1. Cultana – EL3547, Myall Creek EL 3538 (SER 75%, 50%) South Australia
The area contains historic copper workings, with the main target close to the old Pt Lowly workings. The deposit type sought is an ironstone associated Cu-Au with associated U. Typically these types of targets exhibit a gravity response and a likely magnetic response. The main target with the blocks has a moderate local gravity anomaly and an associated magnetic feature. Elevated geochemical values for Cu and U are reported by past operators, and a more recent FalconTM survey indicates surface anomalies.
2. FALCON BRIDGE EL38/1970, P38-3382-4 (SER 95%) Western Australia
The Falcon Bridge Nickel Project consists of the following exploration tenements: E38/1970, P38/3382, P38/3383 and P38/3384 in Western Australia. The project area is on the southern ultra-mafic on regional extension of the Olympia nickel discovery made by WMC on Falcon Minerals Limited (FCN) ground.
Gravity and magnetics work has identified an anomaly in the north-western corner of the EL 38-1970 known as TGMA (Toro Grande Magnetic Anomaly). The gravity model indicates an ultra-mafic unit some 800m wide at a density of 2.6g/cc, which is supported by the aeromagnetic interpretation of a zone of thickening (approximately 2km long and about 1.3km wide) of the ultramafic sequence. The ultramafic unit does not outcrop and is completely covered by thin Cainozoic deposits of transported origin.
Early exploration, by the now free carried 5% joint venture partner, included ground mapping and stream sediment sampling followed by two rounds of drilling and a 17 hole RAB drilling program and a deeper 7 hole AC drilling program. Geochemical assays and modelling suggest a nickel anomalous zone with thickness up to 34m (Ni up to 0.76%) at shallow depth (~35m). Anomalous Cu and Co values were also recorded within the zone.
4. CASTERTON EL5040 – SER 5% VICTORIA
A sale and operating agreement has been executed with Encounter Minerals Pty Ltd on EL 5040, a tenement located near Casterton in Victoria.
SER has sold a 95% interest in the exploration licence to Encounter Minerals Pty Ltd for a 5% free-carried interest for the first 5 years of the permit or the first $600,000 of expenditure on the work program, whichever occurs first.
Encounter Minerals Pty Ltd has also reimbursed SER for back-costs associated in acquiring the exploration licence.