Strickland Metals has increased the inferred resource at its Copper Canyon deposit in Serbia, adding nearly 300,000 ounces of gold and enhancing the Rogozna Project's standing as one of Europe's largest undeveloped gold-copper assets.
- Copper Canyon resource upgraded to 16Mt at 1.3g/t Au and 0.45% Cu
- Total Rogozna Project resource rises to 9.25Moz gold equivalent
- Resource optimised for underground mining using US$3,000/oz gold price
- Potential development synergies with nearby Gradina underground decline
- Company holds approximately A$81 million in cash and liquids
Copper Canyon Resource Upgrade Adds Scale and Grade
Strickland Metals Limited (ASX:STK) has significantly enhanced the mineral resource at its Copper Canyon deposit within the Rogozna Gold and Base Metals Project in Serbia. The updated Inferred Mineral Resource Estimate (MRE) now stands at 16 million tonnes grading 1.3 grams per tonne gold and 0.45% copper, equating to roughly 0.82 million ounces gold equivalent. This marks an increase of about 290,000 ounces of contained gold compared with the 2021 estimate, lifting contained gold to 650,000 ounces and copper to 72,000 tonnes.
The upgrade reflects a strategic shift from open pit to underground mining optimisation, using long-term metal prices of US$3,000 per ounce for gold and US$12,000 per tonne for copper, with a net smelter return (NSR) cut-off of US$76 per tonne. Despite a 43% reduction in tonnage from the previous open pit model, the grade improvements are substantial: gold equivalent grade rose by 78%, gold grade by 225%, and copper grade by 50%, underscoring the deposit's higher-quality underground potential.
Rogozna Project Resource Base Strengthened
This resource update lifts the total Rogozna Project Indicated and Inferred MRE to 9.25 million ounces gold equivalent, including over 6 million ounces of contained gold. The project comprises multiple deposits, with recent resource expansions at Gradina and Shanac complementing Copper Canyon’s growth. The combined inventory reinforces Rogozna’s status as one of Europe’s largest undeveloped gold-copper projects, a significant foothold in a region with limited high-grade precious and base metals exposure.
Strickland’s Managing Director, Paul L’Herpiniere, highlighted the potential to leverage existing and planned underground infrastructure at the nearby Gradina deposit to access Copper Canyon. The shallowest optimised stopes at Copper Canyon lie within approximately 100 metres of the Gradina decline, suggesting meaningful development synergies that could streamline future underground operations.
Robust Geological and Metallurgical Foundations
The Copper Canyon deposit features multiple shallow-dipping skarn-hosted gold and copper lodes within a broader mineralised envelope extending roughly 750 by 570 metres and to depths of around 220 metres. Mineralisation is associated with retrograde skarn alteration near quartz-latitic porphyry dykes, with chalcopyrite as the principal copper mineral. At depth, steeply dipping gold-only mineralisation occurs, adding to the deposit's complexity.
The updated resource model was constructed using inverse distance weighting estimation based on 61 diamond drill holes totalling nearly 28,000 metres, with quality assurance supported by recent drilling campaigns. Metallurgical testwork indicates recoveries of 92% for copper and 70-90% for gold, depending on the mineralisation type, supporting the economic assumptions underpinning the resource.
Financial Position and Next Steps
Strickland remains well-funded, reporting approximately A$81 million in cash and liquid assets as of 31 March 2026, positioning it to advance development studies and exploration. The company is progressing an internal scoping study for Copper Canyon, expected to complete in the third quarter of 2026. Future work will focus on further drilling to increase resource confidence and additional metallurgical testing to refine processing parameters.
With the Rogozna Project's resource base now firmly established above 9 million ounces gold equivalent, the evolving underground mining strategy and infrastructure synergies with Gradina provide a compelling platform. However, the resource remains classified as Inferred due to irregular drill spacing and limited metallurgical data, leaving some uncertainty around the precise economics and development timeline.
Bottom Line?
Strickland’s Copper Canyon upgrade cements Rogozna as a major European gold-copper asset, but upcoming scoping study results will be crucial in translating resource potential into development reality.
Questions in the middle?
- How will the ongoing scoping study refine the economic viability of Copper Canyon’s underground mining approach?
- What impact will further drilling and metallurgical testing have on upgrading the resource classification beyond Inferred?
- To what extent can infrastructure sharing with the Gradina deposit reduce capital and operating costs for future development?