|Interest||1.5% Net Smelter Return|
|Counterparty||Strategic Energy Resources Limited (ASX:SER)|
- The Saxby royalty covers EPM 15398 and is located 150km northeast of Cloncurry in northwest Queensland Australia. Mesozoic sediments of the Carpentaria Basin unconformably overlie deformed and metamorphosed basement rocks of the Mt Isa Eastern Succession with the cover sequence greater than 400m thick.
- Exploration at the Saxby Project has previously identified high-grade gold mineralisation at the Lucky Squid Prospect, with peak historical intersections of 6m @ 12g/t Au (SXDD020, SER, Nov-2019), 15m @ 9.09g/t Au (SXDD014, AngloGold Ashanti, 2010), 17m @ 6.75g/t Au (SXDD005, Anglo American, 2008).
- Gold mineralisation at Saxby is characterised by intense pyrite alteration overprinting calcite-magnetite veins and breccia, associated with a network of chlorite vein arrays and hydrofractures suggesting a variant of an Iron Oxide Copper-Gold (IOCG) mineral system. Historical drilling of large magnetic and gravity anomalies by MIM Exploration from 1992 – 1998 identified a nickel-copper sulphide exploration target named the Tea Tree Prospect with historical intersections of 10.4m @ 0.25% Ni, 0.28% Cu (CDI0270 Annual Exploration Report dated September 28, 2012).
- Drill testing of the Lucky Squid gold prospect was most recently undertaken by SER on the interpreted structure between the previously identified high grade gold intercepts in November-2019. A single vertical diamond drill hole to 718m intersected gold mineralisation (6m @ 12 g/t Au) along the interpreted structure. SER plans to complete further diamond drilling to test the extent and continuity of the high-grade gold mineralised structures at Saxby.
- Further information can be found at this website: https://www.strategicenergy.com.au/projects/saxby/