Strategic Energy Resources has raised half a million dollars to raise money for two drilling projects including Saxby Gold Project north of Julia Creek.
SER 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.
Last year they awarded Australian Mineral and Waterwell Drilling a drilling contract to kickstart exploration at the project.
On Wednesday SER told the ASX it was raising $545,000 by way of a share placement to be utilised for drilling projects at Saxby and Billa Kallina, near Olympic Dam in South Australia.
The Saxby Project is in the Gulf region 165km north-north-east of Cloncurry and is considered the most significant gold exploration prospect in the northeast Mount Isa Province region.
Historical programs have returned results such as 17 metres at 6.75g/t gold including nine metres at 11.27g/t gold, and 15 metres at 9.09g/t gold including eight metres at 15.1g/t gold.
The project remains open to the north, south, and west, and there exists a potential to extend the strike by 2km..
While you are here subscribe to our weekly email to your inbox every Tuesday and Friday