Strategic Energy Resources (ASX:SER) has reached an operational milestone after being awarded two substantial grants totalling over $412,500 through Round 10 of the Queensland Government's collaborative exploration initiative.
The injection of non-dilutive capital is set to accelerate the company's exploration efforts across its high-prospectivity portfolio in Queensland, with preparations for an expanded drilling program commencing immediately.
The lion's share of the funding, a $275,000 grant, is earmarked for the 100%-owned Diamantina Copper-Gold Project.
The funds will facilitate a targeted drilling campaign to explore potential extensions of mineralisation found in historical drill-hole DCT010.
Previous results from this site yielded intercepts of 6.5m @ 0.52% Cu and 0.16% Ni from a depth of 423m.
The site remains highly compelling due to its proximity to drill-hole DTD002, which previously intersected a 161m @ 0.4% Cu and 0.11g/t Au.
SER has secured $137,500 to advance the Bulimba Gold Project, located north-west of Chillagoe.
The funding will be used to drill-test a reversely magnetised IRGS-epithermal gold target.
The project is currently under a non-binding joint venture agreement with Sumitomo Metal Mining Oceania, marking the first phase of collaborative work on the site.
At the time of reporting, Strategic Energy Resources’ share price was $0.010.