- Strategic Energy Resources (SER) has intersected high-grade gold mineralisation at the Saxby Gold Project in Queensland
- One hole intersected up to 32 grammes per tonne of gold and was designed to test the continuity of high-grade gold mineralisation
- Mineralisation was intersected shallower than expected and the company is working to understand the reasons why
- Shareholders will be made advised next steps once all new data has been thoroughly evaluated
- SER has ended the day 10 per cent in the green with shares trading fro 0.6 cents apiece
Strategic Energy Resources (SER) has intersected high-grade gold mineralisation at the Saxby Gold Project in Queensland.
Drill hold SXDD020 intersected 6 metres at 12g/t gold from 519 metres and a high-grade zone of 2 metres at 32g/t gold.
Another zone of gold mineralisation, 3 metres at 2.4g/t gold from 682 metres, and 1 metre at 2.7g/t gold from 687 metres, occurs deeper in the hole.
This hole was designed to test the continuity of high-grade gold mineralisation intersected in historic drill holes SXDD005 and SXDD014.
Mineralisation appears to be structurally controlled however, the orientation and number of structures remain unclear with the vast majority of the Saxby project remaining untested.
Mineralisation was also encountered shallower than expected and SER is working to understand the geometry of the gold mineralisation.
However, the true width of intercepts cannot be determined at this stage.
The Saxby Gold Project is the most significant gold exploration prospect in the northeast Mt Isa Province region.
High-grade intersections of 17 metres at 6.75 g/t gold, and 15 metres at 9.09 g/t gold in two holes 190 metres apart.
Gold mineralisation is hosted in late-stage, sulphide-bearing structures running through more brittle rock units and is associated with silver, arsenic, bismuth and tellurium.
Mineralisation is surrounded by intense brecciation and alteration.
SER believes that Saxby represents a significant high-grade gold system that warrants a substantial and joint exploration program.
The company will advise shareholders on next steps once it has thoroughly evaluated all newly collected data.