- Strategic Energy has started drilling at the Saxby Gold Project in Queensland
- The company is drilling two holes to confirm the extent of high-grade gold mineralisation
- Drilling will be finished by the end of the month while assays should be returned at the end of November
- Strategic Energy’s share price is unchanged with shares trading at 0.7 cents
Strategic Energy Resources has announced that drilling has commenced at the Saxby Gold Project in Queensland.
The Saxby Gold Project is the most significant gold exploration prospect in the north-east Mt Isa Province region.
Strategic Energy is targeting gold mineralisation hosted in basement rocks on the east of Mt Isa, buried beneath younger sedimentary cover of the Carpentaria Basin.
The company will be drilling two vertical holes of 700 metres and 650 metres at depth. These holes will have a rotary mud pre-collar followed by diamond drill cored tail.
Australian Mineral and Waterwell Drilling, a Victoria-based water utility company, commenced hole SXDD020 on October 10.
This hole is designed to confirm the continuity of high-grade gold mineralisation intersections in historic drill-holes SXDD005 and SXDD014.
These historic intersections occur roughly 190 metres apart in a 3D space.
Historic gold mineralisation intersections comprise 17 metres at 6.75g/t gold (including 9 metres at 11.27g/t gold) in SXDD005, and 15 metres at 9.09g/t gold (including 8 metres at 15.1g/t gold) in SXDD014.
The second hole will test further north, along strike and up plunge of the known gold mineralisation.
Strategic Energy expects drilling of both holes to be completed by the end of the month, with lab assays expected by the end of November.
Strategic Energy’s share price is unchanged with shares trading at 0.7 cents at 1:08 pm AEDT.