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Strickland Metals equals 12-month high on extending Horse Well’s golden streak

Published 27/09/2023, 12:01 pm
© Reuters.  Strickland Metals equals 12-month high on extending Horse Well’s golden streak
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Strickland Metals Ltd (ASX:STK) is on a roll with ongoing drill programs at its 100%-owned Horse Well prospect at the Yandal Gold Project in Western Australia continuing to deliver impressive outcomes as well as equalling the 12-month share price high.

The ASX-lister is undertaking an aggressive 40,000-metre aircore program at Yandal, with the initial phase of drilling focusing on mapping the Horse Well shear structures.

First up, dilling targeting southern extensions to drill hole HWAC1472 discovered last week has extended the Marwari structure by 500 metres.

Assays are expected to be received in the next two weeks, followed by a reverse circulation (RC) drill program to follow up on the results in four weeks.

Shares have been as much as 13.21% higher intraday to $0.06, which equals the 12-month high set in October 2022.

New Pegasus prospect

Separately, STK believes a new prospect area, which it has named Pegasus, could be emerging to the northwest of the Marwari discovery.

No historical drilling has occurred along Pegasus, which the company believes to be along a 3-kilometre strike.

“The potential scale of the Pegasus prospect dwarfs what we are seeing at Marwari,” STK chief executive officer Andrew Bray said.

The aircore rig at Marwari is being moved to Pegasus to test the structure.

Upon completion of a number of aircore lines at Pegasus, the rig will recommence its original systematic aircore program across Marwari and the broader Horse Well region.

Marwari discovery and new Pegasus trend.

“Planned RC drilling has been brought forward in light of the discovery at Marwari,” Bray said.

“An RC rig is now booked to arrive on site in the last week of October.

“The rig will be focused on drilling at Marwari, while also following up any significant intersections at Pegasus.”

More gold strikes

Meanwhile, drilling to the north, south and across the Palomino prospect has extended the mineralised footprint to 700 metres in strike.

Significant intercepts include:

  • HWAC1380 - 39 metres at 6.1 g/t gold from 25 metres, including 7 metres at 22.2 g/t;
  • HWAC1348 - 5 metres at 2.8 g/t from 59 metres;
  • HWAC1376 - 4 metres at 7.8 g/t from 52 metres;
  • HWAC1377 - 8 metres at 1.3 g/t from 72 metres; and
  • HWAC1469 - 12 metres at 1.2 g/t from 56 metres.
“This drilling is continuing to demonstrate that the Horse Well area can deliver highly impressive grade and width within the mineralised system,” Bray added.

STK remains extremely well-funded after completing the sale of its Millrose gold deposit to Northern Star Resources (ASX:NST) in July this year for $61 million.

Read more on Proactive Investors AU

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