Isa North (SER 100%, QLD)
The Isa North Project comprises three exploration licences covering an underexplored 976km2 belt located along the projected northern extension of the mineralised Mt Gordon fault extension. Several large deposits lie on or adjacent to this fault system, including the Mt Isa, Mt Oxide and Gunpowder copper deposits held by 29Metals (ASX:29M), which hosts five known orebodies, three currently in production.
The Isa North project was identified during a broader review of the Mt Isa Mineral Province undertaken by SER in our search for the next major copper-gold discovery. The project, which formed part of Newcrest’s Under-Cover Strategy[1], has multiple favourable geological characteristics which make it highly prospective for IOCG mineralisation including: a major mineralised fault zone, evidence of extensive hydrothermal alteration undercover, and numerous significant magnetic and gravity anomalies.
Newcrest identified priority targets based on structural position, geophysical signature, depth to basement and target size before completing nine drill holes at four target areas in 2018. At the Lorraine North target located on EPM26439, drillhole INMD001 intersected IOCG alteration and pathfinder elements indicating the outer halo of a potential IOCG system and the drillhole could be classified as a “near miss”. This target is of immediate interest to SER. Several other key targets were unable to be drill tested by Newcrest due to land access issues which SER may be able to resolve.
Additionally, the northern end of the Isa North project area adjoins the Red Metal (ASX:RDM) – Oz Minerals (ASX:OZL) Alliance “Gibson’s Tank project” where two geophysical targets are scheduled to be drill tested at the beginning of the 2021 field season[2]
The project was acquired from Newcrest (ASX:NCM) in 2021 and SER has since secured landholder access at Nardoo station. This significant achievement paves the way for SER to follow-up this year an interpreted Tier-1 halo at Lorraine North (INMDD001) that was previously drilled by Newcrest. In the last 6 months major mining companies including Fortescue Metals Group (ASX:FMG), Rio Tinto (ASX:RIO) and Anglo American (LSE: AAL) have secured adjoining tenements.
The Isa North project area has recently drawn the attention of a number of major mining companies in the search for Tier-1 Copper deposits as indicated in the recent tenement map below.
[1] See NCM December 2018 Quarterly Report: https://www.asx.com.au/asxpdf/20190130/pdf/4425db3cb7sv06.pdf
[2] See RDM December 2020 Quarterly Report: https://www.asx.com.au/asxpdf/20210129/pdf/44s439bw56k33y.pdf
