Strategic Energy Resources Limited has commenced a diamond drill program exceeding 1,500 metres at the Canobie Copper Project in north-west Queensland.

The exploration program is fully funded under a farm-in and joint venture agreement with Fortescue subsidiary FMG Resources, through which Fortescue holds the right to earn up to an 80% interest by sole-funding $8 million in exploration over a six-year period.

Drilling is targeting Iron Oxide Copper Gold mineralisation across two main prospects. The program will test the Alcala Prospect with an 800-metre angled hole, marking the first time the prospect has been drilled due to previous access issues. It will also follow up on elevated copper and gold intersections previously recorded at the Charcoal Bore Prospect.

“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.”

“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 program is scheduled to take 3-4 weeks to complete with assays available approximately six weeks post- drilling.”

— Dr David DeTata, Managing Director of SER

The current campaign at Canobie represents the first of three back-to-back exploration programs planned across Strategic Energy Resources' portfolio. Subsequent drilling is scheduled at the Bulimba and Diamantina projects once the rig completes its work at Canobie.

Activity across the surrounding district has also intensified, highlighted by Evolution Mining's agreement to acquire Carnaby Resources for approximately $213 million to consolidate regional assets including the Ernest Henry project.

Read the full announcement: Diamond Drilling Commences at Canobie Project QLD