BOADICEA RESOURCES LTD · number of identified gold targets in the south and southeast of the Project, including investigating the conglomerate hosted gold potential in the far south-eastern

B o

ACTIVITY REPORT

DECEMBER QUARTER 2018

Highlights:

Fraser Range - General

• On 7 December 2018 a Mining Warden Ballot was held for a series of Exploration Licence Applications

adjacent to the Creasy Group’s Silver Knight Discovery. The company is pleased to advise that it

was successful in two of the ballots.

• There are 2 significant nickel discoveries in the Fraser Range and Boadicea is strategically positioned next to

them both.

• Boadicea`s increased landholding, ongoing applications and upcoming exploration at Symons Hill

confirms our commitment to the Fraser Range.

Symons Hill Project (Ni-Cu) – Fraser Range

• Permitting and field preparation for the Moving Loop Electromagnetic (MLEM) survey over the priority

untested north eastern targets is complete. The survey will commence early in the next Quarter.

Fraser South Project (Ni-Cu) – Fraser Range

• The company has increased its landholding in the highly prospective Fraser Range region by over 300%

to 231km2, with the Fraser South tenement E63/1859

having been granted by the DMIRS. The Project is

positioned at the southern margin of the Fraser Gravity Ridge, adjacent to Independence Group’s Southern

Hills Project and Galileo Mining’s Yardilla Project,

~70km southwest of the Nova Nickel Mine.

BOADICEA RESOURCES LTD

ACN: 149 582 687

ASX Announcement &

Media Release

ASX Code: BOA

Issued Capital:

52,845,172 Shares

Nil Options

Postal Address:

Suite 2, 25 Koornang Road,

Carnegie, Victoria, 3163,

Australia

Email: Clarke Dudley – Managing Director

[email protected]

Phone: +61 3 9569 3467

Fax: +61 3 9572 3762

Web: www.boadicearesources.com.au


ASX ANNOUNCEMENT 16 January 2019

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Symons Hill Ni-Cu Project WA (E28/1932 - 100% Boadicea) The flagship Symons Hill Project is located within the Fraser Range, 4km from the Nova-

Bollinger nickel-copper mine. The Fraser Range is situated halfway between Norseman and

Balladonia, 100km east of Norseman in Western Australia.

Boadicea is advancing the Symons Hill Project systematically, collecting and analysing quality datasets and drill testing priority targets, as warranted.

Figure 1 - Symons Hill Project Area (E28/1932) Over RTP Aeromagnetic Image Highlighting the North

Eastern MLEM Targets Relative to the Position of Nova and the Creasy Group Silver Knight Prospect.

During the June Quarter 2018 the Company completed 3 diamond drill holes to test a series of encouraging MLEM conductor anomalies at the Bell Ringer Prospect (Refer ASX

announcements of 22nd

May). Following this Downhole Electromagnetic (“DHEM”) surveying

of the holes was completed. The DHEM survey confirmed the intersection of the targeted conductors and also identified 2 new “off-hole” conductors (Refer ASX announcements of 22

nd

May and 17th July 2018), the source of which remains to be explained.

Permitting and field preparation for the additional MLEM program over the priority untested

north eastern targets (SH-09, SH-10 & SH-11) (Figure 1) is complete. The survey will

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commence early in the next Quarter, with follow-up drilling as warranted. The Company will

also assess the priority of drill testing the Bell Ringer “off-hole” conductors in the light of the results from the additional MLEM work.

Fraser South Nickel-Copper Project (E63/1859 – 100% Boadicea)

During September 2017, the Company applied for a 158km2 Exploration Licence (E63/1859) in

the south of the Fraser Range region. The Project is positioned at the southern margin of the

Fraser Gravity Ridge, adjacent to Independence Group’s Southern Hills Project and Galileo Mining’s Yardilla Project, ~70km southwest of the Nova Nickel Mine (Figure 2).

