THE BOURSE WHISPERER: The ambiguous science of Nearology could transform this ambitious gold exploration play into a sizeable blip on the markets’ collective radar screens.
Last week a little known area in Far East Western Australia became the talk of the mining world when Sirius Resources announced the discovery of a major nickel-copper discovery at its 70 per cent-owned Fraser Range project.
But in contrast to this hype and excitement, it seems the stockbrokers, investors and even learned mining industry analysts and professionals had all chosen to ignore a quiet achiever with the potential to be a great achiever until last week.
With a number of listed plays all rushing to inform the bourse of their location and proximity to Sirius’ tenements and the Fraser Range project, it would seem the company best-placed to make such claims is ASX-aspirant Boadicea Resources.
Map showing Boadicea Resources proximity to the discovery of Sirius Resources. Source: Boadicea Resources
Boadicea Resources has been vainly trying to list on the Australian Stock Exchange this year and is currently attempting to achieve the 400 name spread to meet ASX listing rules.
The company’s main project is the Symons Hill project.
The name Symons Hill may not mean much to many people at present, but as the lease right next door to Fraser range, it is one most likely to be on the lips of many investors very soon.
Boadicea Resources managing director Clarke Dudley and a core group of dedicated believers and investors in the project have struggled in difficult market conditions to find any interest among brokers and investors to part with $2000 each for a parcel of 10,000 shares at 20 cents each to raise $800,000 and list on the ASX.
Boadicea has a core group of dedicated investors who have raised $2 million, including Dudley himself who has pitched in some $700,000, in seed money that is needed to get the company’s assets mobilized.
The biggest obstacle until now has been to find 400 investors wanting to part with $2000 each and invest in Boadicea at the IPO level.
After Sirius Resources announced the Nova deposit discovery last week the company’s shares jumped almost 1000 per cent from 5.7 cents to as high as 56.5 cents at close on the day after the announcement.
The stock had another good run on Wednesday closing at 73.5c.
The discovery hit intersected 4metres at 3.8 per cent nickel and 1.4 per cent copper in the predicted Electro Magnetic area and a step-out hole 55 metres away also returned similar mineralisation.
Furthermore, AngloGoldAshanti’s world-class six million ounce Tropicana project is only 250km away from the Symons Hill project site.
Boadicea is aiming to list on the Australian Securities Exchange in late September with the IPO offering closing on September 24.
As a result of the Sirius Resources’ announcement, the issue is likely to close much earlier.
“We are needing another 160 investors at $2000 each to complete our ASX 400 shareholder requirement,” Dudley said.
“Once Boadicea Resources has received 400 plus shareholders at $2000, consideration will be given to accepting amounts greater than $2000 from a select number of investors.
The Boadicea Resources company information and prospectuses can be downloaded at www.boadicearesources.com.au or more information can be obtained by contacting Yolanda Torrisi email@example.com or phone +61 412 261 870.