Strategic Acquires Diamantina Copper-Gold Project from Anglo American

Strategic Energy Resources (ASX: SER) has reached an agreement with Anglo American to acquire 100% of the “Diamantina” copper-gold project located in a new exploration frontier 280km south of Cloncurry in western Queensland.

Diamantina covers the projected undercover southern extension of the Mt Isa Eastern Fold Belt and is bounded to the west by the Pilgram Fault.

The Project comprises two granted exploration licences acquired from Anglo American with a further three adjoining exploration licence applications secured by SER immediately prior to the execution of a binding definitive sale and purchase agreement (SPA) with Anglo American.

Managing Director, Dr David DeTata, said acquisition of the Diamantina project is aligned with SER’s strategy of exploring the undercover extensions of mineralised terrains for Australia’s next major copper-gold discovery.

“The Mount Isa Inlier is one of the most metallogenic regions in the world and it is our belief that undercover extensions both north and south are the next frontier for major mineral discoveries. SER has already secured the northern extensions with our Isa North and Canobie Projects and with acquisition of Diamantina and the surrounding ground, we now control the southern extension.

“Since 2018, Anglo American has actively explored the southern undercover extensions of the Mount Isa Inlier, completing a large-scale, systematic, mineral systems exploration program to reduce the search space to the two key tenements which we have now acquired. This announcement is the first public release of the exploration undertaken by Anglo American at Diamantina with the limited drilling to date returning significant copper and gold intercepts with numerous geophysical targets remaining untested across the greater project area.

Earlier this year SER was invited to bid for the Diamantina Project as Anglo American had determined the project was no longer aligned with their global strategy. The team was ultimately successful due to our ability to demonstrate a focus on discovery and expertise in undercover exploration. With the project and surrounding tenure now secure, we can begin to unlock the potential of Diamantina.