The application was granted by the DMIRS during the quarter. This now increases the

company’s landholding in the highly prospective Fraser Range region by over 300% to 231km2,

adding significantly to Boadicea`s exploration portfolio.

Figure 2 – Boadicea’s granted Fraser South Project (E63/1859) location relative to the Nova

Nickel-Copper Mine and the Symons Hill Project (E28/1932) within the Fraser Range.

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Horseshoe Lithium Pegmatite Project (E15/1596 – 95% Boadicea)

The Horseshoe lithium pegmatite project is located 75km south-southwest of Coolgardie in the

Eastern Goldfields district of Western Australia.

The project is located in a region of significant pegmatite development and covers 204km2 of the

Horseshoe greenstone belt. Outcrop is limited, but the belt is well defined by aeromagnetics (Figure 3). The area has not previously been explored for lithium pegmatites, but pegmatites

have been noted in historic gold and nickel exploration reports, particularly at the Tramline Prospect of Metals Exploration Ltd.

To date the Company has completed initial geological field reconnaissance of the project area including some rock chip and soil geochemical sampling, to assist with planning first pass

exploration activities. While outcrop within the project area was found to be minimal, pegmatite subcrop and float was noted in a number of historic nickel and gold exploration tracks.

Figure 3 – Horseshoe Project – El15/1596 over aeromagnetics showing extent of “semi-blind” greenstones

(magnetic highs), the position of the 3 initial pegmatite targets and auger soil sample locations.

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A first pass 595 sample auger soil geochemical program testing the 3 initial pegmatite targets

Arabian, Waler and Clydesdale was completed during the September quarter (Figure 3). Results were disappointing with no significant gold assays returned and only low level lithium and

associated multielements.

The company will further review these results with a view to plan additional geochemical

programs testing other targets and/or tenement rationalisation.

Paraburdoo PGE & Au Project WA (E47/2936 - 100% Boadicea)

The Paraburdoo Exploration Licence is located 25km west-northwest of the township of

Paraburdoo in Western Australia and covers an area of 221km2. The project is considered

prospective for platinum, palladium, gold, copper and nickel, associated with a mafic

volcanic/intrusive complex.

Work completed to date has highlighted a series of PGE and gold soil anomalies warranting

further investigation including extensive, but modest tenor PGE, nickel & cobalt anomalism associated with the basal part of the ultramafic Pyradie Fm over a combined 15km of strike.

Within this broader anomaly, three higher tenor (relatively) PGE prospect areas have been defined, namely Hope Creek, Breakneck and Bellary North. Of the three prospect areas, Hope

Creek is the largest and strongest having a 5km long “Z” shape and generally averaging 300-

400m in width. Peak PGE results are 126ppb Pd and 36ppb Pt.

The Company completed a geochemical sampling programme during the Quarter targeting a number of identified gold targets in the south and southeast of the Project, including

investigating the conglomerate hosted gold potential in the far south-eastern area. Results are

awaited and will be reported during the following Quarter.

Wildara Lithium – Gold Project (E36/873 – 100% Boadicea) The Wildara Project is located 30km southwest of Leinster in the northeast Goldfields region of

Western Australia, and now comprises the one granted Exploration Licence covering an area of 60km

2. The Weebo tenement E36/813 was allowed to expire during the quarter.

The project area has been targeted on the basis of highly anomalous lithium results from a

Minerals Research Institute of Western Australia (“MRIWA”) regional scale bore water

geochemical sampling program across the northern Yilgarn Craton. Six bores are located within the project area, including the 5th highest (1,140ug/L) lithium anomalous bore within the entire

3,120 sample dataset.

During the Quarter a surface geochemical programme was completed to test the lithium and gold

potential. Results are awaited and will be reported during the following Quarter.

Hyde Soak Lithium Project (E70/4875 - 100% Boadicea) The Hyde Soak Lithium project covers an area of 252km

2 located 115km northeast of Geraldton.

