Isa Undercover Copper-Gold

Isa Undercover Copper-Gold (SER 100%, Queensland)

SER controls two major undercover extensions of the Mt Isa Province, one of the most highly mineralised provinces in the world.

Our Canobie project covers 1640km2 of the Mt Isa Eastern Fold Belt, home to mines such as the giant Glencore & Evolution owned Ernest Henry Copper-Gold mine (FY20: ~95koz gold, ~21kt Cu production). SER is convinced Canobie represents an extension of the Cloncurry Iron Oxide Copper-Gold province. Less than 30 drillholes in the entire district have penetrated Proterozoic basement and these include multiple high-grade gold hits, significant Ni-Cu sulphide intercepts and numerous intersections of copper, zinc and uranium mineralisation within intensely altered rocks that have never been followed up. This extraordinary strike rate from a limited number of holes led SER to secure the entire belt.

Our Isa North project acquired from Newcrest covers 976km2 of the Mt Isa Western Fold Belt, an extension of the Mt Isa – Gunpowder fault zone host to Mt Isa, Mt Oxide and Gunpowder copper deposits. Isa North conatins multiple untested geophysical targets, evidence of extensive hydrothermal alteration undercover and a near miss drillhole identified by Newcrest. Newcrest retains a First Right of Refusal over future sale and 1% NSR (capped at 10 years production).

In July 2021 SER released an exploration update for our Canobie and Isa North projects – now jointly named the ‘Isa Undercover Initiative’. SER now controls two major undercover extensions (more than 2,500km2) of the Mt Isa Province, one of the most highly mineralised copper-gold provinces in the world. The update included details of SER’s success in being awarded two Queensland Government Collaboration Exploration Incentive (CEI) grants with a total of $165,000 in direct operational funding for the Isa Undercover Initiative.

Kalarka Target Drilling

The first grant covers $100,000 of direct drilling costs for one 800m rotary mud/diamond drill hole into a newly identified magnetic-gravity-EM target, ‘Kalarka’ within EPM27378 of the Canobie Project. Kalarka is a a discrete 750 x 600m, 40nT aeromagnetic response characterised by an elevated Electromagnetic (EM) response and partially coincident anomalously higher density. SER has modelled a steep westerly dipping plate as the source of the EM response.

During October 2021, SER completed two diamond drill holes, which were collared 535m apart and totalled 1574m of drilling, designed to test the Kalarka Prospect.

Drill holes CNDD001A and CNDD002 both intersected mafic / ultramafic intrusive units with disseminated and semi-massive magmatic sulphides as shown below. The drill holes contain inherent similarities in host rocks and sulphide mineralisation style to the nearby Tea Tree Nickel-Copper Sulphide Prospect which recorded a 10.4m intersection at 0.25% Nickel and 0.28% Copper in drill hole TT00D1, located approximately 2.75km southwest of Kalarka.

Above: CNDD001A at 636.5m down-hole showing semi-massive sulphide zone.

The presence of a Tea Tree equivalent mafic system at Kalarka greatly increases the size of the known prospective mafic system as shown in the figure below which summarises historical drill holes surrounding the Kalarka Prospect. This expands the prospective search area worthy of further exploration for repeats or thicker/higher grade intersections of the mineralisation at Tea Tree and Kalarka.

Above: Left: Drill holes intersections surrounding the Kalarka Prospect over a Bouguer Gravity Image. Right: Reduction to Pole Magnetic Image

Diamond core will be orientated, geologically logged, structurally logged and have petrophysical measurements taken. The basement core will be sampled and assayed for a multi-elemental suite that includes nickel, copper and platinum group elements using fire assay / inductively coupled plasma mass spectrometry. The lithological descriptions will be confirmed following receipt of geochemical results and petrographic investigations which are expected to start arriving mid-December.

Deep Learning Based Geological Interpretation of Geophysical Data

As part of an ongoing partnership with award-winning mineral exploration machine learning pioneers Caldera Analytics, a joint CEI submission to develop a deep learning-based model to interpret basement geology from geophysical data was awarded a $65,000 grant.

Caldera proposes to develop a deep learning model that performs lithology interpretation based on the existing geophysics of the Isa Undercover area, ultimately to further advance the concept of “live geological interpretation”, one that is not static, but rather one that adapts and changes as more data is acquired whilst SER advances exploration of the Isa Undercover Initiative.

SER would like to thank the Queensland Government for their support which validates our targeting methodology.

Centre: Mt Isa Province extensively mineralised outcrop over magnetics showing prospective rocks continue undercover
Left: Isa North magnetics image with historical drillholes and untested targets
Right: Canobie gravity image with drillholes intersecting basement and mineralisation intersections

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