Strata Minerals Confirms Shallow High-Grade Gold at Zelica and Expands Corridor

Strong Maiden Drilling Validates Zelica’s Potential

Strata Minerals Limited (ASX:SMX) has reported a significant milestone with its maiden reverse circulation (RC) drilling program at the Zelica Gold Project in Western Australia. The 23-hole, ~1,970m campaign delivered robust results, with 22 holes intersecting notable shallow oxide gold mineralisation along a 1km strike beneath an existing trial pit. Highlights include intercepts such as 10m at 3.18g/t Au from 37m (including 3m at 8.36g/t Au) and 9m at 2.07g/t Au from 44m (including 2m at 7.02g/t Au), confirming continuity and grade consistency that underpin the project’s exploration promise.

Importantly, the drilling also identified a parallel “hanging wall” lode with encouraging grades, suggesting stacked lodes and multiple shear zones remain untested immediately east and west of the main mineralised corridor. This structural complexity offers additional upside potential beyond the known mineralisation, which remains open at depth and along strike beyond the 90m vertical limit of historical drilling.

Phase 2 Drilling Targets Depth Extensions and Resource Definition

Building on the maiden program, Strata swiftly mobilised a Phase 2 RC drilling campaign in late March 2026, completing 17 holes for 2,209m. This follow-up aims to test depth extensions of the high-grade mineralisation and infill gaps to accelerate delivery of a maiden JORC 2012 Mineral Resource Estimate. Initial assay results from this program are anticipated in Q2 2026, potentially providing a clearer picture of the resource scale and grade continuity.

The Phase 2 program’s focus on deeper and along-strike targets reflects an aggressive exploration approach to unlock further value from the granted mining licence, which benefits from proximity to multiple +1Moz gold deposits and nearby processing mills, suggesting a potentially low-capex development pathway.

Strategic Acquisition Extends Gold Corridor to 10km

During the quarter, Strata completed the 100% acquisition of the Zelica South Project, consolidating an approximately 8km gold-mineralised corridor that now extends to 10km with a subsequent tenement acquisition. This expanded landholding encompasses tenements E39/2188 and P39/6171, including the Murphy Well 2 and 3 prospects, which have yielded historical drill intercepts such as 4m at 3.08g/t Au and rock chip samples up to 39.60g/t Au, all untested by modern drilling.

Fieldwork commenced promptly at Zelica South, involving geological mapping and rock chip sampling to ground-truth structural interpretations and identify high-priority drill targets along the prospective gold trend. These efforts aim to leverage the structural continuity of favourable gold-hosting geology extending south from Zelica, enhancing the project’s exploration upside. This expansion and ongoing work build on the company’s earlier field activities and tenement consolidation efforts fieldwork at Zelica South and Strata Consolidates 8km Gold Corridor.

Financial Position and Capital Raising to Support Exploration

Strata closed the March quarter with a cash balance of A$1.14 million and no debt, reflecting prudent financial management amid active exploration. The company secured firm commitments for a A$1.57 million placement at $0.02 per share, aimed at funding ongoing drilling, resource definition, and evaluation of development pathways at Zelica. Settlement is expected around early May 2026, bolstering the company’s capacity to advance its exploration agenda.

Quarterly expenditure included approximately A$279,000 on exploration and evaluation, alongside staff and corporate costs, underscoring the company’s focus on progressing its priority assets. Director fees accounted for A$106,000 of payments to related parties, consistent with governance disclosures.

Exploration Pipeline and Next Steps

Looking ahead, Strata plans to report assay results from the Phase 2 drilling program and Zelica South fieldwork in the coming weeks. Follow-up drilling is anticipated to further test mineralisation extensions at depth and along strike, while heritage surveys and desktop studies continue across the expanded tenement package. The company is also evaluating additional strategic acquisitions to enhance its portfolio.

With the Zelica corridor now extending to 10km and early drilling confirming promising high-grade zones, the market will be watching closely for assay results that could underpin a maiden JORC resource and clarify the project’s development potential. The granted mining licence and nearby infrastructure add a layer of optionality uncommon in early-stage gold projects in the Eastern Goldfields.

Strata’s active drilling programs and strategic land acquisitions position it well to unlock value, but the pending assay results and resource estimates will be critical in defining the scale and economic viability of the Zelica Gold System. The company’s ability to convert exploration success into a delineated resource and attract further investment will shape its near-term trajectory.