Open-Ended Mineralisation at Shanac Raises Questions on Resource Growth
Strickland Metals reports strong diamond drilling results at its Shanac Deposit in Serbia, revealing extensive gold and base metals mineralisation and confirming potential for resource growth beyond 5.3Moz AuEq.
- Significant wide intercepts with gold equivalent grades up to 3.8g/t AuEq
- High-grade copper-gold zones confirmed in central domain at Shanac
- Mineralisation remains open in all directions, supporting expansion
- Seven diamond rigs actively drilling across Rogozna Project
- Company holds $41.8 million in cash and liquids as of September 2025
Strong Drilling Results at Shanac
Strickland Metals Limited (ASX – STK) has delivered a compelling update from its Rogozna Project in Serbia, with new diamond drilling results at the flagship Shanac Deposit reinforcing the scale and quality of mineralisation. The latest assays reveal extensive gold and base metals mineralisation, including wide intervals of higher-grade copper-gold zones that continue to expand the known footprint of this 5.3 million ounce gold equivalent (AuEq) resource.
Two recently completed drill holes, ZRSD25213 and ZRSD25217, have returned significant intercepts. Notably, ZRSD25213 intersected 224 metres at 1.9g/t AuEq starting from 387.5 metres depth, including a higher-grade section of nearly 49 metres at 3.1g/t AuEq. Similarly, ZRSD25217 delivered 174 metres at 1.8g/t AuEq, with a standout 42-metre interval grading 2.9g/t AuEq. These results build on earlier discoveries of high-grade copper-gold mineralisation in the deposit’s central domain, demonstrating both bulk-tonnage and higher-grade potential.
Geological Insights and Mineralisation Style
The mineralisation at Shanac is hosted within a skarn system, characterised by complex alteration zones including chlorite, epidote, silica, and magnetite, with sulphide minerals such as chalcopyrite, pyrite, sphalerite, and galena. The upper zones show strong gold with associated lead and zinc, while deeper intervals are copper-gold dominant with semi-massive sulphide accumulations. The mineralised zones remain open at depth and laterally, suggesting further upside potential as drilling continues.
Active Drilling and Project Funding
Strickland currently operates seven diamond drilling rigs across the Rogozna Project, including four focused on discovery drilling and three targeting the gap zone at the nearby Gradina Deposit. The company is well-capitalised, reporting $41.8 million in cash and liquid assets as of 30 September 2025, positioning it strongly to advance exploration and resource development activities. Assays from multiple ongoing drill holes are pending, with further updates expected in the coming weeks.
Looking Ahead
With these robust drilling results, Strickland is on track to update the Mineral Resource Estimate (MRE) for Shanac in early 2026. The combination of wide mineralised intervals and confirmed high-grade zones enhances the deposit’s attractiveness and could underpin future development scenarios. Investors and analysts will be watching closely for the upcoming assay results and the revised resource figures to better understand the project's evolving economics.
Bottom Line?
Strickland’s latest drilling success at Shanac sets the stage for a resource upgrade that could reshape the project’s value proposition.
Questions in the middle?
- How will the pending assay results impact the overall resource estimate at Shanac?
- What are the implications of the high-grade copper-gold zones for future mining methods?
- How might commodity price fluctuations affect the economic viability of the Rogozna Project?