Strickland strikes more gold at Millrose, raises $3m for exploration

Strickland has further extended the scale of its Millrose project in Western Australia with step-out diamond drilling intersecting high-grade plunging gold mineralisation.

The 130m step-out diamond hole (MRDD028) intersected a 38.2m intersection grading 2.5 grams per tonne (g/t) gold from a depth of 234m including 5m at 5.3g/t gold from 239m and 5.9m at 6.1g/t gold from 258m, which is interpreted as a continuation of the primary high-grade mineralisation beneath the current Millrose resource.

And if that wasn’t enough, drilling has also uncovered additional oxide gold results from the Millrose North and Millrose Central with hole MRRC243 returning 31m at 1g/t gold from 75m and MRRC230D intersecting 15m at 2.6g/t gold from 117m to the end of the diamond pre-collar.

These results are located outside the current resource envelope with the mineralisation remaining entirely open to the west of MRRC230D.

Strickland Metals (ASX:STK) chief executive officer Andrew Bray said the successful intersection of two high-grade intercepts in MRDD028 has significantly extended mineralisation down-dip.

“In light of this intercept, and upon reassessment of previous results, there is a clear high-grade core to the plunging Millrose mineralisation,” he added.

“Of equal importance is the continuing intersection of new oxide gold closer to surface. This mineralisation is expected to be of critical importance in a mine development scenario.”

Millrose currently has a resource of 6Mt at 1.8g/t gold for 346,000oz contained gold.

Capital raising

Meanwhile, the company has raised $1.225 million through its share purchase plan which offered eligible shareholders up to $30,000 worth of new shares priced at 5c each.

The shortfall of $1.775m has been placed to sophisticated and professional investors, taking the total raised by the SPP up to $3m.

Along with the $4m raised through its placement, Strickland is well funded to continue its aggressive programs at Millrose while also undertaking regional exploration, including at the Iroquois zinc-lead discovery.

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This article was developed in collaboration with Strickland Metals (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.