New Serbian mineralised zone rakes in 6.8% copper for Strickland Metals
- Craig Nolan
- 4 hours ago
- 3 min read
Strickland Metals (ASX: STK) has discovered a new, deeper copper-gold zone at its 5.3-million-ounce gold-equivalent Shanac deposit in Serbia, with results from three diamond drill holes returning a 1.7-metre interval grading a stellar 6.8 per cent copper.
The latest drilling at Shanac, one of four deposits at the company’s 7.4-million-ounce gold-equivalent Rogozna project, continued its history of impressive results. Strickland hit the highest copper grade encountered at the growing project.
A string of thick drill intersections from an ongoing campaign included 172.5m at 1.3 grams per tonne (g/t) gold-equivalent from 322.6m, which included gold-equivalent hits of 32m going 1.2g/t from 322.6m, 58.5m grading 2.7g/t from 436.6m and 10m running 3.1g/t from 452.1m.
Within the 172.5m interval, a new copper-gold discovery zone kicked-up significant gold-equivalent results of 21.6m at 3.7g/t from 473.5m, including a solid 5.7m slice going 9.7g/t from 489.4m.
A ripping 309.3m hit at 1.2g/t gold-equivalent from 264.3m included a long gold-equivalent intersection of 102.4m at 2g/t from 471.2m, which contained a 61.8m section at 2.4g/t from 505.2m. A new copper-gold zone within it produced several head-turning finds of 18.2m at 3.7g/t from 548.8m and 6m grading 6.8g/t from 556.9m.
A further thick interval comprised 248.9m running an even 1g/t gold-equivalent from 257m.
Strickland says a whopping eight diamond drill rigs are in operation across Rogozna, as part of the company’s 50,000m exploration program planned at site this year. It has further assays pending for multiple holes and expects to receive these results in the coming weeks.
The company’s latest drilling program targeted the prospective skarn-andesite lithological contact on the western side of Shanac’s central domain, where less drilling has occurred compared to its eastern side.
It continues to remain well-funded, with $32.7 million in cash and liquid assets as of June 30.
“These outstanding new drill results from the cornerstone Shanac deposit continue to demonstrate the enormous endowment, scale and growth potential of the Rogozna project.” Strickland Metals managing director Paul L’Herpiniere
The new high-grade copper-gold zone occurs at depth, adjacent to an altered intrusion, known as the southern quartz-monzonite stock, on the eastern side of the central domain. Limited drilling has taken place at depth and on the eastern side of the quartz stock, presenting Strickland with an opportunity to discover additional high-grade mineralisation.
Mineralisation incurred during drilling consisted of gold, copper, silver, zinc and lead, with the mineralised style containing abundant disseminated iron pyrite, the lead mineral galena and zinc sphalerite.
Strickland also revealed it has handpassed an impressive 1.2 billion Gateway Mining shares to Strickland shareholders, received from the sale of its Yandal gold project in WA’s northeastern Goldfields to Gateway.
The in-specie distribution comprises 80 per cent of the 1.5 billion Gateway Mining convertible preference shares, valued at $45 million, which Gateway used as equity to land the project from Strickland.
Each convertible preference share in Gateway will convert to an ordinary share on August 26, with all Strickland shareholders at the record date of August 22, receiving about 53 Gateway shares per 100 Strickland shares.
Strickland will retain the remaining 300 million Gateway shares, providing it with about a 15.7 per cent stake in the junior goldie.
The company decided to sell Yandal to allow a laser-like focus to be applied to its Serbian project, possibly a solid-gold move for Strickland in view of the project’s potential to ramp up its mineral resource to a size that may garner plenty of interest from some of the world’s gold majors.
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