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ASX: STK - Strickland Metals

Updated: 3 days ago

Strickland Metals: It’s pay day – millions flood in!

Strickland Metals CEO Andrew Bray on 3AW, 2GB, 4BC & 6PR Bulls N' Bears Report

Listen to ASX-listed Strickland Metals CEO Andrew Bray talk to Matt Birney on the Bulls N’ Bears Report about Strickland’s big pay day after one of Australia’s biggest gold miners said “I’ll have that thanks!”.


Strickland Metals is sitting on multiple gold prospects scattered across its Yandal Gold Project in central WA. Just one of those prospects known as Milrose has attracted the interest of mega miner Norther Star who owns the Jundee mill just 30km away. Northern Star has just stuffed millions into the bank account of Strickland to pick up the Milrose prospect and the world has just opened up for this junior explorer who is now flush with cash.


Matt Birney - Welcome to Bulls N' Bears brought to you today by gold and base metals explorer, Strickland Metals

Matt Birney - ASX code: STK

Matt Birney - I'm Matt Birney and I'm joined now by the CEO of Strickland Metals, Andrew Bray.

Matt Birney - Hi Andrew

Andrew Bray - G'day Matt.

Matt Birney - Okay, so Strickland Metals is sitting on multiple gold prospects and deposits scattered across its Yandal Gold Project in central WA. Just one of those deposits known as Millrose has attracted  the interest of mega miner Northern Star who 

owns the Jundee mill just 30km away. Northern Star has just stuffed millions into the bank account of Strickland to pick up the Millrose prospect and the world has just opened up for this junior explorer who is now flush with cash.

Matt Birney - Okay Andrew we'll get into the terms of that deal for Millrose in a minute but firstly,  what exactly did you sell to Northern Star and why?

Andrew Bray - Thanks, Matt yeah we sold 6 million tonnes at 1.8 grams for 346,000 ounces and the reason we  sold it is it's the typical size deposit that can end up stranded within the WA Goldfields so it made a lot of sense for us to realize the value there and move it on to Northern Star.

Matt Birney - What does it cost you to acquire and explore Millrose and what did Northern Star pay you for it?

Andrew Bray - Yeah, it was quite a good deal on our part. We bought it for 10 million, spent 16 million over an 11-month drilling campaign for a total of 26 million, and subsequently sold it for 61 million, so generating a 35 million dollar profit.

Andrew Bray - For that consideration, 41 million was in cash and we also received 1.5 million Northern Star shares which we're hoping the dividend should roughly cover our corporate costs going forward.

Matt Birney - So Millrose was just one of multiple gold prospects that you've got at your Yandal project, how many others do you have up there and what potential is there to maybe sell a few more of them to Northern Star?

Andrew Bray - Yeah, there's a lot of potential, we've got a dozen or so advanced prospects that we'll start work on soon. At Horsewell there's a global resource of 5.77 million tonnes at 1.4 grams for 257,000 ounces.

Andrew Bray - Dusk till Dawn, we also had a spectacular hit of 33 meters at 3.6 grams from 61 meters so there's a lot more work to be done with our remaining ground. Will Northern Star buy them? Maybe, maybe not but we've got plenty of options.

Matt Birney - Now you've also got a lead zinc project up that way known as Iroquois, pretty close to Rumble Resources' Eraheedy lead zinc project that caused Rumble's share price to run I think from about nine cents to 80 cents at one point in time, how far away are you from Rumble and what are some of the best drill hits at Iroquois to date?

Andrew Bray - We're directly along strike from Rumble. We control about 30 kilometers of strike on the base in contact with the Eraheedy.

Andrew Bray - Recently we put out an intersection of 58 meters at 4.3 per cent zinc and 3.7 grams silver including a spectacular hit of four meters at 27 per cent zinc which are the highest grade seen in the Eraheedy today between us and Rumble.

Matt Birney - Okay well, good luck spending those Northern Star millions. I look forward to seeing exactly what you do with that money.

Matt Birney - Andrew Bray from Strickland Metals.

Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.

Matt Birney - I'm Matt Birney and this is Bulls N' Bears

Outro - For more public company interviews go to the money page on the 6PR, 2GB, 3AW and 4BC websites and click the public companies tab.


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