Boadicea Resources (ASX:BOA) completes 95pc acquisition of Koongulla Project

Date of Publication: 
29 June 2020

The Market Herald reports on the exciting acquisition by Boadicea Resources of the Koongulla Project in one of Australia’s best exploration real estate locations – the Paterson Province.

ASX:BOA    MCAP $10.56M

25 June 2020

By Jessica De Freitas
Markets Reporter

  • Boadicea Resources (BOA) has completed the $15,000 acquisition of a 95 per cent interest in the Koongulla Project in the Paterson Province of Western Australia
  • The Paterson Province is home to a number of world-class projects including Newcrest's 32 million ounce Telfer gold mine
  • The company has committed to funding $75,000 for exploration in the first year
  • Exploration activities, including data review and surveys, are scheduled to begin later this year
  • Company shares are up 5.26 per cent and are trading for 20 cents each

Boadicea Resources (BOA) has completed the $15,000 acquisition of a 95 per cent interest in the Koongulla Project in the Paterson Province of Western Australia.

The Paterson Province is home to a number of world-class projects including Newcrest's 32 million ounce Telfer gold mine

The company has committed to funding $75,000 for exploration in the first year
Exploration activities, including data review and surveys, are scheduled to begin later this year
Company shares are up 5.26 per cent and are trading for 20 cents each

Boadicea Resources (BOA) has completed the 95 per cent acquisition of the Koongulla Project in the Paterson Province of northern Western Australia.

 The company paid a total of $15,000 and a five per cent free carry of the costs until it decides to mine.

 Exploration licence E45/5392 covers a total area of 240 square kilometres and was granted on February 3 and is valid for a five-year term.

Boadicea has an exploration commitment of $75,000 in the first year and has already planned a preliminary exploration program, which is scheduled to begin later this year.

Exploration activities will include compiling and reviewing data and conducting airborne gravity and magnetic surveys across the project.

"Koongulla’s exceptional location in the hottest exploration address in Australia, the Paterson Province, and its attractive acquisition price provides Boadicea Resources an exciting new exploration project to add to our extensive Fraser Range nickel portfolio," Managing Director Jon Reynolds said.

The Paterson Province covers roughly 30,000 square kilometres to the east of the Hamersley Basin and southwest of the Canning Basin. It comprises Early to c high-grade metamorphic rocks, acid and basic intrusive rocks, shelf sediments and minor younger granite intrusive rocks.

The Paterson Province region also hosts Newcrest Mining's 32 million-ounce Telfer gold and copper project, Rio Tinto's Winu project and Greatland Gold's Havieron joint venture project with Newcrest.

Company shares are up 5.26 per cent and are trading for 20 cents each at 11:06 am AEST.