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Strategic Energy Resources (ASX:SER) has estimated a maiden JORC 2012 resource of 7.8 million tonnes grading 5.1% heavy minerals at its Ambergate project in Western Australia.
The region is host to multiple operating heavy mineral sands mines, notably the Iluka operations south of Bunbury. In recent years, the West Australian Government has identified the historic prospects as “Strategic Mineral Resources Protection Areas” and informed planning agencies to protect the deposits from conflicting land uses until mining is complete. Strategic Energy has lodged exploration licence applications covering five historic heavy mineral sands prospects, with several of these applications now been granted.
The 2016 financial year has been an extremely challenging year for Oilex and its shareholders, resulting in a loss before income tax of $36 million, primarily affected by non-cash impairment of exploration and development assets of $21.6 million, and reduced recovery of costs from Joint Ventures and costs associated with the Zeta Resources Limited litigation. Against a back drop of a fifteen-year low in oil prices, the Company has had to divert much of its attention from the core business of developing value from its assets to addressing significant joint venture issues in India, costly litigation associated with its last capital raising, and resetting the technical direction at Cambay, in association with lower than expected production rates at its most recent wells and delays associated with joint venture funding contribution to ongoing project activities.
Strategic Energy Resources has received $425,000 from Ionic Industries in payment of a bridging loan provided by Strategic to Ionic.