Strickland Metals Accelerates Exploration at 7.4Moz AuEq Rogozna Project
Strickland Metals (ASX: STK) has hit the ground running with its 2025 work program at the 100%-owned Rogozna Gold and Base Metals Project in Serbia, launching what management describes as "the largest-ever exploration program" at the rapidly expanding project that now boasts a 7.4 million ounce gold equivalent resource.
Major Drilling Campaign Underway With Multiple Catalysts Expected
The company has already completed eight diamond core holes since drilling began in March, with assays from the first two holes at Shanac expected next week. Six diamond drill rigs are currently operational across the project, with four concentrated on the northern part of Gradina to support a maiden Mineral Resource Estimate targeted for late 2025.
"Following an exceptional year of exploration at Rogozna in 2024, which resulted in a ~2Moz AuEq increase in our resource base to 7.4Moz AuEq, we are excited to increase our efforts to grow and progress the Project during 2025," said Strickland's Managing Director, Paul L'Herpiniere.
The company has recently expanded its technical team in Serbia, adding ten new staff members to support the accelerated exploration program.
Multi-Deposit Growth Strategy Targets High-Grade Extensions
Strickland has outlined specific objectives for each of its target areas:
Gradina Deposit
- 40 holes planned (minimum 20,000m) focusing on extending high-grade, gold-dominant mineralisation up-dip toward surface
- Four rigs already operational at the northern end while access tracks are being constructed at the southern end
- Focus on delivering a maiden Mineral Resource Estimate by late 2025
Shanac Deposit
- Targeting expansion of high-grade gold skarn discovered in 2024 (89.7m @ 4.0g/t Au)
- 10 holes (approximately 6,000m) planned with four holes already completed
- First assays expected next week
Medenovac Deposit
- Four holes (approximately 3,000m) planned
- Targeting high-grade extensions north of the current 1.28Moz AuEq resource
Kotlovi Prospect
- Following discovery of 12.0m @ 5.7g/t Au in 2024
- Five holes (up to 4,000m) planned to test extensions and the 350m gap between Kotlovi and Medenovac
- Ground EM survey to target massive sulphide source
Porphyry Copper-Gold Potential Adds Significant Upside
In a strategic shift, Strickland will begin exploration in June specifically focused on discovering potential blind porphyry copper-gold deposits within the Rogozna system. This initiative recognises that large skarn systems like Rogozna are often associated with major porphyry deposits, similar to the relationship seen at the Grasberg-Ertsberg mining complex in Indonesia.
The company will employ magnetotelluric (MT) and gravity surveys to map geology under cover in the central part of the project area, which is interpreted as the geometric centre of the system.
| Target Area | Holes Planned | Meters | Key Focus |
|---|---|---|---|
| Gradina | 40 | 20,000+ | Up-dip extensions, maiden resource |
| Shanac | 10 | 6,000 | High-grade gold skarn expansion |
| Medenovac | 4 | 3,000 | Northern high-grade extensions |
| Kotlovi | 5 | 4,000 | System size determination |
| Obradov Potok | 5+ | 4,000 | Geochemical and IP anomalies |
| Jezerska Reka | 3 | 2,000 | Porphyry copper-gold centre |
| Red Creek | 2 | 1,500 | Geochemical anomalies |
| Cesme | 1 | 800 | Extension drilling |
Understanding Skarn Deposits: Why They Matter to Investors
Skarn deposits like those found at Rogozna form when hot, metal-rich fluids from cooling magma interact with carbonate rocks like limestone, creating zones of altered minerals and valuable metals. These deposits are prized by mining companies because they often contain multiple metals (gold, copper, zinc, lead, and silver) in a relatively compact area, allowing for efficient mining operations.
What makes skarns particularly attractive is their typically high-grade nature and well-defined boundaries, which can translate to lower mining costs and higher recoveries. For investors, the multi-metal nature of skarns provides a natural hedge against price fluctuations in any single commodity.
Strickland's observation that skarn systems of Rogozna's scale are "extremely rare" highlights the exceptional nature of this asset. The company's exploration strategy—looking for a potential porphyry copper-gold system at the centre of the skarn alteration—follows a well-established model seen at world-class deposits like Grasberg in Indonesia.
Strong Financial Position to Drive Ambitious Program
Strickland remains well-funded to execute its comprehensive exploration plan, with $34.8 million in cash and liquid assets as of March 31, 2025, further bolstered by a $5 million strategic investment from Zijin Mining received after the quarter end.
This strong treasury position provides Strickland with the financial flexibility to pursue its ambitious 2025 program without immediate funding concerns, a significant advantage in the current market environment.
Investment Thesis: Multiple Paths to Value Creation
Strickland presents a compelling investment case built on several strengths:
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Resource Size and Growth Potential: The existing 7.4Moz AuEq resource already places Rogozna among significant gold-polymetallic discoveries, with substantial growth potential demonstrated through the ~2Moz increase achieved in 2024.
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Multi-Metal Exposure: The project contains gold, copper, silver, lead, and zinc, providing diversified commodity exposure and potential for optimised economics in future development scenarios.
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Exploration Upside: Beyond resource expansion at known deposits, the company has identified several prospective targets that could contribute additional resources, including the exciting potential for a major porphyry copper-gold discovery.
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Strong Financial Position: With nearly $40 million in funding, Strickland is well-positioned to execute its extensive exploration program without near-term capital constraints.
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Experienced Team: The company has expanded its technical team in Serbia to ensure efficient execution of the accelerated exploration program.
Why Investors Should Watch Strickland in 2025
Strickland represents a rare opportunity to gain exposure to a rapidly expanding gold and base metals project with multiple avenues for value creation. The company is pursuing a parallel strategy of resource growth at known deposits while simultaneously targeting new discoveries, including potentially game-changing porphyry copper-gold systems.
With six drill rigs currently operating and a steady stream of catalysts expected throughout 2025, including imminent assay results from Shanac, Strickland offers investors a compelling combination of existing value in its 7.4Moz AuEq resource and significant blue-sky potential from its aggressive exploration program.
The company's strong financial position, with approximately $40 million in funding, ensures it can maintain exploration momentum without dilutive capital raises in the near term, allowing full shareholder participation in exploration success.
Key Takeaway:
"Strickland Metals has positioned itself as an emerging leader in European gold exploration, with significant upside potential due to its multi-deposit, multi-metal Rogozna Project in Serbia. With a comprehensive exploration program underway and numerous catalysts expected throughout 2025, investors should keep a close eye on developments at this rapidly expanding 7.4Moz AuEq project."
Ready to Tap Into Serbia's Next Major Gold Discovery?
Discover how Strickland Metals is rapidly expanding its 7.4 million ounce gold equivalent resource at the Rogozna Project in Serbia. With six diamond drill rigs currently operating, a comprehensive exploration program underway, and approximately $40 million in funding to drive growth, STK presents a compelling investment opportunity at the forefront of European gold and base metals exploration. To learn more about this exciting ASX-listed company and its potential for significant shareholder returns, visit the Strickland Metals website for the latest announcements and project updates.
