Rogozna Drilling Yields 250m+ High-Grade Gold Zones; Yandal Sale Secures $45M
Strickland Metals reports robust drilling results at its Serbian Rogozna Project, confirming significant gold and base metal mineralisation, while securing a $45 million equity deal for its Yandal Project in Western Australia.
- Strong multi-hundred-metre high-grade gold and base metal intercepts at Rogozna’s Shanac and Gradina prospects
- Binding agreement to sell Yandal Project to Gateway Mining for A$45 million in equity
- Planned in-specie distribution of Gateway shares to Strickland shareholders post-sale
- Strategic $5 million placement completed with Zijin Mining, boosting cash reserves
- Aggressive 50,000m drilling campaign ongoing with eight rigs active at Rogozna
Robust Drilling Success at Rogozna
Strickland Metals Limited has delivered a strong quarterly update highlighting significant progress at its flagship Rogozna Project in Serbia. The company reported multiple substantial drill intercepts at the Shanac and Gradina prospects, two key deposits within the ~7.4 million ounce gold equivalent (AuEq) resource. Notably, holes at Shanac returned extensive mineralisation over hundreds of metres, with grades exceeding 1.3 grams per tonne AuEq and internal zones reaching up to 2.7 g/t AuEq. Similarly, Gradina continues to reveal high-grade gold mineralisation, including intercepts of 4.0 meters at 10.1 g/t gold and broader zones exceeding 3.5 g/t gold over 62.7 meters. These results extend the known mineralisation and reinforce the project's bulk-tonnage potential.
Strategic Divestment of Yandal Project
In a major corporate development, Strickland has entered a binding agreement to sell its Yandal Project in Western Australia to Gateway Mining Limited for A$45 million, payable in Gateway equity. This transaction allows Strickland to crystallise value from Yandal’s inferred resource of approximately 400,000 ounces of gold and to sharpen its focus on advancing Rogozna. Following completion and subject to shareholder approval, Strickland plans to distribute around 80% of its Gateway shares to its own shareholders via an in-specie capital return and dividend, effectively giving Strickland shareholders direct exposure to Gateway’s future prospects.
Capital Raising and Financial Position
Further strengthening its financial position, Strickland completed a strategic placement raising $5 million from Zijin Mining, one of the world’s largest mining groups with significant operations in Serbia. This injection supports ongoing exploration and resource growth activities at Rogozna. At quarter-end, Strickland held cash reserves of $25.3 million alongside Northern Star Resources shares valued at $7.4 million, providing a solid funding base for its aggressive 50,000-meter drilling campaign currently underway with eight rigs operating across multiple prospects.
Exploration Outlook and Market Implications
The ongoing drilling program aims to expand and upgrade the existing inferred mineral resource at Rogozna, with a maiden resource estimate for the Gradina prospect targeted by late 2025. The combination of strong drilling results, strategic asset rationalisation, and backing from a major industry player positions Strickland as a compelling exploration story with clear pathways to value creation. However, the Yandal sale remains subject to multiple conditions including shareholder and third-party approvals, which investors will watch closely.
Bottom Line?
Strickland’s decisive moves to monetise Yandal and accelerate Rogozna exploration set the stage for a pivotal year ahead.
Questions in the middle?
- How will the market respond to the in-specie distribution of Gateway shares to Strickland shareholders?
- What impact will Zijin Mining’s strategic investment have on Strickland’s exploration and development plans?
- Can ongoing drilling at Rogozna convert inferred resources into higher confidence categories and extend mineralisation further?
