Strategic Energy Resources to Commence Drill Testing in New South Wales Project; Shares Down 16%

MT Newswires Live06-17

Strategic Energy Resources (ASX:SER) is set to commence drill testing of the Achilles 1 prospect within its South Cobar project in New South Wales in July, according to a Monday filing with the Australian Securities Exchange.

The proposed reverse circulation drill program will test the polymetallic soil anomaly defined by the historical soil data and the companyâs Ultrafine+ program, and its relationship to the prospective Achilles Shear and intersecting prominent northeast-trending magnetic highs identified in an airborne magnetic survey, the filing said.

A land access agreement is in place with the sole landholder, and earthworks will commence upon granting of the drill permit application, the company said.

Shares fell 16% in late morning trading Monday.

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