Gawler Craton Copper-Gold (South Australia)
SER has two Joint Ventures within the world-class Olympic Copper-Gold Province of the Gawler Craton.
At Myall Creek, SER and FMG Resources Pty Ltd have executed a Farm-In and Joint Venture Agreement to explore for Iron Oxide Copper-Gold (IOCG) mineralisation in the Proterozoic basement and sediment-hosted mineralisation in the overlying sediments. Key IOCG host rocks are present within the project area and overlying sediments include a 15km zone with anomalous copper in historic drilling. FMG Resources Pty Ltd is a subsidiary of Fortescue Metals Group Limited (ASX:FMG; market capitalisation > AUD$70B).
Under the Agreement, FMG will spend $1.5m on exploration, including a minimum of 1500m drilling, at Myall Creek to earn an 80% interest in the project. FMG will manage exploration, satisfy all expenditure requirements and keep the tenements in good standing. After FMG have earned-in, a joint venture will be formed under which each party will contribute pro-rata (FMG 80%, SER 20%) to further exploration and development or be diluted in accordance with industry standard formula.
In March 2020, Fortescue Metals Group Ltd, completed a detailed airborne magnetic / radiometric survey over SER’s Myall Creek Copper-Gold Project. The survey has produced high quality data which FMG will process and interpret to define drill targets. SER welcomes the new data from FMG and looks forward to the drill testing of targets.
At Mabel Creek, SER has partnered with award-winning data science pioneer Caldera Analytics to search for IOCGs. The SER / Caldera partnership “Strategic Caldera” (80% SER, 20% Caldera) pegged ground east of Coober Pedy based on a synthesis of machine learning and traditional geoscientific ground selection methods.
Caldera Analytics (www.caldera.technology) have a deep understanding of hunting IOCGs on the Gawler using data science and machine learning. Caldera were the winners of the 2019 Oz Minerals Explorer Challenge and runners up in the 2020 South Australian Government ExploreSA Gawler Challenge.