Strickland Metals plans to get drill spinning at Iroquois this week

Strickland Metals plans to commence drilling at its Iroquois zinc-lead project in the Earaheedy Basin in Western Australia this week.

CEO Andrew Bray said the company is very excited to commence initial drilling in preparation for the demerger IPO in Q2 2023 – which would create a dedicated, WA focused base metals exploration company and enable Strickland Metals’ (ASX:STK) to focus its resources on developing its flagship Yandal Gold Project.

“At the conclusion of the 2022 drilling campaign, the company began working on the Iroquois project, developing a promising new geological model for the mineralisation,” Bray said.

“All drilling conducted to date has been constrained by prior heritage clearance, resulting in drilling largely testing only the hanging wall structure to the west.

“Drilling has occurred between 100m to 200m west of the main interpreted Iroquois ‘feeder’ structure target.”

Heritage clearance was received in January 2023, which now allows the company to test the main target, with three diamond holes to be drilled this week.

In addition, key structural, geochemical, geophysical and spectral assessments will be made on the diamond core which, alongside a seismic survey, “will greatly assist with further targeting within the wider project area,” Bray added.

Spectacular grades found by Rumble

“Drilling by Rumble Resources (ASX:RTR) demonstrated the potential for spectacular grades within the broader system (e.g. 40cm at 4450g/t silver, 3.37% copper, 0.52% tungsten, 2.50% zinc, 0.98% lead and 0.30% nickel from 115.3m),” Bray said.

“A recently conducted high-density ground gravity survey identified a large, circular intrusive-like geophysical feature.

“Coincident soil geochemical anomalism highlights a strong tungsten, tellurium, antimony, cadmium, bismuth and arsenic signature (in addition to copper, zinc, lead and silver), suggestive of a fertile intrusion.”

The company believes this intrusion to be the heat source which may have generated a polymetallic system, overprinting and remobilising the pre-existing zinc-lead MVT mineralisation.

“This potential for a higher temperature, polymetallic system is consistent with the results released by Rumble Resources on 3 November 2022,” Bray said.

“Mineralisation resulting from this structure is mapped to extend 1.8km to the south-west, towards the previously intersected Iroquois zinc-lead mineralisation.

“If the company’s model is correct, the mineralisation is anticipated to be very extensive over a very large area.”

Demerging to focus on Yandal gold project

The company has proposed to demerge the asset from Strickland late last year, which remains subject to necessary shareholder, ASX and regulatory approvals.

At the Yandal gold project, the company is focused on completing the updated Mineral Resource, which remains on schedule to be released in Q2 2023.

Further drill programs at Yandal are expected to commence upon release of the updated Mineral Resource and completion of the Iroquois and Bryah Basin Demerger and IPO.

This article was developed in collaboration with Strickland Metals Limited (ASX:STK), 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.