Boadicea applied for EPM 27834 in the Mt Coolon region on 25 February 2021 and the licence was granted in July 2021. It is located approximately 17km west of the Mt Coolon gold mine. Boadicea named the project “Clarke Reward” after Boadicea founder Clarke Dudley who passed away suddenly in April 2020. The Clarke Reward project is based on a large isolated circular magnetic anomaly identified in the publicly available geophysical data (See Figure 2).

The Mt Carmel exploration application (EPM 27991) covers 118 km2 of a highly anomalous magnetic feature in a structural position within the Drummond Basin of North Queensland. The magnetic anomaly is located approximately 20 km north of the Mt Coolon gold mine owned by GBM Resources and is 12km south of the Wirralie deposit (see Figure 2). Mt Carmel is located approximately 3km northeast of Boadicea’s Clarke Reward prospect.

Figure 2 Total Magnetic Intensity in the Mt Coolon / Clarke Reward Region

The Clarke Reward target does not outcrop. It is overlain by an unrelated cover sequence of approximately 80m. Some shallow drilling has been completed in the region, but the source of anomalism has not been confirmed by drilling nor been tested by modern exploration. The licence is for an area of 96km2 and covers the highly anomalous magnetic feature in a structural position at the margin of the Drummond Basin and the Anakie Metamorphic complex. All available geophysics have been compiled, reprocessed and enhanced to conduct a first pass preliminary assessment and interpretation of the project. This included regional scale aeromagnetic, airborne electromagnetics and gravity data.

A series of magnetic highs has been observed that rim the interpreted ‘Clarke Reward’ intrusive complex. This complex has similar features to the Manaman Granodiorite intrusive complex which hosts the Mt Coolon (Koala) mine (see Figure 3).

Figure 3 Clarke Reward Magnetic Anomaly (with interpreted Structures)

The interpretation has identified five (5) potential targets for epithermal or intrusion-related gold (IRG) style of gold mineralisation (see Figure 3).

The magnetic anomaly is now estimated to be 8.8km x 5.1km in size and is interpreted to be an intermediate intrusive within the Anakie Metamorphic Province or metamorphosed Drummond Basin sediments. The anomaly does not outcrop and has not been tested by any modern geophysical exploration techniques. Drilling to date has confirmed regional depth to basement but has not determined the source of the anomaly.

Whilst the anomaly is proximal to the Mt Coolon epithermal project and prospective for Drummond Basin style epithermal gold, other intrusive-related mineralisation systems are possible.

Boadicea will endeavour to drill test this target in the first half of 2022 following initial preparatory work.

DRUMMOND BASIN

The Drummond Basin has historically produced more than 4.5 million ounces of gold and has a total known gold endowment in excess of 7.5 million ounces of gold. The Drummond Basin is an established gold mining region which has proven fertile for discovery of epithermal and intrusive related gold systems.

Mineralisation in the Drummond Basin is typified by low sulphidation, epithermal-style, precious metal deposits. Examples include Pajingo (3.0 Moz), Wirralie (1.1 Moz), Yandan (0.6 Moz) and Koala (0.36 Moz). Epithermal mineralisation is typified by very fine-grained gold, sometimes occurring in electrum, in quartz veins and or breccias. These deposits are variously interpreted to have formed in local extensional jogs or bends of transformed fault systems. The Mt Coolon mine, within the Drummond Basin, had historic production to the 1990s totalling 0.59 million tonnes at 12.2g/t Au for 232 koz of gold. In recent times the Mt Coolon resource has been estimated at approximately 6.65 million tonnes at 1.54 g/t Au for 330 koz (GBM Resources December 2017).