Boadicea Resources Ltd (ASX:BOA) is strengthening its active exploration push in 2023 through the appointment of Nikolay Karakashov to the role of senior exploration geologist.
This adds additional technical expertise to BOA’s in-house capability and forms part of the company’s commitment to channel up to 80% of 2023 expenditure on in-ground exploration endeavours.
The appointment on a permanent part-time basis will see Karakashov guide Boadicea’s active exploration program under the leadership of managing director Jon Reynolds and technical director Graeme Purcell.
Geology expertise
He brings significant expertise to Boadicea including having consulted to the company over the past 12 months.
Karakashov, who started in the role on January 15, 2023, has a Master of Science in geology and geophysics and has worked extensively in Australia and Africa as an exploration and resource geologist during the past 12 years.
The senior exploration geologist will focus on progressing the exploration of the Bald Hill East lithium, Kookaburra Well REE, Snowys VMS and Koongulla copper-gold projects as well as supporting geological consultants MaptoMine with the Queensland projects.
Now a diversified junior explorer
During recent years Boadicea has expanded from a nickel focus on tenements in the Fraser Range to a diversified junior exploration company.
In 2021 under new management, the company quickly mobilised to start exploration on its Fraser Range tenements, along with growing its geological footprint and commodity spread adding exploration projects covering west and east Australia and positioning itself to being an explorer of electric vehicle metals as well as gold.
With the continued pivot to active exploration resulting in up to 80% of expenditure to be channelled into 'in-ground' activities in 2023, Boadicea's board has determined that additional technical skills are required within the company to grow its in-house expertise, minimising dependency on external consultants.
The company will seek external consultants as exploration endeavours advance its tenements into projects of significance and this strategy will also enable BOA to oversee external costs in a more efficient manner.
“A committed team of professionals”
Boadicea chairman Domenic De Marco says: “During the past three years this board of management has driven the company to become less focused on nickel and has diversified exploration activities in gold and EV targets.
"Exploration work is challenging but we have a committed team of professionals looking at every angle to make a successful find.
"I warmly welcome Nikolay Karakashov to the company and commend our solid team to a successful 2023 year of fruitful exploration work and strong news flow.”
Internal review
The changes made follow an internal review and include:
- Appointing Nikolay Karakashov as senior exploration geologist on a permanent part-time basis to be responsible for delivery of all geological activities for all projects.
- Managing director Jonathan Reynolds to focus on leading corporate activities to drive a major discovery within the company’s portfolio of tenements and continue to attract broker interest in BOA’s activities.
This will involve:
- Reynolds working with Karakashov to deliver the company’s in-ground exploration endeavours;
- Adjust managing director’s hours to equivalent of three-full days per week; and
- Lead the company’s strategic direction including increased corporate activities, investor focus and exploration activities.
Reynolds will continue to perform all other duties of the role of the managing director and will transition to the new arrangements on February 15, 2023.
The addition of Karakashov’s capability to the company is not expected to increase company costs. Any increase would be more than offset by a reduction in third-party geological support services that he will now take over.