STT trading BOA Boadicea Resources Market Cap at 26c is $10m
BOA is an explorer with a number of leases in WA . The most exciting of their leases is the companies Symonds Hill project which is in the Fraser range in WA
The Symonds Hill project borders , on the actual fence line of the Sirius Resources (Nova /Bollinger discovery) to the orth East , and is the only Fraser range story that falls along strike with Sirius .
In respect to distance , Symonds Hill is actualy only 4km to the North east of Nova ,and just 400 metres from the most recent conductor that SIR are drilling .
The two key announcments in the last 48 hours that have renewed my interst in BOA are .
1. BOA announced yesterday that they have now identified their initial 6 drill targets , each along strike from a helicopter VTEM survey recently to Nova and that have shown similar charecteristics to that of Nova .
2. SIR have today announced a 80+ Million capital raise most importantly to my BOA antenna said they are looking at using that money to further ACQUIRE ,and advance their nickel project .
At a $10m market cap , and the fact BOA is along strike SIR may look to take out BOA before they drill and get the sort of uplift SIR got from 3c to $3 when they confirmed the discovery .
If BOA gets good news SIR will have to pay to much but likewise BOA dont have the reserves to drill and commercialize in its own right if in fact the BOA lease is just as prosperous as their neighbour
The market cap of SIR is now close to 500 times BOA , all after a long gestation period , and a paper offer could easily add further upside to SIR , and allow BOA shareholders to stay invested and get the upside
If it is proven that the land that BOA sits on is along strike and can be added to the pool of discoveries SIR is getting rewarded for both will have a win win .
At a market cap now of just $10m , BOA needs to find either a JV partner to go drill with or be taken out , and I suspect might accept 50-60c per share , or a 1 for 4 SIR offer
I suspect either scenario will add multiples of upside , but I do suspect SIR will get it cheaper sooner and todays announcments does to me suggest an offer in the near term might be a possibility
If not the drilling planned for BOA might work even better for holders
As a result happy to add BOA as a STT buy at this price
