Strategic Energy Resources Announces Approval for Achilles Drill Program
SER (SER) Share Update July 2024 Monday 29th
Strategic Energy Resources Receives Approval for Achilles Drill Program
Strategic Energy Resources Limited (ASX: SER) has announced that it has secured a drill permit for the Achilles Polymetallic Prospect at its South Cobar Project in New South Wales.
Instant Summary:
- Approval granted for a Reverse Circulation drill program exceeding 3,000 meters.
- Initial plan includes a minimum of twenty-five drill holes, expandable to forty.
- Six-week drill program set to commence in the coming weeks.
- Testing of geochemical anomalies and relationship to underlying geology.
Drill Program Details
The New South Wales Regulator has granted Strategic Energy Resources (SER) a permit to conduct an extensive Reverse Circulation (RC) drill program at the Achilles Polymetallic Prospect. This site is located at the northern end of SER's South Cobar Project area.
The program is designed to test a strong polymetallic soil anomaly identified through historical soil data and SER's Ultrafine+™ soil program. The drill program will also explore the relationship between this anomaly and the prospective Achilles Shear Zone, as well as intersecting prominent NE-trending magnetic highs identified in SER's airborne magnetic survey.
Program Structure
The drill program will commence at the western edge of the most southern traverse, coinciding with the peak soil geochemical anomaly. It will then move north along successive traverses spaced 300 meters apart. The initial plan includes a minimum of twenty-five drill holes, with the possibility of expanding to forty holes if necessary.
The program is expected to take six weeks to complete, with assays to follow. This timeline allows for adjustments without further delays in obtaining additional permits if mineralization is intersected.
Company Statement
Dr. David DeTata, Managing Director of SER, commented, 'We are pleased to announce that a drilling permit has been received to test the Achilles Polymetallic soil anomaly at South Cobar. The original twenty-five drill hole program has been revised and expanded to include up to forty drill holes along five traverses which now extend beyond the Achilles hill. This revised program will ensure that the entirety of the current soil geochemical anomaly will be tested and allows for the drill program to be adjusted without further delays to obtain additional permits in the event mineralization is intersected. Preparations are well underway to commence drilling and we look forward to providing updates when they are available.'
The approval of the drill program is a significant milestone for Strategic Energy Resources. The extensive drilling could lead to the discovery of valuable polymetallic deposits, potentially boosting the company's stock value. Investors may see this as a positive development, reflecting confidence in SER's exploration capabilities and the potential for future growth.
Investor Reaction:
Analysts are likely to view this announcement favorably, given the potential for significant mineral discoveries. The expanded drill program and the strategic location of the Achilles Prospect add to the project's attractiveness. However, investor reactions will also depend on the results of the drilling and subsequent assays.
Conclusion:
Investors should keep an eye on the progress of the drilling program at the Achilles Polymetallic Prospect. The results could have a substantial impact on SER's future prospects and stock performance. Strategic Energy Resources' proactive approach in securing permits and expanding the drill program demonstrates its commitment to unlocking the potential of its South Cobar Project.