BOA Resources has secured full ownership of Core Value Australia NL, adding the Thaduna and Green Dragon copper deposits to its Neds Creek portfolio and gearing up for a 15,000m maiden drilling campaign.
- Acquisition consolidates Neds Creek ownership and adds 121kt contained copper
- Heritage agreements and tenement grants advance drilling readiness
- Planned 7,500m RC and 7,500m aircore drilling targeting multiple copper prospects
- Board reshuffle appoints Graeme Purcell as Managing Director
- Transaction completion subject to shareholder and regulatory approvals
Strategic Acquisition Strengthens Neds Creek Copper Project
BOA Resources (ASX:BOA) has taken a decisive step to consolidate its position in Western Australia's Murchison region by agreeing to acquire 100% of Core Value Australia NL (CVA). This transaction folds the Thaduna and Green Dragon copper deposits into BOA’s portfolio, adding a combined Mineral Resource Estimate of 5.3 million tonnes at 2.3% copper, equating to 121,000 tonnes of contained copper. The acquisition effectively consolidates BOA’s ownership of the broader Neds Creek Copper Project, expanding its footprint to approximately 1,378 square kilometres and underpinning its ambition to establish a significant copper district.
Drilling Preparations Accelerate with Heritage and Tenement Milestones
Progress toward maiden drilling at Neds Creek has gained momentum, bolstered by the completion of Heritage Protection Agreements with the Gingirana and Yugunga-Nya peoples. These agreements clear a critical path for tenure grant, with 7 of 14 tenements now granted by the Department of Mines, Petroleum and Exploration, including those covering initial drill sites. BOA is targeting structurally controlled copper mineralisation along key corridors associated with the Thaduna and Green Dragon systems, planning a substantial 15,000-metre drilling program split evenly between reverse circulation (RC) and aircore (AC) methods. The program will initially focus on the Ricci Lee prospect for resource definition, followed by Rooneys and other priority targets such as Blockley and Mueller.
Ricci Lee and Rooneys Lead Exploration Pipeline
Ricci Lee stands out as an advanced, drill-ready target with historic drilling returning high-grade intersections including 5 metres at 3.48% copper and 10 metres at 5.12% copper at depth. Its geological setting mirrors that of the nearby Thaduna deposit, offering promising potential for resource growth. Rooneys, situated about 3.5 kilometres west of Green Dragon, has also yielded significant copper grades historically, with results such as 14 metres at 3.87% copper. The upcoming drilling campaign aims to test extensions and structural controls at these prospects, integrating new data with the extensive historical exploration records from Thaduna and Green Dragon to refine targeting strategies.
Board Changes Signal Next Phase of Growth
Following the quarter, BOA announced key leadership changes aligned with its expanded copper strategy. Graeme Purcell, a geologist with over 30 years of exploration experience, has been appointed Managing Director, transitioning from his previous role. Cath Norman moves to Non-Executive Chair, and Adrian Griffin joins the board as a Non-Executive Director. These appointments coincide with the planned commencement of drilling and integration of new assets, reflecting a shift from acquisition to active resource development.
Transaction Timeline and Funding Position
The acquisition remains subject to shareholder approval, an Independent Expert Report, and other regulatory conditions, with a general meeting anticipated in September 2026 and completion targeted for October. The deal includes the issue of over 127 million BOA shares and nearly 77 million options to CVA shareholders, alongside 27.8 million shares to Sandfire Resources, which will become a 6.2% shareholder in BOA. The company reported a cash position of approximately $2.43 million at quarter-end, sufficient to fund the transaction and the upcoming drilling program. BOA continues to review its broader portfolio to prioritise capital allocation toward high-potential copper assets within the expanded Neds Creek framework.
Bottom Line?
BOA’s consolidation of Neds Creek and imminent drilling campaign mark a pivotal phase, with shareholder approval and drilling results set to define its copper growth trajectory.
Questions in the middle?
- Will the maiden drilling at Ricci Lee confirm extensions to high-grade copper mineralisation?
- How will integration of Thaduna and Green Dragon datasets reshape BOA’s exploration model?
- What impact will Sandfire’s 6.2% stake have on BOA’s strategic direction and capital access?