,000 for administrative costs.

The Paterson Province is a 30,000sqkm area east of Port Hedland and where a number Australian and international mining companies are actively exploring. Until recently it was known for the world-class Telfer gold mine, but now it is being joined by other promising large discoveries such as Rio’s Winu project 85km north east of Koongulla and the Newcrest/Greatland Gold Havieron Project joint venture 60km north of Koongulla.

Newcrest has approved spending $65 million over six years to earn 70% of of Havieron. This is coupled with Newcrest’s decision to fast track an incline into the deposit.

Notably, IGO Ltd, Boadicea’s partner in the Fraser Range is also actively exploring in the Paterson Province.

Koongulla exploration

Koongulla has had geophysical work undertaken which Boadicea has compiled, reprocessed and enhanced.

The geophysical work has revealed a central north-south structure with some north-west – south-east cross cutting features and five target zones.

Newcrest/Greatland Gold’s Havieron Project also has a combination of north-south and north-west – south-east cross cutting structural associations.

At Koongulla the cross cutting extends beyond the boundary and a further opportunity arose to apply for the licence to the north of Koongulla – Koongulla North, which is a 230sqkm tenement which now gives Boadicea 488sqkm in the Paterson Province.

The next exploration work to be conducted at Koongulla will be an airborne geophysical survey with 100m spacing comprising magnetics and radiometrics. This will be conducted by the end of the year.

Business Development

On the business development front, Boadicea is actively looking to acquire new projects, with gold projects being keenly reviewed.

Boadicea shares are valuable currency. Shareholders have the prospect of a $50 million payout from IGO and furthermore, the acquisition of a new project will provide a basis for further capital raising to expand the company’s liquidity.

IGO will be releasing its work plan for Boadicea’s Fraser Range tenements in the near future to showcase its active agenda for exploration of the area.

The new management

The new management of Jon Reynolds who took over as Managing Director earlier this year and the appointment of Steven Moon as an Executive Director, with Domenic De Marco moving to a Non-Executive Director role, sees Boadicea being managed by an active board, actively exploring new opportunities, investigating deals and improving company liquidity with all these endeavours. At the heart of all these activities and operations, is the determination to grow shareholder value.