A decision to put a couple of wildcat holes down about 350m from Strickland Metals (ASX: STK) Medanovac deposit in Serbia has paid off in spades and has confirmed the third new gold and base metals discovery at the company’s Rogozna project in Serbia in just four years.
The new discovery, courtesy of some scout drilling outside of the known resource at Medanovac, hit 40.3m going 2.6 grams per tonne gold from 558m including a higher grade 12m section grading 5.7 g/t gold from 584m.
Notably, mineralisation was struck for extended lengths in that same hole at three different depths with a shallower 47.4m intersection from 462m coming in at 1.2g/t gold equivalent which included a 10m section going 2.7g/t gold equivalent.
Closer to surface more mineralisation was encountered in the same hole from 391.5m with a 15.6m intersection grading 2g/t gold equivalent.
A second hole into the same zone produced two solid mineralised sections including 23m grading 1.3g/t gold equivalent from 661.8m and 17m running 3.5g/t gold equivalent further down from 744m. The 17m intersection included a higher grade 11m hit going 4.6g/t gold equivalent from 750m.
Strickland says the new discovery is still open in all directions, which notably, includes towards the surface. Outcropping limestone and old workings have further strengthened Strickland’s case for this working theory.
While the new hits are relatively deep, the company says they do not necessarily define the starting point of the deposit which could start closer to surface given the two holes drilled using easy access points from existing tracks at surface rather than an ideal geological location.
Once the orientation of the orebody has been confirmed Strickland will then undertake follow up drilling including looking for up-dip extensions to test shallower zones.
The Kotlovi discovery is a particularly satisfying one for our team, as to deliver a >100 GxM intercept in the first exploration holes into a large new target is a rare achievement. It also provides the team with a great sense of pride to make this first discovery under the Strickland Metals banner.
Strickland Metals Managing Director Paul L’Herpiniere
The company believes while the dataset is still limited, the Kotlovi target currently measures 500m long by 200m wide and 700m deep.
Given the discovery’s proximity to the company’s Medanovac deposit just 350 to the east, L’Herpiniere says there is a strong possibility the mineralisation may run between them both, opening up the potential for a much bigger scale deposit in time.
Strickland is now gearing up for follow-up drilling to gauge the size of the Kotlovi mineralised zone.
Four diamond rigs are also currently busy across its multiple skarn-hosted deposits in the wider Rogozna project area. Two rigs are checking for further up-dip extensions at Gradina, one is on the hunt for porphyry-style mineralisation at Jezerska Reka and the fourth is exploring targets near Medanovac. The company is also waiting on assay results from several holes, including two initial extension holes at Gradina.
With so many good results coming from Rogozna recently, including a 50m hit of 5.6g/t gold equivalent within a huge 365.8m intercept grading 2g/t gold equivalent at Medanovac and a massive 545.7m strike grading 1.1g/t at Shanac, Strickland appears to have the makings of a globally significant tier one asset on its hands.
Four diamond rigs are working 24/7 with more assay results due, together with an upcoming maiden resource at Medanovac which will no doubt be highly anticipated by the market.
Strickland already has a sizeable 5.4-million-ounce gold equivalent deposit in Serbia and with multiple results coming in from multiple prospects, the end point for that deposit is anyone’s guess.
Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au