Strickland Metals Ltd (ASX:STK) soared as much as 76.4% after a reverse circulation (RC) drilling program intersected visible zinc-lead mineralisation and revealed a high-grade Mississippi Valley-type discovery in WA's Earaheedy Basin.
Shares reached $0.127 intra-day after the initial five-hole, first-pass drilling intersected broad mineralisation in the fresh rock at Iroquois Prospect containing both an upper zinc-rich zone and a lower zinc + lead-rich zone.
This is the first drilling to test for fresh-rock hosted mineralisation in the area with historical drilling only targeting a shallow oxide manganese-rich zone.
Strong results
Best results from the upper zone are:
- 23 metres at 5.5% zinc + lead from 108 metres (combined), including 14 metres at 4.5% zinc from 108 metres (true depth 90 metres) and 9 metres at 7% zinc + lead from 135 metres (true depth 110 metres); and
- 12 metres at 5.4% zinc + lead from 58 metres (combined), including 6 metres at 6.2% zinc from 58 metres (true depth 50 metres) and 6 metres at 4.6% zinc + lead from 96 metres (true depth 80 metres).
In addition, both holes returned broad, lower grade zinc and lead mineralisation within the oxide zone, including:
- 5 metres at 2.9% zinc + lead from 23 metres and 22 metres at 2.2% zinc + lead from 37 metres; and
- 13 metres at 2.1% zinc + lead from 24 metres.
Along strike from Chinook
The intersections are directly along strike from Rumble Resources Ltd (ASX:RTR)’s Earaheedy Project Chinook zinc-lead-silver discovery
Two of the RC holes intersected the same visible sphalerite mineralisation down dip, potentially extending the mineralisation about 300 metres to the northwest. Assay results for those cores have not yet been returned.
Mineralisation consists of relatively coarse-grained sphalerite and galena hosted within the Iroquois dolomite unit. In close proximity is an alteration zone of pyrite, manganese and minor sericite.
Initial observations suggest there is zinc-lead-copper enrichment near the feeder zone fault structures, with a stronger zinc-lead distal enrichment.
"Exciting discovery"
“Our initial first-pass drilling at Iroquois has yielded an exciting shallow, high-grade zinc-lead discovery,” Strickland CEO Andrew Bray said,
“The mineralisation footprint is looking to be very substantial, with these zones having so far been intersected 300 metres along strike, and nearly 300 metres down dip with further assays awaited.
“This is the first-time mineralisation in fresh rock has been tested in the area, with historic shallow drilling targeting only a secondary manganese oxide zone (enriched with zinc and lead) near-surface.
“Given the lateral extent of this mineralisation, it suggests that the primary mineralisation footprint is only going to grow from here. Mineralisation remains open in every direction."
Cross-section of Iroquois drill holes.
Mineralised province
With the new discovery along strike from Chinook, the presence of both discoveries suggests the Earaheedy Basin margin is emerging as a new mineralised province highly prospective for zinc-lead discoveries.
“The mineralisation is hosted within the Iroquois dolomite unit and has all the hallmark characteristics of a Mississippi Valley-type zinc-lead deposit. It has the same tenor of mineralisation as Rumble Resources’ Earaheedy Project discovery, which is directly along strike from Iroquois,” Bray continued.
“The fact that mineralisation remains completely open along strike and down dip demonstrates the potential scale of what we’ve discovered. Given the significance of these results, we are amending the ongoing RC drilling to return to Iroquois as a high priority part of the current program.
“It’s expected up to eight further holes will be drilled to test for extensions along strike and down dip, prior to a large-scale drilling campaign getting underway first thing in 2022.”
Strickland controls approximately 30 kilometres of strike extending from Rumble Resources' Earaheedy Project.
Next steps
Strickland is in the process of expanding its RC program at Iroquois as a matter of priority due to the significance of these initial results. New holes will test for northern and southern extensions of mineralisation along the key regional fault structure.
Planning is also underway for an additional large-scale drilling program to begin early 2022. This program will systematically test the Iroquois dolomite unit to either side of the prospective ‘feeder’ structures within the project area, as well as extensions to the current mineralisation down dip and along strike.
A comprehensive ground-based Induced Polarisation survey is also expected to be completed to assist with targeting.