{"id":10035,"date":"2024-05-23T03:33:33","date_gmt":"2024-05-23T03:33:33","guid":{"rendered":"https:\/\/economicherald.net\/?p=10035"},"modified":"2024-05-23T03:33:33","modified_gmt":"2024-05-23T03:33:33","slug":"achilles-1-shows-no-weakness-as-ser-nabs-cornerstone-investment-to-explore-polymetallic-prospect","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10035","title":{"rendered":"Achilles 1 shows no weakness as SER nabs cornerstone investment to explore polymetallic prospect"},"content":{"rendered":"<p>$2m is being raised for exploration at Strategic Energy Resources\u2019 Achilles 1 prospect<br \/>\nCap raise is supported by a cornerstone investment from major shareholder Datt Capital and Lowell Resources Fund<br \/>\nTony Gu, Datt Capital Partner and Head of Research appointed to SER board<br \/>\nDrill testing at Achilles 1 to commence <\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report<\/em><\/strong><strong>: Strategic Energy Resources has raised $2 million to explore its Achilles 1 polymetallic prospect in NSW, supported by a cornerstone investment by major shareholder Datt Capital and Lowell Resources Fund.<\/strong><\/p>\n<p>South Cobar lies along the eastern margin at the southern end of the Cobar Basin, along strike from <a href=\"https:\/\/stockhead.com.au\/company\/eastern-metals-ems\/\"><strong>Eastern Metals\u2019 (ASX:EMS)<\/strong><\/a> Brown\u2019s Reef polymetallic deposit.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/strategic-energy-resources-ser\/\"><strong>Strategic Energy Resources\u2019 (ASX:SER)<\/strong><\/a> Achilles 1 prospect also lies along the Achilles shear zone, which hosts <a href=\"https:\/\/stockhead.com.au\/company\/australian-gold-and-copper-agc\/\"><strong>Australian Gold and Copper\u2019s (ASX:AGC)<\/strong><\/a> own Achilles prospect 8km away from SER.<\/p>\n<p>\u00a0<\/p>\n<p>The South Cobar project, displaying Achilles 1. Pic supplied: (SER)<\/p>\n<p>\u00a0<\/p>\n<p>Earlier this month, AGC hit a 5m intersection at 16.9g\/t gold, 1,473g\/t silver and 15% lead+zinc as part of a drilling campaign.<\/p>\n<p>\u00a0<\/p>\n<p>AGC\u2019s map of its Achilles, with previously reported drilling (white collars) and new drill holes as completed as part of a follow-up program (orange collars). Pic supplied: (AGC)<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Capital raise<\/strong><\/h2>\n<p>The $2m placement details the issue of 181.8m fully paid ordinary shares at 1.1c in two tranches and has been subscribed to with significant excess demand, representing an 8.3% discount to the company\u2019s last trading price prior to the placement of 1.2c per share.<\/p>\n<p>Tranche 1 will result in 112.1 million shares worth $1,234,000 being issued, while Tranche 2 will issue 69.6 million shares worth $766,000.<\/p>\n<p>SER managing director David DeTata says the strength of investor demand for the $2m placement is a clear signal to the company that the Achilles 1 prospect needs to be drill-tested.<\/p>\n<p>\u201cThe outstanding drill results from AGC to the north at Achilles 3 show the potential for the South Cobar region to hold multiple discoveries and with the funds received we are now fast-tracking our exploration plans,\u201d DeTata says.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Appointment to the board<\/strong><\/h2>\n<p>Cornerstone investor Datt Capital will also appoint its Partner and Head of Research Tony Gu to the SER board as a non-exec director.<\/p>\n<p>\u201cDatt Capital identified SER\u2019s strategy of science-driven project generation and exploration in pursuit of Tier-1 discoveries as a point of differentiation and has continued to back us as we execute this strategy,\u201d DeTata says.<\/p>\n<p>\u201cThe addition of Tony Gu to the Board further strengthens Datt Capital\u2019s commitment and alignment with our company.<\/p>\n<p>\u201cThe significant investment from Lowell Resources Fund also validates our ability to generate and explore for Australia\u2019s next major discovery.\u201d<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Strategic Energy Resources, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/achilles-1-shows-no-weakness-as-ser-nabs-cornerstone-investment-to-explore-polymetallic-prospect\/\">Achilles 1 shows no weakness as SER nabs cornerstone investment to explore polymetallic prospect<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>$2m is being raised for exploration at Strategic Energy Resources\u2019 Achilles 1 prospect Cap raise is supported by a cornerstone investment from major shareholder Datt <a href=\"https:\/\/economicherald.net\/?p=10035\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10036,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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