SER Reports Potential IOCG Near-Miss and Completes Diamantina Acquisition

Isa North Drilling Highlights Potential IOCG Systems

Strategic Energy Resources (ASX, SER) has completed a two-hole diamond drill program at its Isa North Copper-Gold Project in northwest Queensland, targeting the structurally complex Nardoo Prospect. The drilling intersected basement rocks exhibiting magnetite-rich hydrothermal alteration and elevated rare earth elements, suggesting a potential near-miss of an Iron Oxide Copper Gold (IOCG) system. These findings are particularly significant given the project's location along the Mt Gordon – Gunpowder Fault Zone, a region known for hosting large copper deposits.

The Nardoo West hole revealed magnetite-carbonate breccias with elevated copper, zinc, silver, and rare earth elements, while Nardoo East showed intense IOCG-style alteration. This dual evidence points to both magnetite-rich IOCG potential and sedimentary base metal mineralisation, expanding the exploration scope at Isa North.

Canobie Joint Venture Advances with Fortescue Funding

At the Canobie Copper-Gold Project, also in Queensland, SER and Fortescue Ltd have completed a diamond drilling campaign targeting coincident gravity and magnetic anomalies indicative of IOCG mineralisation. The program, fully funded by Fortescue under their farm-in agreement, included a gravity infill survey and a magnetotelluric trial survey, although the latter was inconclusive due to thick conductive cover. Assay results from this drilling are expected soon, which will be critical for assessing the project's potential.

Diamantina Acquisition and Strategic Research Collaborations

Strategic Energy Resources has finalized the acquisition of the Diamantina Copper-Gold Project from Anglo American, marking a significant expansion of its undercover exploration portfolio. The first milestone payment of $150,000 cash and $150,000 in SER shares has been completed, with Anglo American now holding a substantial shareholding in SER. The project covers the southern extension of the Mt Isa Eastern Fold Belt, a prolific copper-gold region.

Complementing this acquisition, SER has entered into research agreements with the Resources Technology and Critical Minerals Trailblazer Program, led by James Cook University, alongside Mount Isa Mines and Anglo American. These collaborations aim to develop advanced geochemical and geophysical tools to enhance exploration success, particularly for undercover deposits like Diamantina.

Corporate Developments and Financial Position

The quarter also saw notable corporate changes, including the resignation of Non-Executive Director Anthony McIntosh and the appointment of Daniel Loughnan, bringing fresh financial expertise to the board. Meanwhile, Ionic Industries, an unlisted graphene technology company in which SER holds a significant stake, was placed into liquidation, the implications of which remain to be fully understood.

Financially, SER reported exploration and evaluation expenditure of $965,000 for the quarter, supported by government grants and milestone payments from the sale of the South Cobar Project. The company ended the quarter with nearly $2 million in cash, providing a runway of approximately 2.6 quarters at current expenditure levels.

Looking Ahead

Strategic Energy Resources continues to actively seek new project opportunities aligned with its copper-gold exploration focus. The upcoming assay results from Canobie and further analysis of Isa North drilling will be pivotal in shaping the company’s exploration strategy. Meanwhile, the integration of the Diamantina Project and ongoing research collaborations position SER to leverage cutting-edge exploration techniques in a competitive market.