Boadicea applied for the Hyde Soak project area on the basis of a large, modest tenor, but

coherent lithium soil anomaly defined by broad spaced (2-4km) WA Geological Survey regional soil sampling programs. At the +20 ppm lithium contour, this anomaly is at least 20km long and

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8 km wide and peaks at 45.5ppm Li. Geological outcrop in the area is very limited, but it is

considered that the existing anomaly is most likely clay hosted and associated with a partially buried ancient lake / river system, the remnants of which are visible in aerial photography.

Initial fieldwork during 2017 comprised geochemical sampling on 1km spacing’s along 5 lines

across parts of the GSWA anomaly. This program confirmed extensive, coherent albeit modest tenor, lithium anomalism.

The Company is currently considering options for this project.

Figure 4 – Location of the two Exploration Licence Applications successful in the Mining Warden ballots

relative to the Symons Hill Project (E28/1932) and the Creasy Group Silver Knight Discovery.

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Lake Nerramyne Ni-Cu, PGE & Attapulgite Project (100% Boadicea) The Lake Nerramyne Exploration Licence of 39km

2 located 160km northeast of Geraldton in

Western Australia was surrendered during the Quarter.

New Projects: On 7 December 2018 a Mining Warden Ballot was held for a series of Exploration Licence

Applications adjacent to the Creasy Group’s Silver Knight Discovery.

The company is pleased to advise that is was successful in two of the ballots - see attached map

(Figure 4) of licence locations in relation to the Silver Knight nickel discovery licence.

On 22 October 2018 an Exploration Licence Application in the Fraser Range region was made.

The Application of ~93km2 is located ~15km southeast of the Creasy Group’s Silver Knight

discovery.

On 9 November 2018 further Exploration Licence Application’s in the Fraser Range region were

made. The four Applications, totalling ~159km2 are located within the Fraser Gravity Ridge

~100-150km northeast of the Symons Hill Project.

There were other applicants for this tenure and a ballot date for these new applications will be advised.

Corporate: The following corporate activities were reported during the quarter:

• On 5 October 2018 the Company lodged its annual accounts and AGM notice;

• On 17 October 2018 the Company lodged its September Quarterly and Appendix 5B;

• On 9 November 2018 the company lodged its AGM presentation;

• On 9 November the results of the AGM were released.

Tenement information, as required by ASX listing rule 5.3.3

Granted Tenements held at the end of the Quarter:

Tenement Project Location Ownership

E28/1932 Symons Hill Fraser Range 100%

E63/1859 Fraser South Fraser Range 100% E47/2936 Paraburdoo Paraburdoo 100%

E70/4875 Hyde Soak Geraldton 100% E15/1596 Horseshoe Coolgardie 95%

E36/873 Wildara Leinster 100%

All tenements are in Western Australia.

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Contact Information: For further information please contact:

Clarke Dudley Executive Chairman and CEO

Tel: (03) 9569 3467

Competent Persons Statements:

The information in this Announcement that relates to Exploration Results was compiled by Mr G. Purcell, who is a

part time consultant to the Company and a Member of the Australian Institute of Geoscientists. Mr Purcell has

sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the

activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code

for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Purcell consents to the inclusion

in the Report of the matters based on his information in the form and context in which it appears.

Disclaimer:

Information included in this release constitutes forward looking statements. Often, but not always, forward looking

statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”,

“intend”, “plan”, estimate”, “anticipate”, “continue” and “guidance” or other similar words, and may include,

without limitation, statements regarding plans, strategies and objectives of management, anticipated production or

construction commencement dates and expected costs or production outputs. Forward looking statements inherently

involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results,

performance and achievements to differ materially from any future results, performance or achievements. Relevant

factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general

economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and

project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or

grades of reserves, political and social risks, changes to the regulatory framework within which the company

operates or may in the future operate, environmental conditions including extreme weather conditions, staffing and

litigation.

