GAWLER CRATON COPPER-GOLD (SOUTH AUSTRALIA)
SER holds three projects in the Olympic Copper-Gold Province of South Australia.
At Myall Creek, SER and FMG Resources Pty Ltd have executed a Farm-In and Joint Venture Agreement to explore for IOCG mineralisation in the Proterozoic basement and sediment-hosted mineralisation in the overlying sediments. Key IOCG host rocks are present within the project area and overlying sediments include a 15km zone with anomalous copper in historic drilling. FMG Resources Pty Ltd is a subsidiary of Fortescue Metals Group Limited (ASX:FMG; market capitalisation > AUD$70B).
Under the Agreement, FMG will spend $1.5m on exploration, including a minimum of 1500m drilling, at Myall Creek to earn an 80% interest in the project. FMG will manage exploration, satisfy all expenditure requirements and keep the tenements in good standing. After FMG have earned-in, a joint venture will be formed under which each party will contribute pro-rata (FMG 80%, SER 20%) to further exploration and development or be diluted in accordance with industry standard formula.
At Mabel Creek (ELA2020/147), SER has partnered with award-winning data science pioneer Caldera Analytics to search for IOCGs. The SER / Caldera partnership “Strategic Caldera” (80% SER, 20% Caldera) pegged ELA2020/147 east of Coober Pedy based on a synthesis of machine learning and traditional geoscientific ground selection methods.
Caldera Analytics (www.caldera.technology) have a deep understanding of hunting IOCGs on the Gawler using data science and machine learning. Caldera were the winners of the 2019 Oz Minerals Explorer Challenge and runners up in the 2020 South Australian Government ExploreSA Gawler Challenge.
Exploration Licence EL6335 “Billa Kalina” lies approximately 60km northeast of the Prominent Hill copper-gold mine within the Olympic Copper-Gold Province. EL6335 covers coincident and offset gravity and magnetic anomalies with a major NW/SE trending crustal structure running adjacent to the gravity anomaly. SER won EL6335 in a competitive process following BHP’s announcement of a significant IOCG discovery at Oak Dam West.