BOA drilling gives Ricci Lee copper system greater definition

Ricci Lee drilling adds weight to copper continuity

BOA Resources Limited (ASX:BOA) has moved Ricci Lee another step away from being a collection of historical copper intercepts. Assays from 11 additional reverse circulation holes have lifted the number of holes returning high-grade copper intersections to 28 out of 34 reported, with the Main Lode now demonstrated across more than 400 metres of strike and beyond 200 metres of vertical depth.

The strongest new result was 10 metres at 2.78% copper from 208 metres in hole 26NCRC021, including 8 metres at 3.33% copper. Hole 26NCRC022 returned 11 metres at 2.04% copper from 253 metres, including 9 metres at 2.44%, while shallower results included 8 metres at 1.60% copper and 5 metres at 1.95% copper.

The latest batch extends the run of results described in BOA's October Ricci Lee drilling results, which had already pointed to continuity in the Main Lode and a parallel Hanging-Wall Lode. The new data strengthens that interpretation, although the company says the structural controls behind several features, including a bifurcation of the Main Lode in the north, remain unresolved.

Parallel lode emerges as drilling fills the picture

The Hanging-Wall Lode is now traced over 160 metres of strike and remains open to the north. Hole 26NCRC014 returned 8 metres at 1.60% copper from 87 metres, including 3 metres at 3.53%, providing one of the clearer results from that parallel structure.

At the southern end of the Main Lode, hole 26NCRC033 intersected 46 metres at 0.67% copper from surface, including 3 metres at 3.29%. BOA says the latest southern results also suggest the lode tapers in thickness and grade in that direction. An apparent shallow northerly plunge is emerging, but the company expects the remaining assays and geological modelling to clarify the interpretation.

Pending assays keep the resource picture open

There is still considerable news flow ahead. Assays remain outstanding from 12 Ricci Lee RC holes, while aircore results are pending from 92 holes across five other Neds Creek prospects. The completed program covered 138 holes for 13,086 metres, and BOA says the results will support geological interpretation as it works towards a maiden Mineral Resource.

That resource does not yet exist, and the reported intervals are down-hole lengths rather than confirmed true widths. BOA's significant intersections use a minimum 0.2% copper threshold and may include up to two metres of internal dilution, so the eventual estimate will depend on modelling, spacing, geometry and further technical work rather than headline grades alone.

Neds Creek ownership decision adds a second catalyst

The exploration results arrive as BOA seeks shareholder approval to acquire the remaining 51% of Neds Creek and 100% of the Thaduna and Green Dragon copper deposits. BOA currently owns 49% of Neds Creek and operates the project; the proposed transaction therefore sits alongside the drilling program as a material ownership question, but remains subject to approval.

The next test is whether the final Ricci Lee assays confirm the emerging scale and plunge interpretation, and whether results from the wider tenement package add a broader copper system beyond the prospect itself. Until then, the geological story is improving, but the resource, true widths and ultimate project scale remain works in progress.