Promising assay results keep rolling in for Strickland Metals Ltd (ASX:STK) as it progresses exploration at the Palomino prospect, which is part of the Yandal Gold Project in WA.
The latest drilling has expanded the mineralisation footprint and revealed significant new targets, indicating a substantial potential increase in gold resources.
Recent drilling at Palomino yielded strong results including:
- 10.6 metres at 7.5 g/t gold from 161.4 metres, including 3 metres at 21.2 g/t;
- 9 metres at 2.4 g/t from 22 metres and 21 metres at 1.0 g/t from 76 metres;
- 20 metres at 1.4 g/t from 123 metres, including 4 metres at 4.9 g/t; and
- 20 metres at 1.7 g/t from 148 metres.
Unexpected gold find
The result from drill hole HWRC254 was particularly surprising to the company, as it was drilled in an area previously considered devoid of gold mineralisation.
This discovery significantly expands the known mineralisation footprint and brings the gold closer to the surface.
An Induced Polarisation (IP) survey identified a new target 600 metres northwest of Palomino.
Topographic section of Palomino showing primary mineralised structures in relation to the Clydesdale ‘Splay’ Structure. Magnetic TMI underlay.
The more-than-400-metre long, +10mV/V chargeability anomaly has yet to be tested by any historical drilling, offering a promising new area for exploration.
Strickland is preparing to test the new IP target with additional reverse circulation (RC) and diamond drilling.
The company remains well funded to continue exploration in the area, with around $51.4 million in cash and shares of Northern Star Resources (ASX:NST) at the end of the March quarter.
"Excellent assay results"
Strickland chair Anthony McClure said: “Palomino is continuing to deliver excellent assay results, with a very exciting intersection in HWRC256D of 10.6 metres at 7.5 g/t gold from 161.4 metres (including 3 metres at 21.2 g/t gold).
“This intersection is a continuation of the lode announced in last week’s assays – HWDD001: 13.7 metres at 6.3 g/t gold from 133.4 metres (including 3 metres at 20 g/t gold) and HWDD002: 17 metres at 10.6 g/t gold from 144.7 metres (including 3.5 metres at 15 g/t gold).
“It’s very pleasing to see the continuity of this lode down plunge and bodes very well for pending results as well as ongoing drilling.
“Of possibly more significance, however, is the intersection in HWRC254: 9 metres at 2.4 g/t gold from 22 metres and 21 metres at 1.0 g/t gold from 76 metres.
“Mineralisation was not expected to be encountered in the lower portion of this hole. The result is outside of the current Palomino mineral resource and significantly expands the mineralisation footprint, including bringing the modelled mineralisation closer to surface.
Promising exploration frontier
“The shallower ground in the immediate proximity of this intersection, as well as further to the north-west, is yet to be drilled and opens up a very promising exploration frontier for future drilling.
“In line with the potential for mineralisation to continue opening up to the north-west, a significant IP anomaly has been identified approximately 600 metres along strike from the current Palomino drilling.
“As mentioned in last week’s announcement, the results from the first two diamond holes exceeded expectations in terms of both grade and width.
The same can be said for the assays reported today, again bringing into question whether historical results from the 1990s are underrepresenting the grade of the gold mineralisation.
“Additional drilling is required to confirm this. Drilling is continuing to proceed well on site, with more assays from Palomino and Bronco expected shortly.”