Strickland Metals Ltd (ASX:STK) has updated the market on its ongoing drilling operations at the Horse Well prospect within the Yandal Gold Project, signalling a significant deepening of its exploration effort. The company completed drilling of hole MWDD001, extending it 111 metres beyond the planned depth and will fast-track results.
It has now directed both reverse circulation (RC) and diamond drilling rigs to concentrate exclusively on the Marwari area. This decision underscores the site's potential, with four additional diamond drill holes planned to further probe the mineral-rich zone.
STK CEO Andrew Bray said: “The company has successfully completed the first diamond hole at Marwari. The hole was initially planned to a target depth of 180 metres, however the company elected to continue the hole for a further 111 metres to total depth of 291 metres.”
RC drilling starts
An intensive RC drilling program has started, operating on a tightly spaced 40 by 40 metre grid. This initiative covers 300 metres of strike south of the notable discovery hole HWAC1472, which yielded a promising 31 metres at 5.6 grams per tonne of gold. The RC drilling is complemented by three diamond pre-collars, poised to provide a more detailed understanding of the sub-surface conditions.
“Strickland is now sufficiently confident in expanding the drilling program at Marwari. A further four diamond holes will now be drilled. MWDD002 is currently drilling 40 metres to the south of the discovery aircore hole HWAC1472 (31m @ 5.6g/t Au from 72 metres to BOH),” Bray said.
“MWDD003 will be a 40-metre step back from MWDD001 (drilling underneath the initial diamond hole). MWDD004 and MWDD005 are deeper holes that will be drilled on 40 metres spacings to the south of the step-back hole, MWDD003. Holes MWDD003-005 are targeting the peak of the magnetic inversion.
“Diamond core from MWDD001 will be sent to Perth next Friday, and the company will request the assays be fast tracked.”
Strong financial position
Financially, Strickland stands on solid ground, buoyed by around $61 million in proceeds from the sale of the Millrose gold deposit to Northern Star Resources Ltd (ASX:ASX:NST) in July 2023.
This capital injection positions the company to vigorously pursue its exploration targets at Horse Well, with the aim of delineating further gold resources.