Late week, Strickland Metals Ltd reported a significant increase in resources at its Rogozna project in Serbia, driven by targeted drilling at the Shanac deposit.
Highlights
- Strickland Metals delivered a 2 million ounce gold equivalent resource increase at Rogozna after 20,000 metres of drilling in 2023.
- Drilling at Shanac focused on delineating high-grade zones, resulting in a 17% increase in gold, 38% in copper, and 40% in zinc.
- High-grade central zone now identified and will be the focus of upcoming mining studies.
- Company acquired Rogozna in July 2023.
- Achieved resource growth at a low cost of US$3 per ounce due to thick mineralised zones and strong Serbian geological team.
Current 50,000 metre campaign includes:
- 30,000m for resource drilling (mainly Gradina, targeting maiden resource by Q3–Q4 2025).
- 20,000m for exploration across 4–5 key targets.
- Key exploration areas include Jezerska Reka (porphyry), Obradov Potok (large footprint), and Kotlovi (discovered in 2023).
- Company remains well-funded with approximately A$30 million in cash.
The company said 20,000 metres of drilling in 2023 resulted in a two million ounce gold equivalent resource increase. It highlighted that this was achieved at a cost of US$3 per ounce, supported by extensive mineralised zones and an experienced geological team in Serbia.
Managing director Paul L’Herpiniere said the 2023 program aimed to define high-grade mineralisation zones rather than expand the resource. He noted that only 10 drill holes were completed at Shanac but led to clear identification of a coherent high-grade zone. He added, “It's that higher-grade mineralisation which carries the deposit. It's a third of the metal in the deposit.”
The company told investors that the high metal content per vertical metre at Shanac compares favourably with similar bulk tonnage systems globally. It noted that upcoming mining studies would focus on these higher-grade areas.
Strickland has commenced a 50,000 metre drill program for 2024. It said around 30,000 metres will support a maiden resource for the Gradina deposit, which it described as the most gold-rich of its assets. The remaining 20,000 metres will target several high-impact exploration prospects including Jezerska Reka and Obradov Potok.
The company confirmed it remains well funded, with around A$30.00 million in cash, and no current impediments to advancing the project.