Boadicea Resources Ltd. entered an exclusivity agreement with the registered owner of E29/994 to perform a due diligence on the Two Tanks lithium project with the aim of potentially acquiring a majority interest at the conclusion of the due diligence period. The Two Tanks lithium project is located 570km north-east of Perth, Western Australia in the emerging lithium region of Mt Ida. The area around Two Tanks is emerging as a new lithium province with significant developments along a prospective zone of approximately 35km strike length.

This corridor has two significant lithium developments led by Red Dirt Metals' Mt Ida lithium project with the recently announced mineral resource of 12.7Mt @1.2% LiO2. Recent high-grade results from surface rock chips by St George Mining has provided confirmation of the prospectivity of the corridor. Recent drilling by St George on the Jailbreak prospect reportedly intersected lithium bearing minerals within pegmatites.

E29/994 is located proximal to St George's Jailbreak prospect as part of the Mt Alexander project. The regional lithium prospectivity is interpreted to be associated with the large Copperfield Granite which may be a source of the Lithium-caesium-tantalum (LCT) pegmatites. A prospective LCT corridor is interpreted between the contact with the Copperfield Granite in the east and the Ida Fault in the west.

Historic exploration within Two Tanks has identified numerous sub vertical pegmatite dykes which will be the focus of the due diligence. The Two Tanks project is subject to an exclusivity agreement with project owner, Mr. Mark Selga. Key terms of the agreement include a $5,000 up-front exclusivity fee for 30 days due diligence (DD) period.

During this period Boadicea will have access to all historical data and commit to a site visit to assess the potential of known pegmatites within the tenement. After the exclusivity agreement Boadicea will have an option to enter exclusive negotiations for the potential acquisition of a majority stake in Two Tanks. Boadicea is developing a portfolio of quality lithium exploration tenements that currently include: Bald Hill East lithium project, Western Australia, Ant Hill lithium-nickel project, Western Australia and Hanns Gully lithium-tin-tantalum project, Queensland.

Subject to successful completion of the due diligence and entering into an agreement with the vendor, Two Tanks has significant potential to add a major new lithium prospect that has known lithium bearing pegmatites.