en.Wedoany.com Reported - BOA Resources (ASX:BOA) has attracted attention from investment firm Far East Capital after reaching an agreement to acquire the Thaduna and Green Dragon copper mines in the Murchison region of Western Australia. Far East Capital Executive Chairman Warwick Grigor described the acquisition as "transformational" for the company.
The acquired assets have a combined resource of 5.3 million tonnes at 2.3% copper, containing approximately 121,000 tonnes of metal. The Thaduna deposit contributes 4.1 million tonnes at 2.5% copper in the indicated and inferred categories, with mineralization extending over 1.7 kilometers of strike length and to a depth of approximately 660 meters; the Green Dragon deposit adds 1.2 million tonnes at 1.5% copper, along 350 meters of strike and to a depth of approximately 270 meters.
The transaction consolidates and expands BOA Resources' footprint in the Neds Creek Project within the Murchison copper belt, covering an area of approximately 1,378 square kilometers, including the Thaduna and Green Dragon mining leases, seven exploration licenses, five approved prospecting licenses, and 11 exploration license applications.
Grigor noted that these resources are supported by further exploration potential within BOA's broader landholdings, led by the Ricci Lee and Rooneys prospects. Ricci Lee is described as a "walk-up" target with geological similarities to the known Thaduna mineralization approximately 2 kilometers away. Past RC and RAB drilling has identified copper mineralization at Ricci Lee along 500 meters of strike and to a depth of 200 meters, with results including 10 meters at 5.12% copper, 5 meters at 6.41% copper, and 7 meters at 3.48% copper. The prospect remains open along strike and at depth, making it a priority target for resource definition drilling in 2026, with a total 35-hole, 5,500-meter RC drilling program set to commence this month.
Drilling at the Rooneys prospect has previously returned high-grade intercepts, including 14 meters at 3.87% copper and 7 meters at 3.99% copper, with follow-up plans targeted for later this year. Grigor stated that this acquisition is just "a start" for BOA's activities at Neds Creek and hinted that the company could be "very interesting over the next 12 months."
BOA's land package is located approximately 40 kilometers east of the DeGrussa discovery, which helped Sandfire Resources (ASX:SFR) become a significant global copper producer. Currently valued at approximately A$9 billion, Sandfire will become a substantial shareholder in BOA under the acquisition structure. Unlike DeGrussa, BOA is not targeting VMS-style copper but is pursuing structurally controlled copper systems hosted in sedimentary sequences, overprinted by fracturing that introduced copper and minor silver fluids. Under the transaction structure, BOA will acquire 100% of Core Value Australia, which holds the Thaduna and Green Dragon assets, while Sandfire will receive a 6.2% stake in BOA.
At the management level, Cath Norman will step down as Managing Director and continue as the company's Non-Executive Chairman; geologist Graeme Purcell will be promoted from Non-Executive Director to Managing Director. Grigor noted that copper prices have performed relatively strongly over the past six months, with demand dynamics supported by industrial consumption rather than speculative sentiment. The transaction still requires approval at a shareholder meeting to be held in August.
