Canobie (FMG Farm-In)

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 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 June 2023, SER executed a Farm-In and Joint Venture Agreement with FMG Resources Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group, under which Fortescue has the right to earn up to 80% interest in the Canobie Project by sole funding $8 million in two stages of exploration over a six-year period to the end of 2029.

To date, the Joint Venture has successfully drill tested three new IOCG prospects, with over 3,000 metres of drilling including 1,400m was basement drilling. Assays confirmed IOCG alteration and pathfinder elements with trace levels of copper.

Exploration datasets, including detailed ground gravity and magnetotelluric (MT) surveys, have been integrated across the project area to refine the exploration model and rank new drill targets in preparation for a future round of drill testing.