FORTESCUE FARM-IN TO CANOBIE
In June 2023 SER announced the execution of a Farm-In and Joint Venture Agreement with FMG Resources Pty Ltd (“Fortescue”), a wholly owned subsidiary of Fortescue Metals Group Limited to explore the Canobie Project in northwest Queensland. The Canobie Project covers over 1,800km2 within the Mt Isa Eastern Succession and is highly prospective for IOCG and magmatic nickel sulphide given the proximity to major structures the Quamby Fault Zone and Gidyea Suture Zone. These fault systems host several significant copper-gold deposits to the south including the giant Ernest Henry mine and the Mount Margaret, Eloise and Roseby deposits.
The first field season commenced in September, with a project update announced in early December.
Commenting on the first field season at Canobie, SER Managing Director, Dr David DeTata said:
The first field season at the Canobie Project in partnership with Fortescue has seen the successful drill testing of three new prospects. To complete over 3,000 metres of drilling within the shortened season is a remarkable effort by everyone involved. We are highly encouraged by what we have seen in the drill core already, and planning is well underway for the coming field season which will include geophysical surveys to advance the next round of prospects towards drill ready status as we continue the search for the next major discovery in Northwest Queensland’.
The drill program at the Wondoola Prospect was targeting the terminus of a northward striking chonolith (intrusive body) interpreted to be a favourable setting to host higher tenor sulphide mineralisation. Wondoola is distal to the Kalarka Prospect drilled in 2021 (CNDD001A) that intersected 132m of ultramafic peridotite with elevated nickel (0.1% Nickel) from 507m including a basal massive sulphide zone grading 2m @ 0.68% Nickel, 0.17% Copper from 635m .
The basement rocks were dominated by intercalated felsic and mafic host rocks with extensive hydrothermal magnetite and IOCG-type sodic-calcic-iron alteration and veining observed throughout the hole with a zone of intense alteration coincident with the low-level Cu anomalism identified in the assay results .
 SER ASX Announcement 20 December 2021
 SER ASX Announcement 6 December 2023
ERNEST HENRY TYPE MAGNETITE IOCG TARGETS
The main aim of the first field season of the JV was to drill test multiple Ernest Henry style IOCG targets to provide evidence for the development of IOCG style mineralisation and validate the exploration model. In this first year, the Apollo Bore and Sundance targets were tested prior to adverse weather conditions halting further exploration.
Assays from the two IOCG targets are expected in mid-January 2024, at which time the core will be relogged and all datasets collected from the drill holes will be used to refine the exploration model. Steps have already been undertaken to identify and plan additional geophysical surveys in the new year to further enhance the understanding of the project area, prior to the on-ground drilling season where we anticipate a number of selected high priority targets will be drill tested.
For further information please refer to the ASX Announcement dated 6 December 2024.