Western Australia-focused explorer, Strickland Metals saw its share price surge by more than 60 per cent in intraday trading following discovery of broad, shallow and high-grade zinc and lead mineralisation in the Earaheedy Basin, directly along strike to Rumble Resources’ celebrated Chinook zinc and lead discovery.
The first two drill holes of an initial five-hole campaign at Strickland’s Iroquois prospect returned thick mineralised intercepts, including 23 metres at 5.5 per cent combined zinc and lead from 108 metres in hole IQRC001.
Management says the two holes assayed to date intercepted mineralisation in fresh rock, containing both an upper zone rich in zinc and a lower zinc and lead zone. The holes also intersected broad lower-grade zinc and lead mineralisation in a shallower oxide zone.
The 23m hit in IQRC001 was returned in the fresh rock. The hole also returned 5m at 2.9 per cent zinc and lead from 23m and another 22m intercept at 2.2 per cent zinc and lead from 37m in the oxide zone.
Some 300m away along strike, results from the other hole assayed so far, IQRC003, returned 12m going 5.4 per cent combined zinc and lead from 58m in fresh rock. A 13m intercept going 2.1 per cent zinc and lead from 24m was unearthed in the oxide zone.
No previous historical drilling at Iroquois tested for fresh-rock hosted mineralisation, according to the company. Past drilling only targeted the shallow oxide zone.
Strickland’s discovery lies directly along trend from Rumble’s Chinook project where a discovery hole earlier this year hit 34m at 4.22 per cent zinc and lead. The developing discovery sent Rumble’s share price soaring from about $0.10 to as high as $0.80 within a couple of months after discovery.
Rumble has put an exploration target ranging between 100 and 120 million tonnes at between 3.5 and 4.5 per cent zinc and lead at Chinook.
Notably, Strickland’s tenure at Iroquois covers some 30 kilometres of strike extending from Chinook.
Strickland says zinc and lead mineralisation has been visually observed in all five holes drilled at Iroquois to date.
Assay results from two other holes, IQRC004 and IQRC005, are pending.
According to the company, the mineralised zones in IQRC003 have also been observed in IQRC004, with 16m in the upper zone and another 9m in the lower zone. The upper zone was also visually detected in IQRC005 over 22m, with the hole failing to reach the depth of the interpreted lower zone.
Strickland Metals Chief Executive Officer, Andrew Bray said:“Our initial first-pass drilling at Iroquois has yielded an exciting shallow, high-grade zinc-lead discovery. The mineralisation footprint is looking to be very substantial, with these zones having so far been intersected 300 metres along strike, and nearly 300 metres down dip with further assays awaited.
This is the first-time mineralisation in fresh rock has been tested in the area, with historic shallow drilling targeting only a secondary manganese oxide zone (enriched with zinc and lead) near surface. Given the lateral extent of this mineralisation, it suggests that the primary mineralisation footprint is only going to grow from here. Mineralisation remains open in every direction.”
Strickland says the drilling to date has only tested the western side of a key regional fault. It expects mineralisation to also be present on the eastern side.
The shallow nature of the intercepted mineralisation could potentially make the prospect amenable to open pit mining, the company adds.
Strickland is wasting no time in following up on the exciting discovery with the drill rig already on its way to Iroquois. Another eight reverse circulation holes will now test northern and southern extensions of mineralisation.
The company is also planning a major drilling program at Iroquois for early next year, with a ground-based induced polarisation survey to pinpoint drill targets also on the cards.
Strickland has probably crept onto a few radars following its thrilling zinc and lead discovery in the Earaheedy Basin. With more assays on the way and the drill rods to keep turning, the market will likely be keeping a close eye on the next set of numbers from Iroquois.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