Forward looking statements are based on the company and its management’s assumptions made in good faith

relating to the financial, market, regulatory and other relevant environments that exist and effect the company’s

business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations

under applicable law or any relevant stock exchange listing rules, in providing this information the company does

not undertake any obligation to publicly update or revise any of the forward-looking statements or advise of any

change in events, conditions or circumstances on which such statement is based.

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JORC Code, 2012 Edition - Table 2

Section 1 - Sampling Techniques and Data

Criteria JORC Code Explanation Comments

Sampling

Techniques

Nature and quality of sampling (eg cut channels,

random chips, or specific specialised industry standard

measurement tools appropriate to the minerals under

investigation, such as down hole gamma sondes, or

handheld XRF instruments, etc). These examples should

not be taken as limiting the broad meaning of

sampling.

Auger samples were collected at depths ranging from

0.3 to 1.5m. Samples were collected at the pedogenic

carbonate horizon if present. Maximum carbonate

was determined using hydrochloric acid. A bulk

sample of 500g was collected in a Kraft Geochem bag

which is numbered and sealed.

Include reference to measures taken to ensure sample

representivity and the appropriate calibration of any

measurement tools or systems used.

Samples are considered to be representative of the

near surface material sampled.

Aspects of the determination of mineralisation that are

Material to the Public Report. In cases where ‘industry

standard’ work has been done this would be relatively

simple (eg ‘reverse circulation drilling was used to

obtain 1 m samples from which 3 kg was pulverised to

produce a 30 g charge for fire assay’). In other cases

more explanation may be required, such as where

there is coarse gold that has inherent sampling

problems. Unusual commodities or mineralisation

types (eg submarine nodules) may warrant disclosure

of detailed information.

QA/QC protocols include the insertion of field

duplicates and appropriate commercial standards.

Statistical analyses of the results suggest the samples

are representative. Auger soil samples were submitted

to Intertek (Genalysis) Perth for analysis. The samples

was pulverized and analysed for gold by auqa-regia

digest and MS finish, and a 48 multi-element suite by

mixed acid digest with a MS finish.

Drilling

Techniques

Drill type (eg core, reverse circulation, open-hole

hammer, rotary air blast, auger, Bangka, sonic, etc)

and details (eg core diameter, triple or standard tube,

depth of diamond tails, face-sampling bit or other type,

whether core is oriented and if so, by what method,

etc).

No drilling

Drill Sample

Recovery

Method of recording and assessing core and chip

sample recoveries and results assessed. No drilling

Measures taken to maximise sample recovery and

ensure representative nature of the samples. No drilling

Whether a relationship exists between sample recovery

and grade and whether sample bias may have

occurred due to preferential loss/gain of fine/coarse

material.

No drilling

Logging

Whether core and chip samples have been geologically

and geotechnically logged to a level of detail to

support appropriate Mineral Resource estimation,

mining studies and metallurgical studies.

All samples were described and recorded in a digital

database.

Whether logging is qualitative or quantitative in

nature. Core (or costean, channel, etc) photography. Logging of geochemical samples is qualitative.

The total length and percentage of the relevant

intersections logged.

All samples were described and recorded in a digital

database.

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Sub-sampling

techniques

and sample

preparation

If core, whether cut or sawn and whether quarter, half

or all core taken. No drilling

If non-core, whether riffled, tube sampled, rotary split,

etc and whether sampled wet or dry.

All auger samples were dry and sampled with a sample

scoop.

For all sample types, the nature, quality and

appropriateness of the sample preparation techniques

The sample preparation for all samples follows

industry best practice and was undertaken at Intertek

(Genalysis) Perth, where they were crushed, dried and

pulverised to produce a sub sample for analysis.

Sample preparation involving oven drying, coarse

crushing, followed by total pulverisation in LM2

grinding mills to a grind size of 85% passing 75

microns.

Quality control procedures adopted for all sub-

sampling stages to maximise representivity of samples.

QC for sub sampling follows Intertek (Genalysis)

internal procedures.

