Strategic Energy Hits Elevated Copper and Gold in 1840m Drill Program

• Two diamond drill holes completed totaling ~1840m at Canobie Project
• Elevated copper and gold mineralisation intersected at Charcoal Bore Prospect
• Exploration fully funded under Farm-in and Joint Venture with Fortescue
• Fortescue can earn up to 80% interest by funding $8 million over six years
• Further petrological analysis and drilling planned for 2026

Strategic Energy Advances Canobie Exploration

Strategic Energy Resources Limited (ASX – SER) has delivered encouraging results from its 2025 diamond drilling campaign at the Canobie Project in Queensland. The program, conducted under a Farm-in and Joint Venture (FJV) agreement with Fortescue Ltd, saw two diamond holes drilled to a combined depth of approximately 1840 metres targeting geophysical anomalies at the Charcoal Bore and Wills prospects.

The highlight came from the Charcoal Bore Prospect, where drilling intersected multiple zones of elevated copper with associated gold mineralisation. These findings validate the company’s geophysical targeting strategy and underscore the project’s potential to host significant iron oxide copper-gold (IOCG) deposits, a highly sought-after mineralisation style in the region.

Joint Venture Structure and Funding

The Canobie FJV agreement grants Fortescue the right to earn up to an 80% interest in the project by sole funding $8 million in exploration over two stages across six years. To date, Fortescue has funded the initial exploration phases, including the recent drilling program, which is fully financed under the agreement. Strategic Energy continues to operate the exploration activities during the first stage, with an Exploration Committee comprising representatives from both parties guiding the work.

Fortescue’s involvement brings significant financial muscle and technical expertise, positioning the Canobie Project as a compelling copper-gold exploration play in the prolific Mt Isa Province. The project’s location near major deposits such as Ernest Henry adds to its strategic appeal.

Technical Insights and Next Steps

The drilling at Charcoal Bore intersected basement rocks comprising weathered mafic units transitioning into altered intermediate intrusives, with visible disseminated chalcopyrite and other sulphides indicative of IOCG mineralisation. Copper grades reached up to 1,507 ppm with accompanying gold values up to 0.44 g/t over intervals up to 8 metres, suggesting a fertile mineral system.

In contrast, drilling at the Wills Prospect encountered granitic rocks with variable magnetite alteration but no significant mineralisation, highlighting the variable nature of IOCG systems and the importance of ongoing target refinement.

Strategic Energy plans to relog drill core and conduct detailed petrological and petrophysical analyses in collaboration with the Centre of Ore Deposit Earth Sciences (CODES). These studies aim to characterise the hydrothermal alteration and trace element signatures to better understand mineralisation controls and refine future drill targets. The company has already approved the 2026 exploration budget, with new drill targets identified for the upcoming dry season.

Broader Implications

This latest drilling success at Canobie reinforces Strategic Energy’s position as a serious contender in the copper-gold exploration space, particularly given the backing of Fortescue. The validation of IOCG mineralisation at Charcoal Bore could mark the early stages of a significant discovery, which would have meaningful implications for the company’s valuation and the broader Queensland mining landscape.

Bottom Line?

With Fortescue’s backing and promising drill results, Strategic Energy is poised for a pivotal year at Canobie.

Questions in the middle?

• Will further drilling confirm the extent and grade continuity of the Charcoal Bore mineralisation?
• How will petrological studies influence the prioritisation of future drill targets?
• What timeline and milestones should investors expect for Fortescue’s earn-in stages?