Strategic Energy Resources (ASX:SER) has acquired the Diamantina Copper-Gold Project near Cloncurry in Queensland from Anglo American’s (LSE:AAL) subsidiary, Anglo American Exploration Australia.
The parties have now settled the agreement, following the execution of the first milestone payment of $150,000 cash and $150,000 in Strategic Energy shares. Shares were issued at $0.01, offering Anglo 15 million shares.
Upon the execution of a landholder agreement, or 12 months from the completion of the acquisition, Strategic Energy will pay another $150,000 cash and $150,000 in shares to the vendor.
As reported by Mining.com.au, the company entered a sale and purchase agreement with Anglo in July 2025, offering Strategic Energy a whole interest in Diamantina’s two exploration licences.
Strategic Energy Managing Director David DeTata says the newly acquired project offers the company a “significant exploration opportunity” for its mineralised copper-gold intercepts already uncovered by Anglo American.
“With the acquisition now complete and the exploration program for the first year already planned, we are eager to get on ground next year to follow up on the significant mineralised intercepts already drilled at the Elizabeth Springs prospects, along with new targets that have been identified through a review of the extensive geophysical databases that were part of the acquisition,” DeTata says.
Through two Resources Technology and Critical Minerals Trailblazer Programs, Strategic Energy will partner with James Cook University, Anglo American, and Mount Isa Mines to build research capabilities and drive commercialisation at the project.
“These programs are aimed at developing advanced geochemical and geophysical exploration techniques to improve target selection and increase exploration success rates,” DeTata adds.
“Research will bring significant value to our entire portfolio of exploration assets where drill testing deep targets is expensive.”
As reported by Mining.com.au, the company entered a sale and purchase agreement with Anglo in July 2025, offering Strategic Energy a whole interest in Diamantina’s two exploration licences.
Meanwhile, Strategic Energy divested its South Cobar Project in New South Wales to Australian Gold and Copper (ASX:AGC) earlier this week. Upon completion, the transaction offered the company $350,000, as reported.
Strategic Energy Resources is a copper-focused explorer uncovering extensions to its Queensland assets.
Write to Maddison Elliott at Mining.com.au
Images: Strategic Energy Resources
