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Strategic Elements wins ballot for conglomerate-hosted gold licence

The Pilbara exploration ground is held by wholly-owned subsidiary Maria Resources.

gold miner holding gold nugget
Novo Resources from Canada is well known for its recent Pilbara gold discovery

Strategic Elements Ltd (ASX:SOR) has won a contested ballot draw for exploration ground prospective for conglomerate-hosted gold in the Pilbara region of Western Australia.

The ballot area, E 45/5285, is located between licences held by a Mark Creasy associated company and Novo Resources Corp (CVE:NVO).

E 45/5285 contains Mt Roe Basalt and lower Hardey Formation conglomerates, which are rock groups associated with conglomerate gold discoveries in other areas of the Pilbara.

The ballot area was highly contested

A ballot draw process is conducted under the West Australian Mining Act when multiple applications are made for an exploration license at the same time.

The company was competing against Novo Resources and another privately held company in the ballot process.

Exploration license E45/5882 remains under application, which is also subject to a ballot process.

READ: Strategic Elements advancing dual focus on technology and gold exploration

Strategic believes its East Pilbara exploration ground could hold significant upside.

Neighbour Novo Resources, has recently commented that it has built significant intellectual property from recent work in the West Pilbara.

Notably, it also has also commented that it will reassess areas in the East Pilbara due to the knowledge it has recently gained.

Second exploration licence also granted

A separate exploration licence, E45/4996, has also been granted to Maria Resources.

The tenements will now progress to grant in the normal course of Mines Department procedure.

During this period, an appraisal will be made to determine the best forward strategy.

Quick facts: Strategic Elements Ltd

Price: 0.076 AUD

ASX:SOR
Market: ASX
Market Cap: $21.76 m
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