Strategic Energy Resources has awarded Australian Mineral and Waterwell Drilling a drilling contract to kickstart exploration.at its Saxby gold project in North West Queensland.
The Victorian-based AMWD plans to drill two vertical holes at the Saxby exploration project from October.
Strategic Energy say Saxby is the most significant gold exploration prospect in the northeast part of the Mount Isa Mineral Province and they are targeting mineralisation in basement rocks of the Eastern Succession buried under younger sedimentary cover of the Carpentaria Basin.
Strategic Energy chair Stuart Rechner said they were looking forward to testing their geological theories at Saxby.
"Our goal is simple: thick intersections of high-grade gold," Mr Rechner said.
Strategic Energy told the ASX the Eastern Succession had a long and proven record of mineral endowment, with previous explorers such as Anglo American, Falcon Minerals and AngloGold Ashanti however there was only limited knowledge of the north-east part of the Mount Isa Province.
"The small amount of drilling in this virgin terrain has a strike ratio of mineralisation," the company said.
The Saxby Project is in the Gulf region 165km north-north-east of Cloncurry.
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