Strategic Energy Begins Fortescue-Funded Drilling at Canobie Copper Project
Diamond drilling begins at SER’s Canobie Copper Project, fully funded by Fortescue
Strategic Energy Resources has commenced a diamond drill program of over 1,500m at the Canobie Copper Project in north-west Queensland. The program is fully funded under the Farm-in and Joint Venture with FMG Resources Pty Ltd, a wholly-owned subsidiary of Fortescue Ltd. This is the first of three back-to-back high-impact drill programs planned across SER’s portfolio in the coming months, targeting Iron Oxide Copper Gold (IOCG) mineralisation west of the Gidyea Suture Zone. What this means for you: Fortescue funding delivers access to high-cost diamond drilling without shareholder dilution — your exposure to potential discovery is effectively leveraged.
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Two priority targets in the firing line
Charcoal Bore — following up last year’s copper-gold hits
The 2025 drilling campaign intersected elevated copper and gold within a distinctive IOCG geochemical signature. Drill hole CNDD007 hit basement at 588m, with mineralised metasediment extending to 853m down-hole. This year’s follow-up directly targets the offset density feature projecting at shallower depths east of the magnetic peak — the search is for increasing widths and grades.
| Depth from (m) | Depth to (m) | Interval (m) | Cu ppm | Au g/t |
|---|---|---|---|---|
| 738 | 740 | 2 | 1,440 | 0.44 |
| 764 | 766 | 2 | 1,015 | 0.14 |
| 774 | 778 | 4 | 1,507 | 0.32 |
| 824 | 832 | 8 | 1,125 | 0.30 |
Note: Cut-off 1,000ppm Cu, internal dilution maximum 2m.
Alcala — the highest-ranked target, tested for the first time
Alcala is the highest-priority magnetic anomaly in the entire project area. Previously untested due to access issues, it is now being drilled. The target comprises a near-vertical N-S magnetic body with a broad gravity response up to 2.97 g/cc, coincident with a magnetic anomaly up to 0.09 SI from approximately 450m depth. A single 800m angled drill-hole will test the peak of the geophysical response. What this tells you: an untested top-ranked target due to access issues offers genuine discovery upside.
Dr David DeTata, Managing Director
“The wait is finally over as we kick-off our 2026 exploration field season with a fully-funded diamond drill program at Canobie, which is being undertaken as part of our Farm-in and Joint Venture with Fortescue. This year, we return to the Charcoal Bore Prospect – where drilling last year targeted the peak of a magnetic body, identified from a distinctive IOCG geochemical signature associated with the non-magnetic portion of the drill-hole. This year the offset density feature will be directly targeted in search of increasing widths and grades of copper mineralisation. The second drill target is the Alcala Prospect — the highest-ranked magnetic anomaly in the entire project area, which has remained untested due to access issues. Drilling will test the peak of the geophysical anomaly with an 800m angled hole in search of high-grade copper mineralisation. The drill rig will then immediately mobilise to the Bulimba Gold Project to complete a single diamond hole as part of our Joint Venture with Sumitomo. The rig will then mobilise to our 100%-owned Diamantina Copper-Gold Project to complete a 2-hole program in search of extensions to previously intersected mineralisation at the Elizabeth Springs Prospect”.
Why IOCG targeting matters — the geology explained
Iron Oxide Copper Gold (IOCG) deposits are large, high-value copper-gold systems typically formed by hydrothermal fluids circulating along major crustal faults. The Gidyea Suture Zone is one of these crustal-scale fault systems — a deep structural boundary that has acted as a plumbing system for mineralising fluids over geological time.
The significance for investors is the neighbourhood. SER is exploring the same fertile geological corridor as several proven, producing copper-gold mines to the south:
- Ernest Henry mine — a major operating IOCG copper-gold mine
- Mount Margaret (E1) — a significant IOCG deposit
- Eloise — a producing copper-gold mine
- Roseby — another established deposit in the district
What this tells you: these are not speculative analogues. SER’s targets sit on the same structural corridor as existing economic deposits, which is why the targets carry weight.
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A funded pipeline of three back-to-back drill programs
The Canobie program is expected to take 3-4 weeks to complete, with assays anticipated approximately six weeks post-drilling. Following Canobie, the drill rig will move sequentially through two additional programs:
- Canobie Copper Project (Fortescue Farm-in and Joint Venture) — current program
- Bulimba Gold Project — single diamond hole under the Joint Venture with Sumitomo Metal Mining
- Diamantina Copper-Gold Project — 100%-owned; 2-hole program targeting extensions to high-grade mineralisation at the Elizabeth Springs Prospect
What this means for your portfolio: three catalysts in quick succession across funded joint venture and 100%-owned ground — a steady stream of newsflow with limited capital burden on SER. The rig is booked, the funding is in place, and the targets are ranked. Now the waiting starts.
Want to Know More About Strategic Energy Resources’ Fortescue-Funded Drilling Campaign?
Strategic Energy Resources is drilling three back-to-back programs across copper-gold targets in one of Australia’s most prospective IOCG corridors — all fully funded by Fortescue and Sumitomo. The company is testing untested, high-ranked anomalies alongside extensions to known mineralisation, with assays expected in the coming weeks.
To access the full project details, drilling timelines and upcoming newsflow catalysts, visit the Strategic Energy Resources investor centre. Stay updated as results are released across Canobie, Bulimba and Diamantina.