How Strategic Energy Resources Is Unlocking Queensland’s Copper-Gold Potential with $2M Boost
Strategic Energy Resources has advanced its copper-gold exploration in Queensland through government-backed drilling, a $3 million joint venture program, and a key acquisition from Anglo American, supported by a $2 million capital raise.
- Diamond drilling underway at Isa North with $275k government grant
- Fortescue commits $3M to Canobie drill program testing multiple targets
- Acquisition of Diamantina Copper-Gold Project from Anglo American
- Promising copper-gold intercepts reported at Diamantina’s Elizabeth Springs
- Successful $2 million capital raise to fund ongoing exploration
Strategic Drilling Advances at Isa North
Strategic Energy Resources (ASX, SER) has commenced a two-hole diamond drilling program at its Isa North Copper-Gold Project in northwest Queensland. The program, targeting combined gravity and magnetic anomalies at the Nardoo Prospect, is supported by a $275,000 grant from the Queensland Government. The Nardoo East and West targets are structurally complex and share geological similarities with the Ernest Henry deposit, a significant copper-gold mine in the region. Assay results from the initial hole are expected by late November, potentially unlocking new insights into the northern extension of the Mt Gordon-Gunpowder fault system.
Fortescue-Backed Exploration at Canobie
In a notable endorsement of the project’s potential, Fortescue Metals Group subsidiary FMG Resources has committed $3 million to a diamond drilling campaign at the Canobie Copper-Gold Project. This program will test multiple targets identified through recent detailed gravity and magnetotelluric surveys, including 1,494 new ground gravity stations that have refined the exploration focus. The drilling is scheduled to extend into mid-2026, with Fortescue acting as operator, underscoring the strategic partnership’s importance in advancing exploration in this highly prospective IOCG (Iron Oxide Copper Gold) province.
Diamantina Acquisition Bolsters Project Portfolio
Strategic Energy Resources has secured 100% ownership of the Diamantina Copper-Gold Project through acquisition from Anglo American. The project, located 280km south of Cloncurry, covers a significant undercover extension of the Mount Isa Eastern Fold Belt, known for world-class IOCG deposits. Historic drilling at the Elizabeth Springs East prospect has intersected substantial copper-gold mineralisation, including a standout intercept of 17.37m at 1.76% copper and 0.37g/t gold within a broader 161m zone. Anglo American will become a shareholder in SER as part of the cash and share deal, with completion subject to regulatory approvals.
Capital Raising Supports Exploration Momentum
To underpin its aggressive exploration agenda, SER successfully raised $2 million through a two-tranche placement, heavily oversubscribed and supported by directors. This capital injection strengthens the company’s balance sheet, enabling continued drilling, geophysical surveys, and project development across its Queensland portfolio. The company ended the quarter with nearly $2 million in cash, providing a runway for upcoming field programs and further assay results.
Outlook and Strategic Positioning
Strategic Energy Resources is positioning itself as a key player in Queensland’s copper-gold exploration landscape, leveraging government funding, strategic partnerships, and acquisitions to build a diversified project base. The upcoming assay results from Isa North and ongoing drilling at Canobie and Diamantina will be critical in defining the next phase of growth. With strong financial backing and a focused exploration strategy, SER is poised to unlock value in some of Australia’s most prospective undercover mineral belts.
Bottom Line?
As assay results and regulatory approvals unfold, Strategic Energy Resources’ next moves will be pivotal in shaping its copper-gold growth trajectory.
Questions in the middle?
- What will the assay results from the Isa North diamond drilling reveal about the prospect’s potential?
- How will Fortescue’s $3 million investment influence the pace and scale of exploration at Canobie?
- What are the timelines and conditions for completing the Diamantina acquisition and commencing further drilling?
