Strategic Energy Resources secures $275,000 exploration grant
Key points
- Strategic Energy Resources received a $275,000 collaborative exploration initiative grant for project expansion.
- Company shares traded lower following market announcements and exploration updates.
- Funding will target high-priority copper and nickel drill testing in Queensland.
Strategic Energy Resources (ASX:SER) secured a $275,000 funding grant under the Queensland Collaborative Exploration Initiative to drill deep copper-nickel targets.
The government grant provides fresh exploration capital following the company's reported full-year net loss of $1.5 million.
Commenting on the start of drilling at Diamantina, SER Managing Director, Dr David DeTata, said, "The current programme is aiming to demonstrate the scale and potential of this project as we build upon Anglo American’s previous drilling, which intersected significant copper-gold mineralisation at Elizabeth Springs East."
The $275,000 award will fund a deep diamond drill hole targeting potential extensions of copper-nickel sulphide breccia mineralisation.
The exploration programme represents the latest step in advancing the company's regional critical minerals project portfolio.
Following the announcement, the Strategic Energy Resources share price was down at $0.18.
The company recently entered joint venture partnerships with major industry operators, including Fortescue and Sumitomo Metal Mining Oceania, to fund regional copper and gold programmes.
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