Boadicea Resources : Fraser Range Exploration Update

BOADICEA RESOURCES LTD

ASX ANNOUNCEMENT 13 January 2022

BOADICEA RESOURCES LTD onlyACN: 149 582 687

ASX Announcement &

Media Release

ASX C de: BOA

Issued Capital:

77,699,895 Shares (BOA) use19,554,149 Options (BOAOA)

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PO Box 245 Malvern 3144 Victoria

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www.boadicea.net.au For

EXPLORATION UPDATE, FRASER RANGE

HIGHLIGHTS:

• R&D geophysical survey within Symons Hill (E29/1932) being advanced. Results could improve the interpretation and understanding of the Orion chonolith for future diamond drilling.
• 99 surface Electromagnetic (EM) stations were surveyed across three separate targets, North Emperor, Mahi West and Fletching within South Plumridge licence (E28/2937):

1. Interpretation of results for North Emperor and Mahi West to be completed in Q1 2022.

• 1. Fletching Target is not considered prospective.
• Planned activity on the Transline and South Plumridge tenements includes MLEM and aircore on:
• 1. Ballast Eye (Transline North - E28/2849), an elliptical magnetic feature (as announced 13/7/21).

1. Eggpie target (Transline South - E28/2866).

1. Buckbeak Target (Transline West 1 - E28/2888 and Transline West 2 - E28/2895).

• 1. Beacon Target (South Plumridge - E28/2937).
• Heritage negotiations under way with native title holders for the Transline and South Plumridge tenements.

Boadicea Managing Director Jon Reynolds commented: "Utilisation of IGO's leading exploration skills and funding on Boadicea's tenements continues to provide the highest potential for exploration success. The recent news of R&D exploration within Symons Hill provides an exciting step in the understanding of the Orion chonolith and improving target locations for future drilling programs, strengthening the success of exploration efforts."

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

RECENT IGO EXPLORATION ACTIVITIES - SUMMARY

For personal use only

Between 15 September and 15 December 2021, IGO completed the following exploration activities within the IGO Limited ("IGO") - Boadicea ("BOA" or the "Company") tenements that are subject to a five-year exclusive exploration agreement (announced on 4 September 2020).

SUMMARY

Fieldwork during Q4 CY2021 continued to focus on E28/1932 (Symons Hill) and E28/2937 (South Plumridge) and include the following activities:

• Interpretation of assays returned from Red Cap and Bell Ringer targets within Symons Hill.
• Rehabilitation of 88 aircore pads on Symons Hill.
• Continued geophysical research and development program on Symons Hill.
• 99 surface Electromagnetic (EM) stations were surveyed across three separate targets, North Emperor, Mahi West and Fletching on South Plumridge.
• Heritage negotiations continued with the Untiri Pulka (UP) and Upurli Upurli Nguratja (UUN) Native Title groups whose lands extend over the Transline group of tenements and South Plumridge licence.

SYMONS HILLS (E28/1932)

Red Cap

BSHD0011 (see Table 1,Figure 1) returned assay results confirming the presence of mafic and ultramafic rocks observed in visual logging. These units can be further sub-divided into non- cumulate gabbronorites, non-cumulate norite, cumulate gabbro, cumulate gabbronorite and orthocumulate websterite intervals. There were no significant intercepts returned. The sulphides observed in logging had geochemical results indicative of pyrrhotite (iron sulphide) and not nickel or copper sulphides.

Bell Ringer

18BRDD001, 18BRDD002, and 18BRDD0032 (see Table 1,Figure 1) had no significant nickel intercepts in the assays returned this quarter. IGO in-house mafic classification calculations were performed on the geochemical data, and showed non-cumulate gabbronorites, non-cumulate norites, and olivine bearing cumulate gabbros were present in the holes.

Orion and Other Identified Intrusive Targets

Results from the R&D geophysical program and subsequent peer review will determine the next steps for additional diamond drilling.

