Assays are expected in two weeks from the diamond core recovered from Boadicea’s Red Cap prospect, 6km northeast of the Nova-Bollinger nickel copper deposit now owned by Independence.

The drilling targeted a conductor modelled about 475m below surface, and the disseminated and stringer sulphides seen in the core are at about that depth.

Boadicea has held the ground prior to Sirius Resources making the Nova discovery.

The Melbourne-based company is run by industry veteran Clarke Dudley, whose previous companies include Tern Minerals (now Rand Mining) and Alcaston Mining.

He left Tern “after my business partner decided to knife me” and was forced to exit Alcaston after a well-known Melbourne investor “infiltrated” that company’s register and forced a change of business direction as the dot.com boom raged.

Dudley said he subsequently made a lot of money investing in companies restructured by corporate wheeler dealer David Steinepreis.

While he wasn’t a member of Steinepreis’ “inner circle” Dudley noted early on how well these companies were doing and figured he could also do well by investing at a price as close as possible to the backers of the re-structured shells.

“It was incredible (how well these companies did),” Dudley said.

Dudley’s windfall bankrolled Boadicea, in which the managing director holds about 49%.

Boadicea had about $A2.15 million at the start of the current quarter. The company’s shares nearly doubled to 60c in early trade, and were up a still very handsome 65% at 35.5c in midday trade.

At that price the company was capitalised at about $16 million.

Dudley said the intention all along had been to keep the capital structure tight so that if anything was found “it would be reflected in the share price”.

And it can help make it more difficult for outside parties to take control of the company, he quipped!