Strickland Metals Ltd (ASX:STK) is set to begin drilling for copper, zinc, silver and lead at the Iroquois Base Metals Project in the Earaheedy Basin of Western Australia ahead of demerging the asset into a standalone company.
This pre-IPO drilling aims to test an unexplored 'feeder structure' for zinc-lead mineralisation, which Strickland anticipates is also enriched with copper and gold.
Iroquois is located in the Earaheedy Basin in the same region as Rumble Resources Ltd (ASX:RTR)'s discovery and is 80% owned by Strickland and 20% by Gibb River Diamonds (ASX:GIB).
“We’re very excited to undertake initial drilling at Iroquois in preparation for the demerger IPO in Q2 2023,” Strickland Metals CEO Andrew Bray said.
“At the conclusion of Strickland’s 2022 drilling campaign, the company began working on the Iroquois project, developing a promising new geological model for the mineralisation.
“All drilling conducted to date has been constrained by prior heritage clearance, resulting in drilling largely testing only the hangingwall structure to the west.
“Heritage clearance was received in January 2023, which now allows the company to test the main target.”
Three diamond drill holes in the initial program as well as a subsequent seismic survey will provide STK with crucial information for targeting additional feeder structures within the wider project area after listing.
“Potential for spectacular grades”
“Drilling by Rumble Resources demonstrated the potential for spectacular grades within the broader system (40 centimetres at 4,450 g/t silver, 3.37% copper, 0.52% tungsten, 2.50% zinc, 0.98% lead and 0.30% nickel from 115.3 metres).
“The host rock at our Iroquois project, being silicified dolomite, has the additional potential for significant fracturing and brecciation, resulting in the company anticipating wider zones of high-grade mineralisation within the feeder structure.
“A recently conducted high-density ground gravity survey identified a large, circular intrusive-like geophysical feature.
Topographic image intrusion and interpreted feeder structure extension.
“Coincident soil geochemical anomalism highlights a strong tungsten, tellurium, tin, cadmium, bismuth and arsenic signature (in addition to copper, zinc, lead and silver), suggestive of a fertile intrusion.
“Mineralisation resulting from this structure is mapped to extend 1.8 kilometres to the southwest, towards the previously intersected Iroquois zinc-lead mineralisation.
“If the company’s model is correct, the mineralisation is anticipated to be very extensive over a very large area.
“Key structural, geochemical, geophysical and spectral assessments will be made on the diamond core which, alongside the seismic survey, will greatly assist with further targeting within the wider project area.”
Meantime, Strickland is continuing work on the Millrose Gold Project updated mineral resource, scheduled for release next quarter.
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