Strickland Metals Ltd (ASX:STK) has hit an 89.7-metre drill intercept grading 4 grams per tonne of gold and described as "phenomenal" at its 100%-owned Rogozna gold and base metals project in Serbia.
The result from 244.5 metres in the first hole drilled by Strickland at the project’s Shanac deposit, included 24.1 metres at 10.5 g/t gold from 296.2 metres and is the strongest gold mineralisation ever encountered at the 5.4-million-ounce gold equivalent project.
A “phenomenal” result
“These results from the first hole drilled by Strickland at Shanac this year are phenomenal!” said Strickland managing director Paul L’Herpiniere.
“Our strategy for Shanac has been to target the higher-grade zones of the deposit to upgrade the 4.6 million ounce gold equivalent inferred resource.
“Not only did we discover the highest gold grades ever encountered at the Rogozna Project, but we also encountered extensive copper-gold mineralisation further down the hole, with a ~109-metre long interval containing 1.3 g/t gold with 0.4% copper, including multiple zones of massive chalcopyrite, with assays up to 11% copper.
“Perhaps the most important aspect of these new results is that they are validating our geological model for the controls on high-grade mineralisation at Shanac.
“This is a very large deposit and it is only now that, with the start of closer-spaced drilling, we are defining what we refer to as the 'Central Domain'. This appears to be a consistently strongly mineralised volume within the larger Shanac deposit.
“Significantly, the thick, high-grade gold zone encountered in this hole is open along strike in 3D space and follow-up drilling of this exciting target will commence shortly.”
Improves geological understanding
The 89.7-metre intercept marks the first time high-grade gold has been intercepted at Shanac — one of four skarn-hosted gold and base metals deposits at the Rogozna project.
This hole was drilled ~200 metres from the southern end of the deposit, targeting a zone of strong gold and copper mineralisation hosted within magnetite skarn defined by previous drilling.
Importantly, the hole has vastly improved Strickland’s understanding of the local geological controls on a higher-grade 'Central Domain', including the newly identified high-grade gold zone. It has also provided a focused target with follow-up drilling to commence shortly.
Since completing the hole, the Strickland team in Serbia has simplified the geological model, separating Shanac into three structurally controlled domains, separated by NW-trending dykes.
Drill hole traces, mineralisation intercepts, geology and central domain of Shanac.
Exploration continues
The company now has seven rigs drilling across Rogozna and at the Yandal Project in Western Australia with assay results for multiple holes pending for both projects.
Strickland remains “extremely well-funded”, with $48.7 million in cash and Northern Star Resources (ASX:NST) shares at the end of the June quarter.
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