Strategic is betting there’s IOCG at its East Tennant project
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Strategic Energy has kicked off the maiden drill program to assess the iron oxide copper-gold (IOCG) potential of its East Tennant project in the Northern Territory.
The company is drilling two inclined diamond drill holes at the Cottage Copper-Gold prospect with the first testing for the source of the pipe-like feature evidenced in the gravity modelling while the second will test through the gravity feature and into the magnetic anomaly at depth.
Adding interest, the drilling was awarded co-funding from the Northern Territory Government under its Resourcing the Territory initiative.
IOCG deposits such as the giant Olympic Dam mine are comparatively rare but potentially very lucrative due to the plethora of easily processed copper, gold and uranium hosted within iron oxide.
Strategic Energy Resources (ASX:SER) expects to complete this drill program in October and will then move the rig to its Canobie project in Queensland to test the Kalarka base metals target.
The prospectivity of the Tennant Creek region where the East Tennant project is located was recently confirmed following stratigraphic drilling undertaken by the Mineral Exploration Cooperative Research Centre (MinEx CRC) to assess the mineral potential of basement rocks in the region.
Results from neighbouring explorers including Middle Island Resources and Inca Minerals have also highlighted this potential.
Strategic had identified the Cottage prospect from its recently completed gravity survey that revealed the compelling gravity and magnetic IOCG target. Cottage is only one of several prospects at the East Tennant Project and represents an exciting, potentially company-making opportunity.
Recent IOCG explorers include Coda Minerals Limited who added over $100m to their market capitalisation on intersection of IOCG from their South Australian project.
This article was developed in collaboration with Fresh Equities, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.