Fortescue Funds $8M Exploration as Canobie Gravity and MT Surveys Begin
Strategic Energy Resources has commenced gravity and magnetotelluric surveys at its Canobie Project, with Fortescue funding all exploration costs under their joint venture. These surveys aim to refine drill targets for potential copper-gold discoveries later this year.
- Gravity and magnetotelluric surveys starting at Canobie Project
- Fortescue funding all exploration costs under Farm-in JV
- ~1,600 gravity measurements on newly granted western tenement
- Eight high-priority targets to be assessed for conductivity
- Drill testing planned for highest ranking targets later in 2025
Renewed Exploration Momentum at Canobie
Strategic Energy Resources Ltd (SER) has announced the commencement of two critical geophysical surveys at its Canobie Project in northwest Queensland. These surveys, a gravity survey and a magnetotelluric (MT) survey, are designed to sharpen the exploration model and identify the most promising drill targets for copper-gold mineralisation. Fortescue Ltd, through its subsidiary FMG Resources Pty Ltd, is funding all exploration costs as part of their Farm-in and Joint Venture Agreement, underscoring the strategic importance of the project.
The Canobie Project, covering over 2,000 square kilometres following recent tenement grants, lies west of the Gidyea Suture Zone, a major fault system linked to significant copper-gold deposits such as the Ernest Henry mine. The joint venture is now in its second year, having already completed baseline geophysical data collection and a three-hole diamond drilling program at key prospects including Apollo Bore, Sundance, and Wondoola.
Gravity Survey to Enhance Target Resolution
The gravity survey will collect approximately 1,600 new measurements on the newly granted western tenement, improving data resolution from 2-kilometre spacing down to 500 metres, with potential infill to 250 metres over high-priority targets. This is the fourth gravity survey conducted at Canobie, progressively refining the geological model and enabling more precise ranking of drill targets.
Magnetotelluric Survey to Probe Subsurface Conductivity
Complementing the gravity work, the MT survey will deploy up to eight lines of full tensor, broadband MT across eight selected prospects. This technique images the earth’s electrical conductivity to depths exceeding 500 metres, helping to identify conductive zones that may indicate the presence of Iron Oxide Copper-Gold (IOCG) mineral systems. The integration of MT data with gravity and magnetic datasets will provide a robust framework for prioritising drill targets.
Strategic Partnership and Future Drilling Plans
Under the Farm-in and Joint Venture Agreement, Fortescue can earn up to an 80% interest in the Canobie Project by funding $8 million in exploration over six years. To date, Fortescue has funded significant drilling and geophysical programs, with a minimum of 1,467 metres drilled in basement rocks. The upcoming surveys will directly inform a new round of diamond drilling scheduled for later this year, targeting the highest ranking prospects identified through these enhanced datasets.
Dr David DeTata, Managing Director of SER, expressed optimism about the project’s potential, highlighting Fortescue’s commitment and the belief that Canobie could host a significant copper-gold discovery beneath cover. The collaboration leverages Fortescue’s financial muscle and SER’s operational expertise, positioning the Canobie JV as a compelling exploration story in the Australian copper-gold sector.
Bottom Line?
As geophysical data sharpens, all eyes turn to the upcoming drill results that will test Canobie’s true potential.
Questions in the middle?
- Will the new gravity and MT surveys reveal definitive IOCG signatures warranting aggressive drilling?
- How might Fortescue’s increasing stake influence the pace and scale of exploration at Canobie?
- What are the implications if early drill results fail to meet expectations despite promising geophysical data?