As its mammoth 23,000m RC and diamond program continues, ASX-listed gold junior Strickland Metals has confirmed surface laterite gold mineralisation directly above a northern section of its Millrose mineral resource at the company’s broader Yandal gold project in WA. Among a broad array of holes probing the shallow mineralisation, standout intercepts include 5m at 3.6 grams per tonne gold and 4m at 3 g/t.
The gold was predominantly intersected within 10m of the surface where historical drilling across Millrose had intersected a coherent zone of shallow, laterite gold mineralisation exceeding 1 grams per tonne gold over a strike length of at least 300m.
The company says the zone has the potential to be an economically valuable prospect given its shallow nature.
Strickland Metals Chief Executive Officer, Andrew Bray says: “This type of mineralisation can be very valuable in any development scenarios given it represents an opportunity for quick, upfront cash flow.”
“The Company believes there is potential for repeats of this style of shallow mineralisation along strike, which may further enhance the economics of any future feasibility studies.”
An initial, shallow RC program, consisting of 84 holes for 1700m was drilled on a 40x20m grid to define the extent of the gold-bearing laterite. A second phase of RC drilling is planned for later this year with a tighter grid spacing to assist in tabling a first-pass laterite gold mineral resource.
Strickland’s Yandal project is within the northern reaches of the region’s Archean-age Yandal greenstone belt, 70km east of Wiluna.
The Archean eon began about 4000 million years ago and certain packages of rocks that were formed during the ancient period referred to as Archean greenstones, tend to host rich gold deposits.
The green colour is derived from the presence of coloured minerals like chlorite that are induced from periods of metamorphosis or in basic terms, heating.
Consequent to their golden endowment, greenstone belts are vigorously probed by many explorers like Strickland.
The company and ASX-listed Northern Star Resources are the only explorers situated in this portion of the Yandal belt.
Northern Star’s juggernaut Jundee operation that exceeds 10 million ounces is just 30km to the west of Strickland’s ground.
Under its previous banner Alloy Resources, Strickland hit the ASX boards in 2006 with a mere 218,000-ounce base of gold in the region. Its subsequent success with the drill bit boosted its inventory to 257,000 ounces, however its largest step forward was the acquisition of Millrose.
In December 2021, Strickland completed the acquisition of the project with a total consideration of $12 million in cash and $2 million in shares.
With the addition of the 346,000-ounce Millrose resource, Strickland bolstered its adjoining Horse Well gold project, captured a further 30km of the region’s highly prospective Celia shear zone and more than doubled its gold tally to 603,000 ounces.
Strickland has since coined its augmented holding the Yandal gold project, of which Millrose is now the cornerstone.
After a bad month for the market, it appears junior explorer Strickland Metals was one listed company able to keep its head well above water by tabling some broad gold hits as looks to boost its base of gold yet again.
Significant strikes from extensional drilling 50m north of Millrose included 54m at 1.8 grams per tonne gold and a 95.5m intersection going 2.0 g/t was encountered beneath the resource.
With the confirmation of the laterite gold, it looks like the explorer is also gathering momentum with its mineralisation.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
Share Price
Revenue
| 74 | - | Strickland Metals | $9,136,203.00 |
| 142 | - | Larvotto Resources | $858,830.00 |
| 146 | - | European Lithium | $755,821.00 |
| 150 | - | Alma Metals | $677,288.00 |
| 152 | - | Marvel Gold | $641,479.00 |
