Strategic Energy Resources (ASX:SER) has announced the results of its 2025 diamond drilling program at the Canobie Project in Queensland, conducted under its farm-in and joint venture with Fortescue’s (ASX:FMG) subsidiary, FMG Resources.
The program comprised two diamond holes totaling approximately 1,840m, targeting geophysical anomalies at the Charcoal Bore and Wills prospects.
Drilling at Charcoal Bore intersected basement rocks from 588m, revealing zones of copper and gold mineralisation within altered metasedimentary units.
Highlights include copper grades up to 1,507 ppm with associated gold, alongside trace elements such as tellurium, bismuth, and molybdenum, consistent with an iron oxide copper-gold system.
In contrast, drilling at the Wills prospect encountered magnetite-rich altered granitic rocks with no significant mineralisation.
SER Managing Director Dr. David DeTata said the results confirmed the effectiveness of the company’s targeting strategy, "The intersection of multiple copper-gold zones at Charcoal Bore reinforces the fertility of the Canobie Project and its potential to host a major copper discovery."
The exploration program is fully funded under the FJV, with Fortescue having the right to earn up to an 80% interest by contributing $8 million over six years.
SER plans further drill testing in the 2026 dry season, with core from the 2025 program undergoing petrological and geochemical analysis in collaboration with the Centre of Ore Deposit and Earth Sciences.