Nov 11, 2024

Strickland Metals Hits 40.3m @ 2.6g/t Au at Kotlovi, Rogozna Project, Serbia

Introduction:

Strickland Metals Limited (ASX: STK) (Market Cap: $189M | Last Close: $0.082 | Cash & Share Holding: $41M) has reported significant gold and base metal intercepts from its Rogozna Gold and Base Metals Project in Serbia, highlighted by 40.3m @ 2.6g/t Au including 12.0m @ 5.7g/t Au at the newly discovered Kotlovi Prospect.

Drill Results:

40.3m @ 2.6g/t Au from 558.1m (including 12.0m @ 5.7g/t Au from 584.4m) (ZRSD24163)
47.4m @ 1.2g/t AuEq from 462.7m (including 10.0m @ 2.7g/t AuEq from 477.4m) (ZRSD24163)
23.2m @ 1.3g/t AuEq from 661.8m (ZRSD24158)
17.0m @ 3.5g/t AuEq from 744.7m (including 11.0m @ 4.6g/t AuEq from 750.7m) (ZRSD24158)‍
15.6m @ 2.0g/t AuEq from 391.5m (ZRSD24163)

Project Overview:

The Rogozna Gold and Base Metals Project covers 184km2 in Serbia. The Kotlovi Prospect is located approximately 350m west of the Medenovac deposit, one of four large-scale skarn-hosted gold and base metals deposits defined to date at Rogozna.

The project currently hosts a ~5.44Moz AuEq JORC Inferred Mineral Resource. Rogozna is emerging as a Tier-1 asset with multiple existing and emerging deposits within an under-explored license area.

Program Details:

The discovery was made in two scout exploration holes, ZRSD24158 and ZRSD24163, designed to test a large target volume beneath historical surface workings and geophysical anomalies. Mineralisation was encountered from depths of 365.5m to 775.4m. The Kotlovi target volume is estimated at ~500m long x ~200m wide x ~700m vertical. Four rigs are currently operating across the project.

Understanding These Results:

The intercepts represent a significant new discovery of gold and base metal mineralisation outside known resources. Multiple styles of mineralisation were encountered, including skarn-hosted gold-copper-zinc-silver, gold-only mineralisation in endoskarn, and breccia-hosted polymetallic mineralisation.

The high-grade gold intercept of 12.0m @ 5.7g/t Au is particularly significant. The presence of mineralisation over a 500m vertical extent and the potential for shallow mineralisation indicated by outcropping limestone are highly encouraging for the prospect's overall potential.

Management Commentary:

Paul L'Herpiniere, Managing Director of Strickland Metals:

“Our exploration team in Serbia has done it again! This is the third discovery made at Rogozna in the past four years, which is testament to the skill and dedication of our team combined with the incredible scale and geological potential of this exceptional project.”

“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! Kotlovi has long been recognised for its potential since mapping and sampling of historical surface workings was undertaken by the team in 2022 and these drilling results further validate our targeting approach. It also provides the team with a great sense of pride to make this first discovery under the Strickland Metals banner.”

“Given its proximity to Medenovac – the potential of which itself has been highlighted in recent drilling announcements – there is a real possibility that these two bodies of mineralisation may be connected, which bodes well for the overall resource potential of this system. We now turn our attention to the planning of follow-up holes into this exciting discovery, with the aim of scoping out its ultimate scale, determining the geological controls on higher-grade mineralisation zones and testing the very real potential for the mineralisation extending much closer to surface.”

“Rogozna continues to stamp its credentials as a genuinely Tier-1 asset with multiple existing and emerging deposits, plus a rapidly growing discovery and exploration pipeline – all within an incredibly under-explored 184km2 licence footprint.”

Next Steps & Catalysts:

Follow-up drilling is planned to scope out the potential scale of the Kotlovi mineralised body, including testing for up-dip extensions to determine how close the mineralisation gets to surface.

Assay results are pending for multiple holes, including initial extensional holes from the Gradina Prospect. The company will continue exploration across the project, including testing for porphyry-related mineralisation at Jezerska Reka.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,667.19/oz (November 7, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

Long-term market dynamics continue to be shaped by central bank purchasing programs, investment demand for safe-haven assets, and consistent jewellery consumption from Asian markets. The Rogozna Project's polymetallic nature, with gold, copper, zinc, lead, and silver, provides exposure to a diverse range of commodities. Serbia is an emerging mining jurisdiction with supportive regulations for resource development.

Conclusion:

The Kotlovi discovery reinforces the exceptional growth potential at Rogozna. With mineralisation open in all directions and the possibility of shallow extensions, Kotlovi could significantly contribute to the project's resource base. Strickland Metals remains well-funded with $41.1 million in cash and shares to advance exploration across this emerging Tier-1 asset.

Sources:

STK Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 13, 2024