Strategic Energy Resources has snapped up a copper-gold project that Anglo American has been working on in what it describes as a new exploration frontier 280km south of Cloncurry.

The deal for the Diamantina project includes payments of $300,000 cash and $300,000 in shares, as well as royalty terms.

SER has also agreed to spend at least $1 million on exploration within the first two years, failing which Anglo American has an option to claw-back tenements.

“Since 2018, Anglo American has actively explored the southern undercover extensions of the Mount Isa Inlier, completing a large-scale, systematic, mineral systems exploration program to reduce the search space to the two key tenements which we have now acquired,” SER managing director David DeTata said.

The sale announcement includes the release of Anglo’s exploration results at Diamantina, where Dr DeTata said limited drilling to date had returned significant copper and gold intercepts.

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These include 17.37m at 1.76 per cent copper and 0.37g/t gold from 465.3m at the Elizabeth Springs East prospect. This came within a broader intercept of 161m at 0.4 per cent copper and 0.11g/t gold from 449m.

Dr DeTata said SER was invited to bid for the Diamantina project earlier this year as Anglo American had determined it was no longer aligned with the company’s global strategy.

The project comprises two granted exploration licences (EPM27134 and EPM27135). In addition, SER secured three adjoining exploration licence applications (EPM29278-29280) immediately prior to the execution of a binding definitive sale and purchase agreement with Anglo American.

“The Mount Isa Inlier is one of the most metallogenic regions in the world and it is our belief that undercover extensions both north and south are the next frontier for major mineral discoveries,” Dr DeTata said.

“SER has already secured the northern extensions with our Isa North and Canobie Projects and with acquisition of Diamantina and the surrounding ground, we now control the southern extension.”

The company said there is a considerable amount of geophysical and drill core data from the Diamantina project to be reviewed while the tenements were undergoing transfer (expected to take several months).

At the same time, it plans to negotiate land access agreements and make a field visit to ensure on-ground exploration can commence later this year, with a drill program scheduled for early 2026.

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