Boadicea Resources’ initial early-stage geochemical survey of Fraser Range tenements provide sufficient encouragement

Boadicea Resources Ltd (ASX:BOA) has completed an initial early-stage geochemical survey on two Fraser Range tenements, the Fraser South (E63/1859) and Southern Hills (E63/1951) projects. At Fraser South, low-level gold anomalism from 5-13 parts per billion (ppb), copper to 74ppm, nickel to 86ppm and cobalt to 50ppm were identified in the northwestern portion of the tenement. At Southern Hills, a coincident single point of low-level nickel, cobalt, chrome anomalism from 192ppm, 52ppm and 319ppm respectively were noted. No gold or base metal anomalism was identified. Positive path for further exploration Boadicea managing director Jon Reynolds said: “This early-stage exploration has provided sufficient encouragement with anomalous nickel, cobalt and copper which paves the positive path for further follow-up exploration in 2021.” This field reconnaissance program was completed to continue the work that commenced during the previous year with a total of 167 samples collected with 124 soil samples collected on Fraser South and 43 samples collected on Southern Hills. The Fraser South and Southern Hills tenements do not form part of the agreement with IGO Ltd (ASX:IGO) announced in September 2020. Fraser South project Geochemical sampling of Fraser South Project targeted areas of historic low-level gold and sporadic base metal anomalism with coincident geophysical anomalies. Only about 15% of the total tenement area has been assessed to date. While no significant gold or base metal anomalism was noted in the soil sample programme for Fraser South, low-level gold anomalism from 5-13ppb, copper to 74 ppm, nickel to 86ppm and cobalt to 50ppm was noted in the northwestern portion of the tenement. In addition, low-level coincident nickel-cobalt-chrome anomalism peaking at 86ppm, 50ppm and 315ppm respectively was noted in a discrete target area in the east of the tenement, possibly representing a shallow more mafic portion of the underlying geology. Further investigation of this area is warranted to assess the potential. Southern Hills project The Southern Hills project, within the Fraser Range Complex, is prospective for Nova-style nickel-copper mineralisation and is less than 2 kilometres from the Plato Prospect, part of Constellation Minerals’ Orpheus joint venture project where magmatic nickel sulphides (uneconomic) were discovered. A coincident single point of low-level nickel, cobalt, chrome anomalism from 192ppm, 52ppm and 319ppm respectively was noted in the central portion of the tenement, possibly representing a shallow more mafic portion of the underlying geology. Further investigation of this area is warranted to assess the potential. No significant gold or base metal anomalism was noted in the soil sample program of Southern Hills. Looking ahead further early-stage systematic sampling of these and other target areas in both projects will continue in 2021. A review of all geophysical targets that cannot be effectively screened with geochemistry will be evaluated for potential testing with ground-based moving loop electromagnetics (MLEM).