It continues to remain well-funded, with $32.7 million in cash and liquid assets as of June 30.
Strickland Metals managing director Paul L’Herpiniere said: “These outstanding new drill results from the cornerstone Shanac deposit continue to demonstrate the enormous endowment, scale and growth potential of the Rogozna project.”
The new high-grade copper-gold zone occurs at depth, adjacent to an altered intrusion, known as the southern quartz-monzonite stock, on the eastern side of the central domain. Limited drilling has taken place at depth and on the eastern side of the quartz stock, presenting Strickland with an opportunity to discover additional high-grade mineralisation.
Mineralisation incurred during drilling consisted of gold, copper, silver, zinc and lead, with the mineralised style containing abundant disseminated iron pyrite, the lead mineral galena and zinc sphalerite.
Strickland also revealed it has handpassed an impressive 1.2 billion Gateway Mining shares to Strickland shareholders, received from the sale of its Yandal gold project in WA’s northeastern Goldfields to Gateway.
The in-specie distribution comprises 80 per cent of the 1.5 billion Gateway Mining convertible preference shares, valued at $45 million, which Gateway used as equity to land the project from Strickland.
Each convertible preference share in Gateway will convert to an ordinary share on August 26, with all Strickland shareholders at the record date of August 22, receiving about 53 Gateway shares per 100 Strickland shares.
Strickland will retain the remaining 300 million Gateway shares, providing it with about a 15.7 per cent stake in the junior goldie.
The company decided to sell Yandal to allow a laser-like focus to be applied to its Serbian project, possibly a solid-gold move for Strickland in view of the project’s potential to ramp up its mineral resource to a size that may garner plenty of interest from some of the world’s gold majors.
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