The transaction will include a A$5.5-million up-front, non-refundable cash payment to Boadicea and a A$1.5-million subscription to purchase 6.25-million Boadicea shares at 24c each.

A A$50-million cash payment would become payable to Boadicea on Independence making a discovery and declaring a resource at the tenure within a five-year period, with Independence also granting the junior company a 0.75% net smelter return on all revenue associated from mineral production at the tenure.

The tenure includes the Symons Hill tenement, which is adjacent to Independence’s Nova mining lease, as well as tenements proximal to the Silver Knight and Mawson discoveries.

“As the dominant landholder along the Fraser Range and the operator of the Nova operation, Independence maintains a strong conviction for the potential of the region to host multiple nickel/copper sulphide deposits,” said MD and CEO Peter Bradford.

“The Symons Hill tenement in particular, which adjoins the Nova mining lease, is an area that has received relatively little exploration to date and represents the extension of the Nova mafic-ultramafic intrusive system. We are keen to explore this area for repetitions of Nova-style nickel/copper/cobalt mineralisation.”

Boadicea MD Jon Reynolds said that the agreement with Independence provided a substantial cash injection and a unique opportunity to leverage the exploration skills of the company within the Fraser Range, to explore for nickel sulphide mineralisation, allowing upside participation from any discovery.

The transaction will be subject to Boadicea shareholder approval.