Strickland Metals has expanded the Gradina Deposit's inferred gold resource by 600,000 ounces, pushing the Rogozna Project's total resource to 9.24 million ounces gold equivalent and reinforcing its Tier-1 status.
- Gradina Deposit resource grows 50% to 1.8Moz gold
- Rogozna Project total resource reaches 9.24Moz AuEq
- Updated resource constrained by underground mining parameters
- Deposit remains open along strike and at depth
- Company well-funded with $81 million cash and liquids
Gradina Deposit Sees Significant Resource Expansion
Strickland Metals Limited (ASX:STK) has delivered a substantial upgrade to its Gradina Deposit within the Rogozna Gold and Base Metals Project in Serbia, announcing a 50% increase in the inferred mineral resource to 1.8 million ounces of gold at an average grade of 2.8 grams per tonne. This 600,000-ounce boost lifts the total Rogozna Project resource base to a globally significant 9.24 million ounces gold equivalent (AuEq), underscoring the project’s standing as a Tier-1 development opportunity.
The updated resource estimate is based on an optimised underground mining model using long-hole open stoping, with economic parameters reflecting a long-term gold price of US$2,500 per ounce and cut-off grades between 1.5 and 3.0 g/t gold. The deposit’s core boasts a robust concentration of approximately 4,700 gold ounces per vertical metre, highlighting its high-grade nature despite the overall tonnage increase diluting the average grade slightly from 3.0 g/t to 2.8 g/t.
Open-Ended Potential and Strategic Access
Gradina’s mineralisation remains open in all directions, with near-term growth targets identified along strike to the north and south, as well as at depth below the current approximately 800-metre drill-defined strike length. Notably, the company plans further drilling in 2026 to test these extensions, aiming to convert inferred ounces into higher-confidence categories and potentially expand the resource further.
Strategically, the deposit’s geometry supports potential underground mining access via a near-horizontal adit from the ridge flank to the east, facilitating efficient development. The mineralised lodes are steeply dipping skarn-hosted gold zones, often adjacent to quartz-diorite dykes, with widths averaging around 11 metres horizontally. The deposit extends vertically over 780 metres, with the bulk of the resource within 500 metres of the proposed portal elevation.
Robust Project Economics and Funding Position
The resource update incorporates detailed geological modelling and rigorous sampling, with over 37,000 metres of diamond drilling informing the estimate. Metallurgical testwork to date indicates gold recoveries of approximately 90% using conventional flotation processes, supporting the economic assumptions underpinning the resource cut-off grades.
Strickland’s Managing Director, Paul L’Herpiniere, praised the in-country team’s efforts, stating this milestone reinforces Rogozna’s potential to deliver long-term economic and social benefits to the local community. The company remains well-capitalised, holding around $81 million in cash and liquid assets as of March 2026, providing a solid foundation for advancing pre-feasibility studies and further exploration.
This resource upgrade complements recent developments at the Rogozna Project, including the 1.25Moz Indicated Resource Shanac and ongoing 2026 drilling plans, positioning Strickland to unlock the project’s full value despite regulatory delays in Serbia reported recently Serbia Drilling Delays.
Detailed Geological and Resource Modelling
The Gradina MRE was developed using Ordinary Kriging on two-metre composited drill samples within fourteen mineralised domains, constrained by optimised stope shapes generated for underground mining. The modelling incorporated extensive quality control and validation, including density measurements and geological domain interpretations consistent with skarn-hosted gold-copper-zinc mineralisation typical of the Rogozna district.
The resource classification remains entirely inferred, reflecting the current drill spacing and data confidence. However, the deposit’s continuity and grade distribution provide a strong basis for future infill drilling to upgrade the resource category.
Pre-feasibility study workstreams are underway, focusing on advancing economic assessments and environmental baseline studies, with further updates expected in the coming weeks.
Bottom Line?
While the Gradina resource upgrade bolsters Rogozna's profile, the inferred classification and open-ended mineralisation leave key questions on conversion and expansion ahead.
Questions in the middle?
- How quickly can Strickland convert inferred ounces at Gradina into indicated or measured resources?
- What impact will ongoing drilling and pre-feasibility results have on project economics and development timelines?
- How might regulatory and permitting challenges in Serbia affect the pace of Rogozna’s advancement?