Strategic Elements is about to start looking in an “unexplained” hole in the Gibson Desert — which it thinks might host gold.

The company (ASX:SOR), which calls itself a Pooled Development Fund that backs Australian innovation, will start sampling in March at underground “unexplained circular magnetic rings” at its Ilkurlka project.

They’re trying to find the source of anomalous gold values reported by CRA Ltd in soil samples taken in the early 1990s.

The company says it’s not just after gold: the side project is finding out what the hole in the desert is.

The “unexplained circular magnetic anomaly” was stumbled over by CRA but it didn’t look further into the small amounts of gold found.

Strategic has had meteorite impact structure expert Andrew Glikson on the case, who thought the rings suggested a potential meteorite impact.

“It’s quite an unusual project and the upcoming geochemical sampling work will assist to identify characteristics of whether the magnetic rings buried at Ilkurlka are the result of meteorite impact, intrusion or are salt-related,” said managing director Charles Murphy.

Other experts think it might be volcanic.

“Further updates will be made when the 21-day notification period required under the existing Aboriginal Agreement has successfully passed and exploration is complete,” the company said.

Strategic Elements shares rose slightly to 6.5c on Wednesday.