Strickland Metals (ASX:STK) shares jumped over 4% in the first hour of trade on Thursday as it flagged a copper-gold drill hit over 300m width.
Coming in at 308.4m exactly, this is the second drillhole sunk by a diamond tipped rig targeting the Shanac deposit, part of the larger Rogozna project.
Notably, the 300m intercept started at 300m depth. The company also reported the intercept “[includes] internal waste.”
A basket of minerals were present – gold at 0.7g/t, copper at 0.2%, and silver at 6.6g/t for an average grade of 1.9g/t gold equivalent (Au Eq). Grades fluctuated across the length of the core.
Ultimately, Strickland sees this latest assay as further proof the company’s geological model is based in reality. Geotechs are interpreting the Central Domain target of interest may contain higher grades in general than other surrounding targets.
A total of six drill rigs remain active on-site both at Rogozna in Serbia, and, at the company’s West Aussie Yandal project. Further assays are due back for each project.
Strickland noted it’s still cashed up to the tune of $48.7M (including shares.)
“in this hole was a thick zone of high-grade epithermal gold-zinc-lead-silver mineralisation intercepted at a downhole depth of 482.9m,” Strickland MD Paul L’Herpiniere said.
“This mineralisation is hosted within hydrothermal breccia, occurring adjacent to the mineralisation-controlling central dyke at depth.
“Strickland, said: “These latest results from ongoing drilling at the 4.6Moz Au Eq Shanac deposit2 provide further support of our strategy to target the higher-grade mineralisation zones within the Central Domain of the deposit.”
STK last traded at 12cps.