Strategic Energy Resources kicks off drilling at Saxby
The company describes Saxby as the most significant gold exploration prospect in the north-east Mount Isa Province region.
It is located 165km north-northeast of Cloncurry.
Historic drilling includes high-grade intersections of 17m at 6.75g/t Au (including 9m at 11.27g/t Au) and 15m at 9.09 g/t Au (including 8m at 15.1g/t Au) in two holes 190m apart.
Strategic Energy says its analysis shows previous drilling failed to fully test the prospect due to sever deviation of inclined drills.
It is targeting gold mineralisation hosted in basement rocks of the Eastern Succession of the Mount Isa Province, buried beneath younger sedimentary cover of the Carpentaria Basin.
“SER is looking forward to testing our geological theories at Saxby,” executive chairman Stuart Rechner said.
“Our goal is simple: thick intersections of high-grade gold.
“We thank shareholders for their continued support.”
A heritage clearance survey and landholder agreement were concluded this quarter.
New Zealand-based Chatham Rock Phosphate has made a $12.3 million deal to acquire the Korella phosphate mine, 150km south-east of Mount Isa.The compan...