IGO has commenced a large-scale exploration program on behalf of Boadicea Resources at the Symons Hill nickel tenement in Western Australia’s Fraser Range.
The company has identified three high priority targets adjacent to the Symons Hill licence area and may start diamond drilling as early as the start of 2021 to test for an extension of its own nearby Orion prospect.
This program follows the completion of a heritage survey, aided by findings in Boadicea’s previous surveying work in the area.
IGO will lodge a program of work to the Department of Mines, Industry Regulation and Safety for ground clearing and other works this month, to prepare for the follow-up diamond drilling and geophysics.
Boadicea managing director Jon Reynolds said having support from IGO will help the company to deliver value to its shareholders.
“Through the IGO exploration expertise, knowledge and 100 per cent funding of activities within the Boadicea tenements, the agreement has the potential to deliver significant value to Boadicea shareholders,” Reynolds said.
“The work program proposed by IGO, highlighted by the culmination of diamond drilling is the first step in this exciting phase of nickel exploration within the Boadicea Fraser Range assets.
“We look forward to presenting the results of the geophysics and drilling as soon as they become available.”
IGO has been working with Boadicea Resources via its subsidiary company IGO Newsearch since completing a conditional sale agreement for exclusive access and exploration rights of nine Boadicea Fraser range targets during September.
Under the agreement, IGO can exclusively access the Symons Hill, Giles, White Knight, South Plumridge, Giles South and Transline North, South and West 1 and 2 tenements.
Within this five-year timeframe, if IGO declares a JORC resource Boadicea can sell its assets to IGO for $50 million in cash in exchange for IGO granting a royalty of 0.75 per cent of all revenue back to Boadicea.