Management believes surface-based electromagnetic surveying may prove an effective exploration method at Gradina in the upper parts of the deposit. The orebody remains open along strike to the northwest.
Gradina is part of Stricklandโs huge 7.4M-ounce gold-equivalent Rogozna project in southern Serbia. Unlike the projectโs Shanac, Medenovac and Copper Canyon deposits, which include valuable silver, copper, zinc and lead, Gradina appears to be a gold only prospect.
The strong results came from the depositโs northern end and extend the known high-grade mineralisation across 1 kilometre of strike and vertically down to 900m.
The initial diamond drill hole in the recent drilling program, which started in March, was plunged into the northern section of what appears to be a mineralised corridor, defined by previous drilling at the prospect.
Previous impressive drill intervals at Gradina, in the projectโs southeast section, include gold hits of 32m running 6.8g/t from 595m, 27.5m at 5g/t from 439.8m and 14.3m going 8g/t from 516.9m.
Four drill rigs are hammering away to grow the resource for the maiden reveal later this year, with current earthworks ongoing to provide drill access to the up-dip position towards the southern end of the prospect.
An additional two rigs are working at the projectโs premier deposit Shanac and Kotlovi.
A seventh rig is expected to arrive this month as the company continues ratcheting up exploration. It plans to run a massive 50,000m diamond drill campaign this year at the fully-owned project.
Strickland is still sitting on a mountain of cash and liquid assets totalling $34.8 million at the end of March, along with an eye-opening $5M strategic investment received in April from US$60 billion Chinese mining firm Zijin Mining.
The company has completed 15 drill holes since beginning its program, with assays pending for 11 holes. It expects to receive the outstanding assays in the coming weeks.
Rogozna consists of four exploration licences within an area of about 184 square kilometres. The project hosts a giant magmatic hydrothermal system characterised by extensive skarn-based gold-copper mineralisation with varying levels of associated silver, copper, lead and zinc.
Stricklandโs current key deposits within the project include its flagship 5.3M-ounce gold equivalent Shanac inferred resource, its 1.28M-ounce gold equivalent Medenovac resource and the 0.81M-ounce gold equivalent resource at Copper Canyon.
The company is also aiming to spin the drill bit into high-priority targets at its new Jezerska Reka discovery and its Kotlovi, Veleiki and Red Creek targets. It will also follow up new, earlier stage targets at Obradov Potok, Leca, Wolf Pond and Kaluder.
The Rogozna project appears to be going from strength to strength, and with the gold price of US$3371 (A$5198) per ounce hovering near all-time highs, Strickland may show up on a big dogโs radar if it continues to grow its already impressive size.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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