Strickland Resources (ASX: STK) plans to shift its focus after completing a reverse circulation drilling program at the 14 Mile Well Project.
The program was designed to test the down-dip and along strike extensions of the Castlemaine and Christmas Gift historical workings.
A total of 14 drill holes for 1,548 metres were drilled at 14 Mile, with results showing that the gold mineralisation was of low tenor and limited extent.
The newly minted company says the drill program has effectively and definitively tested the prospect with holes to vertical depths of 120 metres, covering a combined width of 360 metres and a total strike length of 560 metres.
Based on the results, Strickland has made the decision that further work will be directed elsewhere off the lease.
The 14 Mile Well project covers 47 square kilometres about 50 kilometres east of Leonora in Western Australia.
It contains extensive alluvial gold workings and historical shafts 15 kilometres west of the Wallaby Gold Mine.
Strickland was admitted to the ASX in early September this year, following a successful IPO which offered 15 million shares at $0.20 to raise $3 million with allowable oversubscriptions for another 5 million shares.