MYALL CREEK COPPER (SER 100%, South Australia)

In June 2019, SER and FMG Resources Pty Ltd executed a Farm-In and Joint Venture Agreement to explore SER’s Myall Creek Copper-Gold project in South Australia. FMG Resources Pty Ltd is a subsidiary of Fortescue Metals Group Limited (ASX:FMG; market capitalisation > AUD$20B).

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.

SER’s Copper-Gold Projects within the Olympic Cu-Au Province

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.

SER’s Myall Creek project (blue) and surrounding FMG tenements

At Myall Creek, SER and FMG are targeting Iron Oxide Copper-Gold (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.

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