Strategic Elements shares gained 10 per cent after the gold explorer made a significant find at its Ilkurlka project in South Australia.

The stock (ASX:SOR) climbed to 7.5c before settling at 7.1c in lunchtime trade on Thursday.

Gold values ranging from 10 to 119 parts per billion were recorded at the Ilkurka project in the Officer Basin.

Samples warranted prioritisation of a surface geochemical exploration program, the company said.

The Ilkurlka project has unexplained buried magnetic ring features which are believed to have been caused by the impact of a meteorite.

The Officer Basin is a big sedimentary basin lying across South Australia and Western Australia.

Strategic Elements operates as a registered Pooled Development Fund on the Australian Stock Exchange.

The PDF is an Australian Federal Government program designed to encourage innovation and investment into Australian small and medium enterprise.

Strategic Elements has a market cap of about $18.2 million.

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