Strickland Metals Limited (ASX:STK) Increases Rogozna Project Resource
Resource Update
Strickland Metals Limited (ASX:STK) has announced an updated Mineral Resource Estimate for its Shanac Deposit at the Rogozna Gold and Base Metals Project in Serbia. The updated estimate for the Shanac Deposit has risen to 5.30Moz AuEq, contributing to a total Rogozna Project resource of 7.40Moz AuEq, marking an increase of approximately 2Moz AuEq since the project’s acquisition in July 2024. This enhancement reflects a 15% rise in contained metal on a gold equivalent basis, with gold, copper, and zinc seeing increases of 17%, 38%, and 40% respectively.
Operational Achievements
The resource growth was achieved at a cost of just A$3 per ounce of gold equivalent. The updated Mineral Resource Estimate was developed using Multiple Indicator Kriging (MIK) modelling methods, constrained by optimised sub-level cave underground mining stopes and a conservative long-term gold price of US$2,250 per ounce. Notably, the core of the deposit is characterised by approximately 15,000 AuEq ounces per vertical metre over a vertical extent of around 300 metres.
Executive Comments
Paul L’Herpiniere, Managing Director of Strickland Metals, stated, “Our 2024 drilling program at Shanac was designed to improve our understanding of the geological controls and distribution of the higher-grade mineralisation zones within the bulk-tonnage deposit. The recognition of the central dyke as one of the key geological controls – with associated high-grade mineralisation either side of the dyke in what is now referred to as the central domain – was a key learning from the program and has underpinned a vastly improved resource model that has delivered an overall ~15% increase in metal within the broader deposit. Contained gold has increased by 17% while contained copper and zinc have increased by 38% and 40% respectively. Importantly, the updated resource model also now contains an estimated 1.85Moz AuEq of higher-grade mineralisation (1.2g/t AuEq cut-off), which will be the focus of ongoing mine development studies.
The goal for Shanac in 2025 is to continue to improve the definition of the higher-grade mineralisation zones which underpin the ~15,000 ounces per vertical metre contained within the core of the deposit. This will include additional drilling targeting the high-grade gold skarn that occurs near the top of the deposit, along with further drilling of an ~200-metre-long section of the deposit which has seen relatively limited drill-testing of the prospective volcanic-skarn contact on the western side of the central dyke, towards the southern end of the deposit.”
Future Outlook
Strickland Metals has commenced a new 50,000-meter growth drilling campaign aimed at further resource expansion and discovery across the Rogozna Project area. The next resource update is scheduled for late 2025, which will include a maiden Mineral Resource Estimate for the high-grade, gold-dominant Gradina deposit, alongside additional updates for the Shanac and Medenovac deposits.
Financial Position
The company remains well-funded to execute its exploration strategy, holding $33.8 million in cash and Net Smelter Terms (NST) shares as of the end of the December Quarter.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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