Strategic Energy Resources Limited (ASX:SER) has announced progress in exploration activities at the Canobie Project in North West Queensland, under a Farm-in and Joint Venture Agreement with FMG Resources Pty Ltd, a subsidiary of Fortescue Ltd. Strategic Energy Resources is a specialised under-cover explorer focused on the discovery of world-class Copper deposits in Queensland. Fortescue can earn up to 80% interest in the Canobie Project by sole funding $8 million in exploration over six years, targeting Iron Oxide Copper-Gold (IOCG) mineralisation.
The company has completed gravity modelling, identifying multiple priority targets for drill testing. A magnetotelluric (MT) survey is now underway across these targets to characterise the electrical response of the basement. An initial MT survey line will be completed over the previously drilled Apollo Bore Prospect, which intersected a modelled magnetic body at 898m. Up to four MT lines will be completed over the new prospects, with MT modelling expected to be complete in the coming month.
Site preparations are underway for a diamond drill program scheduled to begin this quarter. Native Title clearance will be completed in the coming weeks, followed by earthworks and the arrival of the drilling rig. Further details on the drill targets will be provided after the MT data modelling is completed.
Dr David DeTata, Managing Director of SER, expressed enthusiasm for the upcoming drill program, stating that the team is eager to commence drilling given the encouraging results from the recent gravity modelling. He added that with multiple priority targets identified and budgeted for testing over the next twelve months, the company is pushing to start drilling as soon as practical.
