Strickland Accelerates Drilling at 7.4Moz Rogozna Project with Eighth Rig
Strickland Metals (ASX: STK) has ramped up exploration efforts at its flagship Rogozna Gold and Base Metals Project in Serbia, deploying an eighth diamond drill rig targeting high-grade gold zones that could significantly enhance the project's economics.
Major Expansion of Drilling Program Targets High-Grade Gold
Strickland has strategically positioned its newest drill rig at the cornerstone Shanac Deposit, specifically targeting extensions of the exceptional high-grade gold zone discovered in 2024. This zone previously delivered remarkable intercepts including 89.7m @ 4.0g/t Au with an included zone of 24.1m @ 10.5g/t Au.
The company's aggressive exploration approach aims to build upon Rogozna's already substantial 7.4 million ounce gold equivalent (AuEq) resource base, with the Shanac Deposit alone containing 5.4Moz AuEq.
"With eight rigs now in action, exploration at Rogozna is in full flight as we aim to deliver multiple resource upgrades and additional discoveries. This new zone of high-grade mineralisation is shaping up as an important part of the deposit with respect to potential mine development and scheduling work," said Managing Director Paul L'Herpiniere.
Resource Overview: A Multi-Million Ounce Gold and Base Metals Project
The Rogozna Project currently boasts an impressive resource inventory across three deposits:
| Deposit | Gold Equivalent (Moz) | Gold (Moz) | Copper (kt) | Silver (Moz) | Lead (kt) | Zinc (kt) |
|---|---|---|---|---|---|---|
| Shanac | 5.30 | 3.09 | 180 | 28.0 | 360 | 510 |
| Medenovac | 1.28 | 0.52 | 57 | 4.3 | 23 | 320 |
| Copper Canyon | 0.81 | 0.36 | 84 | – | – | – |
| Total | 7.40 | 3.97 | 320 | 32.2 | 380 | 830 |
The current drilling campaign is particularly focused on the Shanac Deposit, which represents the largest component of the overall resource. Recent drilling has concentrated on testing the prospective skarn/andesite contact on the western side of the central domain, with future holes planned to delineate strike extensions of the high-grade gold zone discovered in 2024.
Understanding Skarn Deposits: Key to Rogozna's Rich Mineralisation
Skarn deposits form a critical component of Rogozna's geological structure and represent an important class of mineral deposits globally. These deposits typically form at the contact between intrusive igneous rocks and reactive carbonate rocks such as limestone or dolomite.
Formation and Characteristics
Skarn deposits develop through a process called metasomatism, where hot, metal-rich fluids from cooling magma react with and alter the surrounding carbonate rocks. This interaction creates new mineral assemblages and often concentrates valuable metals. The process typically involves:
- Intrusion of magma near carbonate rocks
- Release of hydrothermal fluids rich in metals and other elements
- Chemical reaction between these fluids and the carbonate rocks
- Mineral replacement and deposition of metal-bearing minerals
At Rogozna, this process has created extensive zones of mineralisation with varying metal content. The skarn/andesite contact zones appear particularly prospective, with the company focusing much of its current drilling on these boundaries where high-grade mineralisation tends to concentrate.
Economic Importance
Skarn deposits are valued in the mining industry for several key characteristics:
- Polymetallic nature: They often contain multiple valuable metals (gold, copper, zinc, lead, silver)
- High-grade potential: They can feature zones of exceptionally high-grade mineralisation
- Predictable geometry: They frequently have predictable geometry that aids mining planning
- Extensive size: They can form large, economically viable deposits
The recent high-grade gold discoveries at Shanac demonstrate the potential for localised zones of particularly rich mineralisation within the broader skarn system at Rogozna. These high-grade zones could be crucial for project economics, potentially allowing higher-grade material to be processed first in any future development scenario.
Near-Term Catalysts and Development Timeline
Investors can anticipate significant news flow in the coming weeks with multiple pending assay results from completed drill holes at key targets:
- Gradina prospect results
- Additional Shanac deposit assays
- Kotlovi target results
The current drilling program aims to:
- Expand the known resource through step-out drilling
- Upgrade resource classification through infill drilling
- Test high-priority exploration targets
- Generate data for upcoming mining studies
The company has indicated that understanding grade continuity within the high-grade gold zone at Shanac is a priority, as this information will be crucial for subsequent resource modelling and associated mine optimisation work.
Investment Case: Strong Fundamentals and Financial Position
Strickland Metals accelerates drilling at Rogozna project and presents a compelling investment case based on several key factors:
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Substantial Resource Base: With 7.4Moz AuEq already defined and active exploration ongoing, Rogozna ranks among the largest undeveloped gold and base metals projects in Europe.
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High-Grade Potential: The recently discovered high-grade gold zones could significantly enhance project economics, potentially allowing for higher-grade material to be processed first in any future development scenario.
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Financial Strength: The company remains well-funded with $34.8 million in cash and liquid assets (as of March 31, 2025), plus a recent $5 million strategic investment from Zijin Mining, one of China's largest gold producers.
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Strategic Location: Serbia has emerged as an important mining jurisdiction in Europe, with major companies including Zijin Mining already operating in the country.
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Aggressive Exploration Approach: The deployment of eight drilling rigs demonstrates management's commitment to rapidly advancing the project and delivering resource growth.
Why Investors Should Watch Strickland Closely
Strickland represents an opportunity to gain exposure to a rapidly advancing gold and base metals project with multiple value-creation catalysts on the horizon. The company's aggressive eight-rig drilling program demonstrates management's commitment to quickly unlocking Rogozna's full potential.
The focus on high-grade gold zones is particularly noteworthy, as these areas could substantially improve project economics in future development scenarios. With assay results pending from multiple targets and ongoing drilling at the newly discovered high-grade gold zone, the next few months could be pivotal for the company.
For investors seeking exposure to advanced gold and base metals projects, Strickland offers a compelling combination of existing resource scale, expansion potential, and a strong financial position to execute its growth strategy.
The recent strategic investment by Zijin Mining provides additional validation of the project's potential and strengthens Strickland's financial position. As one of China's largest gold producers with existing operations in Serbia, Zijin's involvement suggests confidence in both the project and the jurisdiction.
With multiple rigs operating and a clear focus on both resource growth and potential development scenarios, Strickland is positioned to deliver a steady stream of news flow that could drive significant value creation for shareholders in the months ahead.
Interested in High-Grade Gold Potential in Serbia?
Discover how Strickland Metals is rapidly advancing its flagship 7.4Moz Rogozna Gold and Base Metals Project with an aggressive eight-rig drilling programme targeting exceptional high-grade gold zones. With recent intercepts including 89.7m @ 4.0g/t Au and strong financial backing, STK presents a compelling investment opportunity at the forefront of European gold exploration. Visit Strickland Metals' website to learn more about their expanding resource base and upcoming catalysts that could drive significant shareholder value.
