Strickland Reports 7.4Moz AuEq Resource Growth and $15M Cash Post Yandal Sale
Strickland Metals delivers robust drilling results at its Serbian Rogozna Project, revealing new high-grade copper-gold zones and expanding gold mineralisation footprints, while completing the sale of its Yandal Project to Gateway Mining.
- New high-grade copper-gold zone discovered at Shanac with copper grades up to 6.8%
- Expansion of gold mineralisation at Gradina and Kotlovi prospects remains open in all directions
- Metallurgical testwork at Gradina shows excellent gold recoveries averaging 89.9%
- Sale of Yandal Project to Gateway Mining completed with majority share distribution to Strickland shareholders
- Strong cash position of $15.2 million and $26.6 million in listed shares supports ongoing Rogozna exploration
Robust Drilling Advances Rogozna Project
Strickland Metals Limited has reported a strong September quarter, marked by significant progress at its flagship Rogozna Project in Serbia. The company’s ongoing drilling campaign, deploying seven rigs across the site, has yielded promising results, particularly at the Shanac, Gradina, and Kotlovi prospects. Notably, Shanac has revealed a new copper-gold mineralisation zone with copper grades reaching an impressive 6.8%, the highest recorded at this deposit to date. This discovery underscores the potential for both bulk-tonnage and higher-grade zones within the project’s extensive mineral system.
At Gradina, drilling continues to expand the gold mineralisation footprint, with multiple high-grade intercepts reported and the deposit remaining open in all directions, including towards the surface. Similarly, Kotlovi has been drill-defined along approximately 200 metres of strike, with mineralisation also open in all directions, reinforcing the prospect’s exploration upside.
Metallurgical Testwork Validates Ore Quality
Complementing the drilling success, metallurgical testwork on bulk samples from the gold-dominant Gradina deposit has demonstrated excellent gold recoveries, averaging 89.9% using standard flotation methods, with peak recoveries up to 97.9%. These results are encouraging for future processing and underline the quality of the mineralisation being delineated.
Strategic Divestment of Yandal Project
In a strategic move to sharpen its focus on Rogozna, Strickland completed the sale of its Yandal Project in Western Australia to Gateway Mining Limited during the quarter. Following the transaction, the majority of Strickland’s shareholding in Gateway was distributed to Strickland shareholders via an in-specie dividend, allowing investors to directly participate in Gateway’s future prospects. This divestment crystallises value from the Yandal asset and frees up capital and management attention for the aggressive exploration and development of Rogozna.
Financial Position and Corporate Developments
Strickland remains well-capitalised with $15.2 million in cash and $26.6 million in listed shares at quarter-end, bolstered by a subsequent sale of Northern Star Resources shares for $9.57 million. The company incurred $8.54 million in exploration and evaluation expenditure, primarily focused on Rogozna. Leadership appointments, including an Investment Relations and Business Development Manager and a Senior Exploration Geologist, reflect the company’s commitment to strengthening its operational and investor engagement capabilities. Additionally, ESG initiatives and environmental baseline studies continue to advance, supporting the permitting process and sustainable development goals.
Looking Ahead
Strickland is progressing a 50,000-metre drilling program at Rogozna and targeting delivery of a pre-feasibility study by the first half of 2027. The company’s focus on expanding mineral resources, improving metallurgical understanding, and advancing environmental and social governance frameworks positions it well for the next phase of project development.
Bottom Line?
Strickland’s latest results and strategic refocus set the stage for a pivotal development phase at Rogozna, with market eyes on upcoming resource updates and feasibility milestones.
Questions in the middle?
- How will the new high-grade copper-gold zone at Shanac impact overall project economics?
- What are the timelines and key risks for securing permits and advancing the pre-feasibility study at Rogozna?
- How will the divestment of Yandal and distribution of Gateway shares affect Strickland’s long-term revenue and shareholder value?