1. See BOA ASX announcement, "Stringer and disseminated sulphides intersected at Red Cap, Symons Hill Project, Fraser Range", 27 October 2015.
2. See BOA ASX announcement, "Symons Hill Project - Bell Ringer Prospect Drilling Update", 22 May 2018.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

Table 1: Collar locations of re-sampled Symons Hills holes (Red Cap and Bell Ringer)

For personal use only

Hole ID	Easting	Northing	RL	Hole Depth (m)
BSHD001	523283	6484405	278	552.0
18BRDD001	526370	6489650	289.01	400.0
18BRDD002	526920	6489500	282.3	234.8
18BRDD003	527300	6489300	282.41	495.9

Figure 1: Location map of re-sampled Symons Hills holes

SOUTH PLUMRIDGE (E28/2937)

In total, 99 surface Moving Loop Electromagnetic (MLEM) stations were surveyed within South Plumridge (E28/2937) (Figure 2).

Mahi West

44 MLEM stations were surveyed at Mahi West, following up on an end-of-line response from a

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

For personal use only

survey completed in 2020 on the adjoining tenement. Interpretation of this data is expected to be completed in Q1 2022.

North Emperor

49 MLEM stations were surveyed at North Emperor, following up on an end-of-line response from a 2020 EM survey to the south on an adjoining tenement. Interpretation of this data is expected to be completed in Q1 2022.

Fletching

6 MLEM stations were surveyed at the Fletching Target as part of a larger program within adjoining IGO tenements. This program was designed to test two discrete Spectrem AEM anomalies within the larger survey of 45 MLEM stations. The ground MLEM survey has confirmed the anomalies identified from the AEM survey. One conductor was partly observed within South Plumridge. This modelled plate is not considered prospective for massive nickel sulphide mineralisation due to the large strike length (1200m) and moderate conductance value (800S). No further geophysical exploration is recommended at the Fletching target.

Figure 2 Completed MLEM stations in FY22Q2 on E28/2937, overlaying the First Vertical Derivative (1VD) of an airborne-derived

Total Magnetic Intensity (TMI) Reduced to the Pole (RTP) image

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

For personal use only

PLANNED IGO WORK ON BOA FRASER RANGE TENEMENTS IN Q1 CY2022

SYMONS HILL PLANS

IGO is currently completing a Research and Development (R&D) survey program within the IGO tenure and the Symons Hill licence (E29/1932) to assist in the interpretation and understanding of the Orion chonolith. The results of the R&D program will be used to determine future drilling opportunities.

HERITAGE SURVEYS

Heritage negotiation is ongoing with Native Title groups to finalise agreements that cover most of the northern targets, including the Transline group (E28/2888, E28/2895, E28/2849, E28/2866), South Plumridge (E28/2937) and the Giles group (E28/2952 and E39/2148) of tenements. It is anticipated that the agreement negotiation will be fully finalised during the next quarter (Figure 3).

REHABILITATION

Approximately 12.7 line-km of rehabilitation of previously cleared air-core grid lines is scheduled to be completed in 2022. This work could potentially be completed in the upcoming quarter.

GEOPHYSICS - MLEM

Interpretation of recently acquired MLEM data at West Mahi and North Emperor targets on the South Plumridge licence.

AIRCORE DRILLING

Multiple air-core (AC) drill programs have been designed on Transline West 1 (E28/2888), Transline West 2 (E28/2895), Transline North (E28/2849), Transline South (E28/2866), South Plumridge (E28/2937), South Giles (E28/2952), and Giles (E39/2148). The timing of these programs is dependent on heritage agreements and subsequent heritage surveys over the Upurili Upurili Ngratja claim area. Planned activities include:

• AC drilling at the interpreted Ballast Intrusive Complex, a 25km x 6km magnetic feature that sits within a structural corridor defined by the Ballast and Heatwave Shear Zones. Drilling has been designed to test several discrete features within the broader structural trend, including an elliptical magnetic feature (Ballast Eye), gravity anomalies (>2mGal density contrast) and following up on mafic intrusives intersected by previous AC holes (Ballast SW).
• AC drilling at the Eggpie Target on Transline South which consists of untested interpreted mafic-ultramafic intrusions defined by TMI3 lows with some coincident VRMI4 highs and gravity highs.

1. TMI: Total Magnetic Intensity
2. VRMI: Vector Residual Magnetic Intensity

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria