Second resource update for Serbian project this year, with a third on the way
Strickland Metals has delivered the second of at least three planned resource updates for its Rogozna project in Serbia, which now boasts an impressive 7.4 million ounces of gold equivalent – a jump of around 2Moz AuEq in less than 12 months.
Thursday's update concerned the cornerstone Shanac deposit that now hosts 5.3Moz AuEq, comprising 2.63Moz contained gold, 21.3Moz silver, 130,000 tonnes copper, 147,000t zinc, and 100,000t lead Within the resource is a higher-grade 1.85Moz at 1.8gpt AuEq based on a 1.2gpt cut-off. The subset will form the basis of studies into a potential sub-level cave bulk tonnage mining operation Strickland managing director Paul L'Herpiniere, who joined the company with the Rogozna acquisition last July, said recent drilling had led to a new understanding of the controls on Shanac, allowing the resource to grow around 30%.The discovery cost is still estimated at around A$3/oz AuEq.A maiden resource for the gold-dominant Gradina discovery is expected later this year.Strickland has started a 50,000m drilling campaign at the project to target the high-grade gold skarn sitting near the top of Shanac, the prospective volcanic-skarn contact on the western side of the central dyke where there has been limited prior work, and to the north.The campaign will also target the Red Creek prospect, 500m west of Shanac.Strickland, which also has assets in Western Australia's Yandal Belt, remains well funded with around $33.8 million in cash and shares in Northern Star Resources as at the end of December.Drilling is about to begin at the 257,000oz Dusk ‘til Dawn deposit within the Yandal, where Strickland believes it may have defined a high-grade intrusion-related gold system with the potential to match the 20Moz Boddington deposit in the far south of the Yilgarn Craton. An updated Horse Well resource is due next month.Strickland shares were up 4% this morning at 8c, capitalising the explorer at $177 million.The stock has traded between 6.6-14c over the past year.
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