logo-loader
Strategic Elements Ltd

Strategic Elements increases potential for copper-gold-rare earths at Leviathan Volcanic Pipe Field

The company has identified a large gravity anomaly at Leviathan and has been granted drilling funding from the WA Exploration Incentive Scheme.

Strategic Elements Ltd - Strategic Elements increases potential for copper-gold-rare earths at Leviathan Volcanic Pipe Field
First vertical derivative of gravity Bouguer anomaly image with station positions overlaid

Strategic Elements Ltd (ASX:SOR) has increased the exploration potential for copper-gold-rare earths at the Leviathan Volcanic Pipe Field in Western Australia through ground-based surveying and geophysical modelling.

A detailed ground-based gravity survey was recently completed at the project in the state’s remote eastern desert to enable detailed modelling of the anomaly.

This survey, which consisted of 349 separate gravity stations, identified a much more complex and larger gravity anomaly of about 8 x 4 kilometres in diameter.

Shares up on news

Strategic Elements has also received independent recognition from the WA Government with the award of $150,000 in drilling funding from the Exploration Incentive Scheme (EIS).

Shares are up almost 7% to 7.8 cents after reaching a new 12-month high of 9.4 cents late last month.

2D and 3D modelling for the main gravity target indicates densities are potentially consistent with intermediate to mafic lithologies (eg diorite to gabbro), lamprophyres and carbonatites.

This modelling of the gravity data estimates realistic depth to top values for the major dense body ranging from less than 300 metres to about 600 metres below surface.

Magnetic data modelled

The company has also carried out modelling of the existing government airborne magnetic data in the area and discovered that a potential ‘magnetic halo’ wraps around the north-eastern part of the gravity anomaly.

This offers additional exploration possibilities as a separate phase of an intrusion or alteration halo wrapping around an intrusion can potentially host different styles of mineralisation.

Interpretation of this halo being geologically linked to the northern margin of the main gravity body cannot be conclusively confirmed without reliable geological control.

The ground-based gravity survey at Leviathan was conducted by Atlas Geophysics, whilst modelling and analysis was carried out by Southern Geoscience Consultants.

Diagonal (left) and top (right) view of the 3D inversion isosurface for differential density.

Funding for drilling

Strategic Elements has signed an agreement with the State Government for $150,000 in funding towards drilling at Leviathan.

The funding comes from the EIS, a competitive process determined by independent experts and which has resulted in major discoveries.

Leviathan is the company’s second project of innovative drilling in under-explored WA deserts to win competitive funding.

Other winners include Newcrest Mining Limited (ASX:NCM), AngloGold Ashanti (ASX:AGG) and Independence Group NL (ASX:IGO).

IGO’s Fraser Range copper-zinc discovery at their Andromeda project and the Nova-Bollinger discovery by Sirius Resources used EIS co-funded drilling.

Next steps

Strategic Elements expects the Leviathan tenement to be granted next month.

It is in an area with no Native Title Determined or Native Title Claim made, which removes the requirement for Aboriginal Land Access & Mineral Exploration Agreements and Aboriginal Heritage Surveys to be conducted.

After tenement grant, the only remaining major regulatory hurdle prior to drilling is a Program of Works from the Western Australian Government to use mechanised equipment within the project.

A decision will be made regarding a proposed drilling program and schedule when drill target generation has been completed.

In this regard, the company is completing further analysis with Southern Geoscience Consultants.

Quick facts: Strategic Elements Ltd

Price: 0.082 AUD

Market: ASX
Market Cap: $23.48 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Strategic Elements Ltd named herein, including the promotion by the Company of Strategic Elements Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Premier African CEO sees scope for greater stake in manganese mine project

Premier African Minerals Limited (LON:PREM) CEO George Roach speaks to Proactive London's Andrew Scott soon after announcing they've taken a 10% stake in a manganese mine MN Holdings following the conversion of a loan into shares. MN owns the Otjozondu mine in Namibia, which is currently...

8 hours, 52 minutes ago

3 min read