Deals mark SER as emerging undercover agent
By Industry Queensland
Strategic Energy Resources has completed its acquisition of Anglo American’s Diamantina copper-gold exploration project, 280km south of Cloncurry.
The Anglo ground comprises two granted exploration licences, which SER has added to four recently secured adjoining exploration licence applications to form a project capturing more than 1800sq km of the projected undercover southern extension of the Mount Isa Eastern Fold Belt.
In addition, SER has executed two research agreements with the Resources Technology and Critical Minerals (RCTM) Trailblazer Program to advance understanding of its undercover exploration portfolio.
Key points:
- SER completes acquisition of Diamantina project from Anglo American
- First of two milestone payments of $150,000 cash and $150,000 of SER shares settled
- Research agreements executed with James Cook University-led ‘Trailblazer Program’
“The Diamantina copper-gold project is a significant exploration opportunity for the company given the number and scale of mineralised copper-gold intercepts that have already been drilled by Anglo American,” SER managing director David DeTata said.
“With the acquisition now complete and the exploration program for the first year already planned, we are eager to get on ground next year to follow up on the significant mineralised intercepts already drilled at the Elizabeth Springs prospects, along with new targets that have been identified through a review of the extensive geophysical databases that were part of the acquisition.”
The first condition of the sale and purchase agreement with Anglo American Exploration (Australia) has been completed, with $150,000 cash paid and $150,000 in SER shares transferred. The final payment of a further $150,000 cash and $150,000 in SER shares is due upon the execution of a landholder agreement or 12 months after completion.
Dr DeTata said the company was excited to be partnering with James Cook University, Anglo American, and Mount Isa Mines, through two Resources Technology and Critical Minerals Trailblazer Program agreements.
“These programs are aimed at developing advanced geochemical and geophysical exploration techniques to improve target selection and increase exploration success rates,” he said.
“Research will bring significant value to our entire portfolio of exploration assets where drill testing deep targets is expensive.”
The projects require companies to contribute in-kind funding through the provision of existing newly acquired datasets and require no financial contribution.
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