Strickland Metals has struck the third-biggest drill result from its Rogozna play in Serbia to date, this time reeling in a hefty 50m intercept grading 5.6 grams per tonne gold equivalent as part of a total 365.8m hit at 2g/t gold equivalent.
The company’s Medenovac prospect is the latest target to deliver a significant hit at Rogozna and backs up management’s decision to run four diamond rigs at the project.
The Medenovac drillhole, which was aimed at replicating the more than 300m-thick body of gold, copper and zinc mineralisation discovered at an earlier hole, has now confirmed a 60m extension to the south-east. It takes the extent of the high-grade zone to 150m at the southern end of total mineralised strike length of 600m.
The hole has also confirmed that the orebody remains open along strike and at depth.
An earlier drillhole, which had been completed before Strickland took ownership of Rogozna, may have given management an inkling of what lay ahead when drilling intercepted a remarkable 97m grading at 5.1g/t gold equivalent as part of a broader 352m zone running at 2.1g/t.
To follow up the results revealed today, the company has completed a second hole to the east, targeting an up-dip extension closer to surface and assays are pending. A third hold is also planned to be drilled to the west of today’s reported hit in an effort to test down-dip extensions.
Strickland Metals managing director Paul L'Herpiniere said: “With these latest results, we have now defined a massive body of high-grade mineralisation extending over a strike length of ~150m at the southern end of the deposit, with the mineralisation remaining open along strike and at depth.”
The high-grade material at Medenovac has been cooked up between two volcanic dykes that lie 360m apart. The gold mineralisation is hosted in multi-sized breccia or broken-up material, created as a result of the volcanic activity and characterised as disseminated and semi-massive chalcopyrite.
Additional copper, zinc and some gold mineralisation is also hosted in skarn material, brewed up as a result of the direct hot contact with the volcanic intrusions.
While work is ongoing at Medenovac, Strickland has also continued to push out the boats at its 4.6 million-ounce gold equivalent Shanac deposit, 2km to the south. Two rigs are drilling several holes, including two aimed at following up on an earlier spectacular hit of 89m grading 4g/t gold.
Although the company is yet to report a maiden resource for Medenovac, it is scheduled to land early next year and management now appears to have another significant deposit on its hands to add to the overall Rogozna portfolio.
L’Herpiniere, a former exploration manager for FMG, had some idea of the exploration potential of the Serbian asset when Strickland bought it for $37 million in June from private equity firm, Ibaera – which he co-founded. But the ongoing results from the Medenovac prospect, coupled with the continued success at Shanac, may well have surprised even him.
Strickland remains well-capitalised with $48.7 million in cash and ASX-listed Northern Star shares, ensuring it can continue with its aggressive exploration at Rogozna, which is shaping up a potential company-maker for the mining hopeful.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
Share Price
Revenue
| 74 | - | Strickland Metals | $9,136,203.00 |
| 142 | - | Larvotto Resources | $858,830.00 |
| 146 | - | European Lithium | $755,821.00 |
| 150 | - | Alma Metals | $677,288.00 |
| 152 | - | Marvel Gold | $641,479.00 |
