- Strategic Energy Resources (SER) is reporting lacklustre results from drilling at the Cottage Iron Oxide Copper-Gold prospect at the East Tennant Project
- SER carried out a single inclined diamond drill hole to test a pipe-like feature highlighted in gravity modelling at Cottage
- Initial inspection reveals it hasn’t interested a major mineralisation system, but the core will still be sampled and assayed
- The company is postponing further drilling at Cottage and instead moving the rig from the Northern Territory to its Canobie Project in Queensland
- Company shares are trading 18.6 per cent in the red at 3.5 cents each
Strategic Energy Resources (SER) is reporting lacklustre results from drilling at the Cottage Iron Oxide Copper-Gold prospect at the East Tennant Project.
The mineral exploration company carried out a single inclined diamond drill hole to test a pipe-like feature highlighted in gravity modelling.
Initial on-site logging suggests SER hasn’t intersected a major mineralisation system and the geological source of the gravity and magnetic anomalies have not been identified.
The company will still send the core off to be sampled and assayed, with results expected to begin arriving from mid-November.
Until it gets more data and can review its exploration model, Strategic Energy has postponed any further drilling at Cottage.
The business said instead the drill rig has left the Northern Territory and was heading towards the company’s Canobie Project in northwest Queensland.
SER plans to test the Kalarka target within Canobie, after a detailed ground gravity survey was recently completed at the site.
Data from that ground gravity survey is being incorporated into existing datasets so SER can model targets and design a drill program for the site.
Following Thursday’s postponement announcement, shares in Strategic Energy Resources were trading 18.6 per cent in the red at 3.5 cents each at 1:35 pm AEST.