Measures taken to ensure that the sampling is

representative of the in situ material collected,

including for instance results for field

duplicate/second-half sampling.

One field duplicate for every 30 samples were

collected for the auger soil geochemical sampling

Whether sample sizes are appropriate to the grain size

of the material being sampled.

The sample sizes are considered to be appropriate and

representative of the material being sampled.

The nature, quality and appropriateness of the

assaying and laboratory procedures used and whether

the technique is considered partial or total.

All auger samples were analysed for gold by auqa-

regia digest an ICP/MS finish, and a 48 multi-element

suite by mixed acid digest with a ICP/MS finish.

Sample preparation checks for fineness were carried

out by the laboratory as part of their internal

procedures to ensure the grind size of 85% passing 75

micron was being attained.

Quality of

assay data

and

laboratory

tests

For geophysical tools, spectrometers, handheld XRF

instruments, etc, the parameters used in determining

the analysis including instrument make and model,

reading times, calibrations factors applied and their

derivation, etc.

No geophysical tools or XRF were used for the

geochemical sampling.

Nature of quality control procedures adopted (eg

standards, blanks, duplicates, external laboratory

checks) and whether acceptable levels of accuracy (ie

lack of bias) and precision have been established.

Laboratory QA/QC involves the use of internal lab

standards using certified reference material, blanks,

splits and duplicates as part of the in-house laboratory

procedures. Repeat or duplicate analysis for samples

shows that the precision of samples is within

acceptable limits.

Verification

of sampling

and assaying

The verification of significant intersections by either

independent or alternative company personnel.

The assays have been verified by company personnel

and independent consultants.

The use of twinned holes. No drilling

Documentation of primary data, data entry

procedures, data verification, data storage (physical

and electronic) protocols.

Primary data was collected using a set of standard

templates and then entered into laptop computers

and then stored on company/consultant servers.

Discuss any adjustment to assay data. No adjustments or calibrations were made to any

assay data used in this report.

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Location of

Data Points

Accuracy and quality of surveys used to locate drill

holes (collar and down-hole surveys), trenches, mine

workings and other locations used in Mineral Resource

estimation.

All drill holes have been located by handheld GPS to

an accuracy of +/-5m.

Specification of the grid system used. UTM grid GDA94 Zone 51 (S)

Quality and adequacy of topographic control. The grid system is GDA94 Zone 51 (S). Topographic

control is based on Government available datasets.

Data spacing

and

distribution

Data spacing for reporting of Exploration Results. Geochemical samples were collected at nominal 200m

spacings on 400m spaced lines.

Whether the data spacing and distribution is sufficient

to establish the degree of geological and grade

continuity appropriate for the Mineral Resource and

Ore Reserve estimation procedure(s) and classifications

applied.

The data will not be used for mineral resources or

reserves.

Whether sample compositing has been applied. No compositing of geochemical samples.

Orientation

of data in

relation to

geological

structure

Whether the orientation of sampling achieves unbiased

sampling of possible structures and the extent to which

this is known, considering the deposit type.

Not applicable for the completed survey.

If the relationship between the drilling orientation and

the orientation of key mineralised structures is

considered to have introduced a sampling bias, this

should be assessed and reported if material.

No drilling

Sample

security The measures taken to ensure sample security.

Chain of custody for all samples was managed by the

sampling contracting company delivering the samples

directly to the assay laboratory premises.

Audits or

reviews

The results of any audits or reviews of sampling

techniques and data.

The sampling techniques are consistent with industry

standards.

JORC Code, 2012 Edition - Table 2

Section 2 - Reporting of Exploration Results

Criteria JORC Code Explanation Comments

Mineral

tenement and

land tenure

status

Type, reference name/number, location and

ownership including agreements or material

issues with third parties such as joint ventures,

partnerships, overriding royalties, native title

interests, historical sites, wilderness or national

park and environmental settings.

