The targets are large buried gravity and induced polarisation (IP) anomalies detected in recent exploration work.
The company has also been awarded $150,000 from the WA Government Exploration Incentive Scheme to be applied towards drilling the IP survey anomalies.
In addition, Strategic’s 100% owned subsidiary Maria Resources has sold the Rocklea project in the Pilbara to a non-related party for $150,000 in cash.
Well-funded for drilling program
The sale of the Rocklea project exploration licenses in combination with the $150,000 drilling grant from the WA government provides substantial funds to progress the company’s upcoming drilling program.
The PoW (Programme of Work) approval from the WA government is the only remaining regulatory approval required prior to drilling and is expected to be received in the next few weeks.
Following the sale of the Rocklea Project tenements E47/3797 and E47/3792, Strategic retains a total of 13 exploration licenses and prospecting licenses in the Pilbara region.
The company intends to pursue the sale of additional Pilbara projects where appropriate.
High-risk, high-reward project
Strategic Elements managing director Charles Murphy said: "It is important to develop productive working relationships with local native title groups.
“Behemoth is a high-risk, high-reward project however with $150,000 in EIS grant funding, $150,000 from the sale of Rocklea and 43% cash back in R&D rebates, we have structured it to be as cost effective as anyone could make it.”