Big, Bigger, Biggest: Strickland’s high grade Marwari gold discovery ‘dwarfed’ by an undrilled, 3km long target called Pegasus

• Drilling results have returned a highlight 39m @ 6.1g/t Au from 25m (including 7m @ 22.2g/t) at Palomino prospect at Horse Well
• RC rig heading to the Marwari prospect next month after hitting into the structure over a distance of 500m
• Reinterpretation of datasets have highlighted a ~3km strike zone termed Pegasus
• Planned RC drilling has been brought forward based on the impressive gold hits

Strickland Metals’ 40,000m aircore drilling blitz at Horse Well has extended the Marwari discovery to 500m, unearthed thick, high-grade gold at neighbouring Palomino, and found a new target that could dwarf them both. This thing could be big.

Since June 2021, Strickland Metals (ASX:STK) has executed a series of acquisitions to consolidate the entire NE flank of the prolific Yandal Greenstone belt in WA’s Goldfields region, about 50kms north of Northern Star’s (ASX:NST) underground Jundee operation.

The project includes the 148,000oz Horse Well prospect, which despite significant historical drilling, is very poorly understood due to haphazard, patchy exploration work in the past.

In its aim to systemically explore for gold in new areas, STK — cashed up via is sale of its Millrose deposit to NST for a cool $61m — kicked off a major 40,000m aircore drilling program at Yandal in early August.

This drilling quickly yielded an impressive discovery at Marwari.

Drilling targeting southern extensions to the Marwari discovery hole (31m @ 5.6g/t) has now extended the structure to 500m strike, with assays pending.

Oh, and there’s been more big hits from the ever-growing Palomino, including a highlight 39m at 6.1g/t Au from 25m (including 7m @ 22.2g/t Au).

That’s thick, shallow, and high grade – three things any resources investor should look for in drilling results.

“Our aircore program at Horse Well continues to deliver fantastic results, with aircore drilling now having intersected the Marwari structure over 500m to the south of the discovery hole in HWAC1472, as well as a very impressive intersection being returned from an aircore fence line over the Palomino prospect (HWAC1380: 39m @ 6.1g/t Au from 25m, including 7m @ 22.2g/t Au),” CEO Andrew Bray says.

“This drilling is continuing to demonstrate that the Horse Well area can deliver highly impressive grade and width within the mineralised system.”

Pegasus: Strickland’s ‘frontier’ discovery

Meanwhile, reinterpretation of datasets has highlighted a ~3km-long, undrilled strike zone called Pegasus extending out from the Marwari and Palomino prospects.

The key marker for high-grade gold mineralisation – that Strickland identified at Millrose and is now being seen at Marwari – is the banded iron formation (BIF) unit, which is traceable in regional geophysical datasets.

This unit is the key geological feature that appears to be associated with all significant, high-grade gold at Yandal.

A major fault at the northern end of Marwari offsets the mineralisation towards the Palomino prospect however, in this sub-region around Palomino the BIF unit “dies out”.

This BIF unit then reappears on the other side of another NE trending structure north of Palomino and continues for ~3km at Pegasus.

No historical drilling has been conducted at Pegasus, and Strickland says it’s excited about having a new exploration frontier to target.

The aircore rig is currently being moved to Pegasus to test this new theory. Any significant results will be followed up by an RC rig when it arrives on site in approximately four weeks.

Further AC drilling at Palomino has extended the mineralised footprint to 700m in strike length, with significant intercepts of 39m @ 6.1g/t Au from 25m, including 7m @ 22.2g/t Au, as well as 5m @ 2.8 g/t Au from 59m.

Pegasus ‘dwarfs’ Marwari

“The potential scale of the Pegasus prospect dwarfs what we are seeing at Marwari,” Bray says.

“The aircore rig is currently being moved to Pegasus to test the structure, with the company focusing on intersecting the crucial BIF unit.

“Upon completion of a number of aircore lines at Pegasus, the rig will move back to continue the systematic aircore program across Marwari and the broader Horse Well area.”

Planned RC drilling has been brought forward in light of the discovery at Marwari, Bray says.

“An RC rig is now booked to arrive on site in the last week of October. The rig will be focused on drilling at Marwari, while also following up any significant intersections at Pegasus.”

This article was developed in collaboration with Strickland Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.