Strickland Metals' Rogozna Project Yields High-Grade Gold and Base Metal Intercepts
STK (STK) Share Update September 2024 Thursday 26th
Strickland Metals Announces Exceptional High-Grade Intercept at Rogozna Project
Strickland Metals Limited (ASX: STK) has announced remarkable new assay results from ongoing drilling at its Rogozna Gold and Base Metals Project in Serbia, highlighting the potential for rapid resource growth.
Instant Summary:
- 50m @ 5.6g/t AuEq within 365.8m at 2.0g/t AuEq at Medenovac Prospect.
- Intercept represents the third-best hole ever drilled at Rogozna Project.
- Thick, high-grade mineralisation now defined over a ~150m strike length at Medenovac.
- Initial Mineral Resource Estimate expected in early 2025.
- Strickland Metals remains well-funded with $48.7 million in cash and NST shares.
Drilling Update
Strickland Metals Limited has reported significant new assay results from its Rogozna Gold and Base Metals Project in Serbia. The latest results from diamond hole ZRSD24157 at the Medenovac Prospect show an extensive zone of high-grade gold and base metal mineralisation. The hole intersected 365.8 meters at 2.0g/t AuEq from 198.4 meters, including a remarkable 50 meters at 5.6g/t AuEq from 271.5 meters.
This intercept is one of the best ever drilled at the Rogozna Project and extends the high-grade core a further 60 meters along strike to the south-east from the discovery section. Historical drill-hole ZRSD21136 had previously intersected 97.7 meters at 5.1g/t AuEq within a broader zone of 352.1 meters at 2.1g/t AuEq from 240.2 meters.
Resource Growth Potential
The Medenovac Prospect is pre-resource, with an initial Mineral Resource Estimate expected to be defined in early 2025. The thick, high-grade mineralisation is now defined over a ~150 meter strike length at Medenovac, and drilling continues with four rigs operating across the Rogozna Project. Assay results are pending for multiple holes.
Strickland Metals remains extremely well-funded, with $48.7 million in cash and NST shares as of the end of the June Quarter. The company is optimistic about the potential for rapid resource growth at the Rogozna Project.
Geological Insights
The mineralisation intersected in ZRSD24157 is spatially associated with a major NE-trending structural zone. This zone is interpreted as one of the key controls on higher-grade mineralisation in the southern portion of the deposit. The mineralisation within the high-grade zone has now been delineated by drilling along ~150 meters of NW-SE orientated strike, with a demonstrated vertical extent of up to 400 meters beneath the base of volcanics.
Additional high-grade zones include 19.8 meters at 2.8g/t AuEq from 333 meters and 24 meters at 3.6g/t AuEq from 468.2 meters. These results reinforce the company's understanding of the geometry and controls of this significant body of mineralisation.
The exceptional high-grade intercepts reported by Strickland Metals are likely to have a positive impact on the company's stock. The potential for rapid resource growth at the Rogozna Project could attract investor interest and boost stock prices. The company's strong financial position further supports its exploration and development activities.
Investor Reaction:
Analysts are likely to react positively to the news, given the high-grade nature of the intercepts and the potential for significant resource growth. The extension of the high-grade core and the upcoming Mineral Resource Estimate are key factors that could drive investor confidence.
Conclusion:
Investors should keep a close watch on Strickland Metals' ongoing drilling results and the forthcoming Mineral Resource Estimate. The company's strong financial position and promising assay results make it an attractive prospect for those looking to invest in the gold and base metals sector.