Drilling at the Saxby gold project in North West Queensland has intersected high-grade gold mineralisation.
Strategic Energy Resources said its first drill hole at the project intersected 6m at 12g per tonne of gold, including a high-grade zone of 2m at 32g per tonne.
It said the mineralisation was encountered at a shallower level than expected and it was working to understand the geometry of the gold mineralisation.
The vast majority of the project, 165km north-northeast of Cloncurry, remains untested.
“SER believes Saxby represents a significant high-grade gold system that warrants a substantial, concerted exploration program,” executive chairman Stuart Rechner said.