Strategic Energy Resources (ASX:SER) as operator of the Spencer Joint Venture (SER 75% and Kingston Resources (ASX: KSN) 25%) has completed first round drilling at its Spencer IOCG project near Olympic Damn in South Australia.
The project area comprises 321 square kilometres and remains one of the few undrilled areas along the Olympic Dam trend that has now been the subject of significant modern exploration techniques, including gravity, magnetics, outcrop geology and geochemistry.
This same trend is the home to some exceptional discoveries including: Olympic Dam, Carrapateena, Prominent Hill, Mount Gunson, Wallaroo, Moonta and Hill Side.
Favourable geology is evident within the Spencer Project area including the outcrops of the Hiltaba granite and Moonabie formation, the age equivalent host of a number of IOGC style deposits throughout the Olympic Dam trend.
A total of ten reverse circulation holes were drilled for a total of 3,608m.
A decision was made to bring a diamond rig in to complete the bottom sections of the holes as a result of ground conditions and to increase geological understanding of the geophysical targets.
The core produced from the diamond drilling has been useful as visual mineralisation is evident. The core is in the process of being dispatched to an analytical laboratory, with results expected in 30 to 60 days.
Two of the holes will be drilled deeper to 1200 metres with the diamond rig, and a further shallow drill program of five holes is planned to test outcropping copper mineralisation.
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