FMG 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.
In September SER announced that diamond drilling has commenced at the Canobie Project.
Commenting on starting of the drill program, SER Managing Director, Dr David DeTata said:
‘We are excited to begin the diamond drill program with the Wondoola Nickel-Copper target at the northern end of the project area. The rig will then test multiple high priority magnetite IOCG targets with first batch of assays expected in October for Wondoola, and then through to December for the IOCG targets’