The hole intercepted 132.9m assaying 1.4g/t AuEq, comprising 0.9g/t gold, 0.1 per cent copper, 0.3 per cent lead, 0.3 per cent zinc and 7.2g/t silver from 362.2m. The 132.9m zone includes 96m at 1.7g/t AuEq, comprising 1.1g/t gold, 0.2 per cent copper, 0.3 per cent lead, 0.4 per cent zinc and 7.5g/t silver from 380.7m.
It also includes 32.7m going 2.2g/t AuEq, comprising 1.5g/t gold, 0.2 per cent copper, 0.4 per cent lead, 0.4 per cent zinc and 6.4g/t silver from 380.7m.
Strickland says the stronger zones within the two diamond drill holes have extended the higher-grade mineralised zones, which average more than 1.5g/t AuEq, on the western side of Shanacโs Central Domain.
The higher-grade intercept in the first hole lies at depth near the central dyke and is associated with disseminated, vein-hosted and semi-massive to massive zones of pyrite, sphalerite and galena, with subordinate chalcopyrite mineralisation.
These minerals are iron pyrite, zinc sulphide, lead sulphide and copper-iron sulphide, respectively.
The company says the mineralisation contains higher concentrations of zinc, lead and silver relative to the mineralisation encountered in another hole on the eastern side of the central dyke.
In the second hole, towards Shanacโs northern end, the strongest mineralisation is noted at the contact between the skarn and the overlying volcanics, where the sulphides are dominated by pyrite, with lower chalcopyrite, galena and sphalerite content.
Significantly, the mineralisation is about 100 per cent higher in overall tenor than that included in the current resource block model. The grade amplification points to a potentially significant extension of higher-grade mineralisation in this part of the deposit.
Stricklandโs flagship 5.3-million-ounce gold equivalent Shanac deposit is one of four key deposits being explored and developed at the companyโs Rogozna project in the Raska district in southern Serbia.
Beyond Shanac, the companyโs other three principal areas include its 1.28M-ounce gold equivalent Medenovac deposit, 4.2km northwest of Shanac, the 0.81M-ounce gold equivalent Copper Canyon deposit, 1.6km south of Shanac, and the pending gold resource at Gradina, about 1.8km south-southwest of Shanac.
The company is reviewing and has reconnaissance underway at additional targets, including the higher priority Jezerska Reka, Kotlovi, Veleiki and Red Creek targets and at earlier stage areas, such as Obradov Potok Leca, Wolf Pond and Kaluder.
Shanacโs four exploration licences enclose about 184 square kilometres within the massive, globally significant Tethyan Metallogenic Belt, a significant geological feature spanning a vast and diverse area from Europe, through the Middle East and into South East Asia.
The belt is known for its rich mineral deposits and is characterised by various ore deposits, including many gold-base metal and porphyry-related deposits, particularly associated with the collision of the Indian and Eurasian plates.
Rogaznaโs geological framework embraces a variety of mineralisation styles centred around a large-scale magmatic hydrothermal system, featuring skarn-based gold-copper, with or without zinc, silver and lead mineralisation, which includes epithermal and porphyry-hosted copper-gold deposits.
In keeping with its favourable geological setting within the Tethyan Metallogenic Belt, Rogozna hosts a JORC inferred mineral resource of 7.4M gold equivalent ounces. The company believes it could become one of the worldโs biggest undeveloped gold deposits.
Strickland has seven drill rigs operating across Rogozna, including five at its Gradina prospect.
A single rig is drilling near the southern end of Shanac and another is following up Stricklandโs 2024 Kotlovi discovery.
Analytical results remain outstanding for 12 drill holes, including two holes from Shanac and eight holes put into Gradina. Strickland expects to receive these results in the coming weeks.
With multiple intercepts exceeding 100m, the projectโs bulk tonnage potential seems assured at the current sky-high gold prices.
This seemingly irrepressible project looks to still have a lot left to give, especially as its other local discoveries develop further and come online.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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