The latest announcement from BOA indicates they have some of the best nickel targets found in proximity to the Nova and Bollinger ore bodies. These targets will be drilled in late April/early May and represent a great opportunity for market speculators.
BOA has been very methodical with the exploration of their well situated lease. Airborne EM was followed up with ground EM’s and gravity survey which has identified that the rock structure in this area is suitable to host another nickel deposit. There are also more targets to be followed up in the North-East section of the lease when further scrub clearing is done.
If the company is lucky enough to find an extension of Nova its share price will sizzle – mainly because of the very small number of shares available to the public. Below is a sample of what could happen:
Boadicea Resources – issued shares 49 million.
Column 1
Column 2
Column 3
Column 4
1
Event
Likely Share Price
Market Cap.
Bags/bagger
2
Initial drilling encounters some sulphides
$1.00
$ 49M
5
3
Further drilling confirms nickel sulphide
$2.00
$ 98M
10
4
Further drilling confirms project half the size of Nova
$10.00
$490M
50
5
Further drilling confirms project the size of Nova
$20.00
$980M
100
Independence Group has bought up heaps of very ordinary ground around Nova but doesn’t seem to be interested in BOA’s lease – this is difficult to understand and I hope BOA can make a discovery and in time, Independence will have to pay far more for an interest. The areas surrounding BOA’s lease are all owned by Mark Creasy who of course has a large interest in Independence.
Best of luck to Clarke and the crew for the upcoming drilling.
