Strategic Energy Resources clinches more copper-gold targets
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Strategic Energy Resources (ASX:SER) has clinched two exploration licence applications (ELAs) in the Olympic Dam Copper-Gold province.
These applications come in the wake of BHP’s recent strong iron oxide copper-gold (IOCG) discovery at Oak Dam West.
SER’s long history of operating in the Gawler Caton will be enhanced by the decision to build on its existing Olympic Dam Province portfolio that includes the prospective Myall Creek Project.
ELA 2018/185 Billa Kalina
The ELA 2018/185 Billa Kalina comprises 525 square kilometres, covering coincident offset gravity and magnetic anomalies. This ELA is situated approximately 60 kilometres northeast of the Prominent Hill copper-gold mine.
Currently, there are only two drill holes within this ELA: SR11 (maximum depth 103.9m) and SR12 (399m). Both were drilled by Damper Mining/Newmont in 1977/1978.
While these historic drilling activities did target the coincident gravity/magnetic anomalies, they failed to reach the targets. Rio Tinto Exploration did hold this ground but didn't conduct any activities onsite, and the source of the geophysical anomalies remains unknown.
SER has strong knowledge of the area within ELA 2018/185, having conducted a ground gravity survey at the location in 2014.
The company noted that ELA 2018/185 is in competition with another party, who lodged an application for the same region on the same day.
ELA 2018/183 Island Lagoon
ELA 2018/183 Island Lagoon is 70 square kilometres in size and lies approximately 50 kilometres southwest of BHP’s new discovery at Oak Dam West.
There is currently only one drill hole within the ELA, which covers a residual gravity anomaly.
Drilled in 1982, ‘Vanguard 1’ was executed by CSR Ltd. and designed to test the residual gravity anomaly. It intersected Mesoproterozoic basement at 1067m before terminating 29m later in the Gawler Range Volcanics.
The cause of the geophysical anomaly was not determined.
ELA 2018/183 is in direct competition with two other parties who lodged applications on the same day. Of these applications, one covers the exact area SER has pegged, while the other covers a far greater area.
Caution advised
The company reiterated that its ELAs are in competition with other parties, and it may not secure the right to apply. In addition, the ELAs are applications only, and there is therefore no guarantee that these licences will be granted.
SER will advise shareholders of the outcome, which will be determined by the South Australian Department for Mining and Energy.
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