The Horseshoe Project comprises a single granted

Exploration Licence (E15/1596 which is owned 95% by

Boadicea Resources. The exploration licence is located on

VCL.

The security of the tenure held at the time of

reporting along with any known impediments to

obtaining a licence to operate in the area.

The tenement is in good standing with no known

impediments.

Exploration Acknowledgment and appraisal of exploration by

other parties.

Previous exploration has been for gold and nickel. There

has been no previous exploration for LCT pegmatites.

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Geology Deposit type, geological setting and style of

mineralisation.

The primary target is LCT pegmatite dykes and sills

intruding the Horseshoe greenstone belt. A secondary

target of orogenic gold mineralisation is also under

consideration.

Drill Hole

Information

A summary of all information material to the

understanding of the exploration results including

a tabulation of the following information for all

Material drill holes:

Appropriate maps and plans accompany this

announcement. No drilling has been undertaken.

o easting and northing of the drill hole collar No drilling

o elevation or RL (Reduced Level – elevation

above sea level in metres) of the drill hole collar No drilling

o dip and azimuth of the hole No drilling

o down hole length and interception depth No drilling

o hole length. No drilling

If the exclusion of this information is justified on

the basis that the information is not Material and

this exclusion does not detract from the

understanding of the report, the Competent

Person should clearly explain why this is the case.

No information is excluded.

Data

Aggregation

Methods

In reporting Exploration Results, weighting

averaging techniques, maximum and/or

minimum grade truncations (eg cutting of high

grades) and cut-off grades are usually Material

and should be stated.

No averaging techniques are used, any reported grades are

simply the result reported by the laboratory.

Where aggregate intercepts incorporate short

lengths of high grade results and longer lengths

of low grade results, the procedure used for such

aggregation should be stated and some typical

examples of such aggregations should be shown

in detail.

No drilling or aggregate intercepts used. Any reported

grades are simply the result reported by the laboratory.

The assumptions used for any reporting of metal

equivalent values should be clearly stated. No metal equivalent values are used in this report.

Relationship

between

mineralisation

widths and

intercept

lengths

These relationships are particularly important in

the reporting of Exploration Results.

The results are single point soil data. No areas of

mineralisation are established.

If the geometry of the mineralisation with respect

to the drill hole angle is known, its nature should

be reported.

No drilling has been undertaken and no mineralisation has

been defined.

If it is not known and only the down hole lengths

are reported, there should be a clear statement

to this effect (eg ‘down hole length, true width

not known’).

No drilling

Diagrams

Appropriate maps and sections (with scales) and

tabulations of intercepts should be included for

any significant discovery being reported These

should include, but not be limited to a plan view

of drill hole collar locations and appropriate

sectional views.

Sample location data used to illustrate the concept are

displayed in the body text of this announcement.

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Balanced

Reporting

Where comprehensive reporting of all Exploration

Results is not practicable, representative

reporting of both low and high grades and/or

widths should be practiced to avoid misleading

reporting of Exploration Results.

No significant or anomalous auger soils results were

received or reported. All relevant data is shown in the body

of the report.

Other

substantive

exploration

data

Other exploration data, if meaningful and

material, should be reported including (but not

limited to): geological observations; geophysical

survey results; geochemical survey results; bulk

samples – size and method of treatment;

metallurgical test results; bulk density,

groundwater, geotechnical and rock

characteristics; potential deleterious or

contaminating substances.

See body text of this announcement.

Further Work

The nature and scale of planned further work (eg

tests for lateral extensions or depth extensions or

large-scale step-out drilling).

A review of other targets within the tenement will be

considered for grid based auger soil geochemistry.

Diagrams clearly highlighting the areas of

possible extensions, including the main geological

interpretations and future drilling areas, provided

this information is not commercially sensitive.

See body text of this announcement.

Documents

BOADICEA RESOURCES LTD · number of identified gold targets in the south and southeast of the Project, including investigating the conglomerate hosted gold potential in the far south-eastern