Strata Minerals caps off maiden gold drilling over southern Penny promise

• Strata Minerals finishes a 12-hole, 2583m campaign at its Penny South gold project
• Drilling investigated along strike and interpreted down plunge mineralisation
• Data to form the basis of a deeper diamond campaign

Special Report: Strata Minerals has wrapped up a maiden campaign over its Penny South gold project, just 500m from the ultra-high grade mine that has supercharged $3 billion gold miner Ramelius Resources’ profits.

Strata Minerals (ASX:SMX) is focused on testing along strike and interpreted down plunge mineralisation from the disgustingly high-grade Penny deposits while investigating down-dip extensions of shallow anomalous intersections.

The 12-hole RC campaign was drilled for 2583 metres, getting an early look at a project which has areas never drilled beyond 70m despite the discovery of Penny North at 80m.

Spectrum Metals struck the deeper success under cover at Penny North and West before being promptly snapped up by Ramelius Resources (ASX:RMS) for around $215m, and Strata wants to see if it has something similar at the southern end.

The mine’s in situ resource runs at close to an ounce to a tonne, delivering super low-cost gold that’s made RMS one of the best cash generating miners on the ASX. Any discovery of a similar nature close by would no doubt tantalise the growing gold producer.

Managing director Peter Woods said it was great from Strata to have completed its maiden campaign.

“The team did an excellent job in delivering the program on time and safely, and now we await the assay results, which we expect in April,” Woods said.

“The Penny South Project’s proximity to a world-class gold mine gives us great confidence in its potential, and we remain committed to exploring and unlocking value at the project.”

Listen: High-priority targets at untouched depths

Penny plan of attack

With maiden drilling in the books and samples sent to the lab, Strata can now advance its next phase of exploration.

Data is set to form the basis for a diamond drilling campaign, and Strata has applied under the Exploration Incentive Scheme to assist with funding for the deeper investigation.

Beyond the grade and metreage, Strata says that the assays will provide key geological insights over mineralisation and a Penny West Shear extending from Ramelius territory onto its own for about 2.5km of strike.

Ramelius itself is expanding its exploration towards Strata’s territory, with any results from there also likely to assist in Strata’s search for a continuation.

Elsewhere in WA’s Eastern Goldfields, Strata is also hunting gold near a big neighbour at its Biranup project, where early groundwork is underway along trend of AngloGold-Ashanti and Regis Resources (ASX:RRL) five million ounce Tropicana mine.

This article was developed in collaboration with Strata Minerals, 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.