Boadicea Resources Ltd (ASX:BOA) may have hit pay dirt just three months after acquiring 80% of the Two Tanks Project with potential lithium-bearing pegmatites intersected during initial drilling at the project in the highly prospective Mt Ida pegmatite corridor of Western Australia.
The company intersected pegmatites in 15 out of the 20 holes recently completed in a reverse circulation drilling program totalling 2,766 metres.
Among the better pegmatites, drill hole 23TTRC018 hit a 6-metre interval from 42 metres downhole, while 23TTRC019 intersected 8 metres from 55 metres downhole and 23TTRC020 hit 5 metres from 63 metres downhole.
Assay results are expected between late July and early August.
Investors have responded strongly to the intersections with BOA shares as much as 18.75% higher in ASX trade this morning to A$0.057.
Two Tanks pegmatite intersections.
Emerging lithium province
“The first stage of drilling has confirmed the occurrence of pegmatites within the Two Tanks tenement,” Boadicea managing director Jon Reynolds said.
“We are very keen to receive the results of the assays.
“In conjunction with significant exploration by St George Mining and the recent joint venture agreement announced between Hawthorn Resources and Hancock Prospecting, the Mt Ida region where the Two Tanks tenement is located, is fast evolving as a substantial lithium province for additional discoveries.”
More target generation
To further test the project's lithium potential, the company has completed a geochemical survey within the northern area earlier this month to generate additional drill targets.
These survey results are also expected sometime in the next two months.
Eye on lithium
Boadicea is developing a portfolio of lithium exploration tenements that have high-quality exposure to some of Western Australia’s most prospective pegmatite-hosted lithium regions, including the Bald Hills region, Lake Johnston region and Mt Ida region.
The area around Two Tanks is emerging as a new lithium province, with significant developments along a prospective zone of about 35 kilometres in strike, including Delta Lithium’s Mt Ida lithium project and St George Mining’s Mt Alexander Project.
Recent RC drilling by St George Mining on the Jailbreak prospect, which borders Two Tanks, reportedly intersected lithium-bearing minerals within pegmatites up to 200 metres below surface.
Numerous other lithium-bearing pegmatites have also been identified within the tenement indicative of lithium, caesium and tantalum (LCT) fertile pegmatites.
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