Bulimba (SMMO Farm-In)

The Bulimba Au Project is being explored under a Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) under which SMMO can earn up to 80% project interest by spending $6M on exploration and undertaking 7,500m of drilling over 5 years, and up to 90% through completion of a Definitive Feasibility Study (DFS). Strategic Energy Resources is responsible for managing and operating the exploration program during the Earn-In period.

The Bulimba Project comprises four exploration licences EPM28877-EPM28880 (1,315km2) located in NE Queensland, designed to capture the significantly underexplored extension of the fertile Palmerville Fault – Gamboola Fault Zone that is highly prospective for intrusion-related gold systems (IRGS).

The Gamboola structural trend is interpreted to have a strong spatial control on emplacement of multiple phases of igneous activity, including the Late-Permian to Mid-Carboniferous Kennedy Igneous Province. Magmatism during this stage resulted in widespread intrusion of granitic rocks, extrusion of felsic volcanic rocks, and the localised emplacement of high‐level rhyolitic porphyry stocks. In the Chillagoe region, rocks of this association are genetically related to the Red Dome and Mungana gold-copper deposits to the SE of the project area (Figure 1).

The key prospectivity indicators identified at the Bulimba Project include the presence of a major mineralising fault(s), association with Kennedy Province intrusive suite, hydrothermal alteration and geochemical anomalism over concealed targets. The project area has very little previous exploration due to the presence of younger sedimentary cover, with the entire belt considered to be highly prospective for IRGS.

In March 2026, Strategic Energy Resources was awarded a grant of $137,500 under Round 10 of the Queensland Government’s Collaboration Exploration Initiative (CEI) to drill test a reversely magnetised IRGS-epithermal gold target at Bulimba. This drill program is expected to be the first phase of work conducted on the project as part of the SMMO JV.

Previous Exploration

Previous exploration at Bulimba for IRGS was conducted by Newcrest Mining and later Tartana Resources Limited (2017-2023). During this period, an airborne magnetic and radiometric survey was conducted, stream sediment and a soil sampling program completed followed by a Falcon Airborne Gravity Gradiometry (AGG) survey covering the western part of the project. Numerous interpreted intrusives with associated geochemical anomalies were identified as areas of interest which were never followed up which will be the focus of future exploration.