Strategic Energy Resources - June 2024 Quarterly Activities Report
SER (SER) Share Update July 2024 Sunday 21st
Strategic Energy Resources Announces Key Developments in Exploration Projects
Strategic Energy Resources Ltd (ASX: SER) has released its June 2024 Quarterly Activities Report, highlighting significant progress in its exploration projects across Australia. The company has made strides in drilling, geophysical surveys, and capital raising, setting the stage for a promising future.
Instant Summary:
- Drilling permit submitted for Achilles 1 Polymetallic Prospect at South Cobar.
- Gravity survey underway at Canobie Farm-in Joint Venture funded by Fortescue.
- Geophysical surveys underway at Mundi to refine the location of intense conductors.
- Oversubscribed capital raise completed, raising $2 million.
South Cobar Polymetallic Project
The South Cobar Project, located in New South Wales, is a key focus for Strategic Energy Resources. The company has submitted a drilling permit application to the NSW Department, allowing for up to 40 RC drill holes at the Achilles 1 Polymetallic Prospect. This project is situated along the Achilles Shear Zone, which has shown promising results from nearby explorers. Drilling is scheduled to commence in late July or early August and is expected to take six weeks to complete.
The project area captures the northern and southern extensions of the Woorara fault, along strike from Eastern Metals' Brown's Reef polymetallic deposit. The drilling program aims to test the strong polymetallic soil anomaly defined by historical data and recent geochemical surveys.
Canobie Cu-Au Project
In Queensland, the Canobie Project is being explored under a Farm-in and Joint Venture with Fortescue Ltd. An extensive gravity survey is underway, with approximately 3,500 new gravity measurements to be collected. This survey will help refine the exploration model and rank new drill targets. The survey is expected to be completed in July, with data modeling available in the next quarter.
Mundi Cu-Au Project
The Mundi Project in New South Wales spans over 1300 square kilometers and is known for its potential Iron Oxide Copper Gold (IOCG) mineralization. Multiple geophysical surveys are being conducted to refine the location of intense conductive anomalies. Revised modeling of the magnetotelluric data has identified two discrete conductive anomalies, which will be further investigated in the coming quarters.
Additionally, researchers from the University of Adelaide deployed 100 passive seismic sensors across the Mundi Project area to study the geological layers at depth. An Airborne Magnetic and Radiometric survey was also conducted, with results expected in the next quarter.
Isa North Cu-Au Project
The Isa North Project in Queensland comprises several exploration licenses and is considered highly prospective for IOCG mineralization. Land access agreements and Native Title clearances have been secured, and a diamond drill program is scheduled to commence in the second half of 2024.
Corporate and Investments
Strategic Energy Resources completed an oversubscribed capital raise, securing $2 million from institutional and sophisticated investors. The company also appointed Mr. Tony Gu as a Non-Executive Director. Mr. Gu brings extensive experience in capital markets and investor relations, which will be valuable for the company's future endeavors.
The company holds investments in both listed and unlisted companies, including Middle Island Resources Ltd and Ionic Industries Limited. During the quarter, SER sold its remaining shares in Resolution Minerals Ltd.
The developments reported by Strategic Energy Resources are likely to have a positive impact on the company's stock. The drilling and survey activities indicate a proactive approach to exploration, which could lead to significant discoveries. The successful capital raise also demonstrates strong investor confidence in the company's projects.
Investor Reaction:
Investors and analysts have responded positively to the news, highlighting the potential for significant mineral discoveries in the company's project areas. The appointment of Tony Gu as a Non-Executive Director has also been seen as a strategic move to strengthen the company's leadership team.
Conclusion:
Strategic Energy Resources is making significant strides in its exploration projects, setting the stage for potential discoveries and growth. Investors should monitor the progress of these projects and consider the company's strategic developments in their investment decisions.