Newcrest offloads QLD exploration licences

Strategic Energy Resources (SER) has acquired three exploration licences from Newcrest Mining at the Isa North copper-gold project in northwest Queensland.

Newcrest agreed to receive a 1 per cent net smelter royalty for 10 years and first right of refusal in exchange for the licenses.

The right of refusal will allow the mining giant first choice at accepting any further offers regarding the development.

The Isa North project covers 976 square kilometres, about 900 kilometres west of Townsville.

Newcrest deemed the project to be promising due to several notable characteristics.

SER stated the characteristics include “a major mineralised fault zone, evidence of extensive hydrothermal alteration undercover, and numerous significant magnetic and gravity anomalies.”

In Newcrest’s quarterly report ending 31 December 2018, it was stated that surveys of the area had revealed plenty of promise.

“Drilling of the four initial targets has intersected geological criteria suggestive of the targeted oxide copper-gold deposit style providing sufficient encouragement to continue further activities in 2019,” the report stated.

Exploration in the region will contribute to the Australian Government’s Exploring for the Future initiative, led by Geoscience Australia, which aims to invest in the resources sector by providing industry with integral data about potential resources.

By exploring the Mt Isa region further, SER can contribute its findings to the initiative, which includes a Barkly-Isa-Georgetown deep dive project.

This collation of exploration results will allow for further understanding of the nature of mineralisation in the region.

SER doesn’t plan to begin drilling at Isa North until it has completed drilling programs at its East Tennant and Canobie projects in the Northern Territory and Queensland, respectively.

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