The first two diamond holes at Palomino have struck into high-grade gold. Pic via Getty Images.
Strickland strikes up to 20g/t gold already with the first two diamond holes at Palomino
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- First two diamond holes at Strickland Metals’ Palomino hit thick, high-grade gold up to 20g/t
- Assays for eight more drill holes from Palomino pending
- Results from five diamond holes from Bronco-Konick prospects also on their way
- Strickland is cashed up to further investigate its tenements with $51.4m on hand
Special Report: Strickland Metals is enjoying gold’s glow today after drilling results – including a highlight 17m @ 10.6g/t Au from 144.7m – at the Palomino prospect “exceeded expectations”.
Strickland Metals’ (ASX:STK) remains well-funded with a cash balance of $51.4m and a bunch of Northern Star Resources (ASX:NST) shares from the sale of the Millrose gold project last year.
This money going straight into the ground to prove another Milrose across its nearby Yandal gold project which contains a plethora of targets.
Already STK is having success at the Bronco-Konick prospects at the Horse Well project area, where recent RC drilling assays returned a highlight 89m @ 3g/t from 18m to end of hole.
It’s also focused at Celia South, where AC drilling targeting gold anomalisms over a corresponding high magnetic feature intersected high-grade gold of up to 8.6g/t.
STK says it highlights a new gold mineralised trend over 1.4km-long and interpreted as a ‘Millrose lookalike’, ~35km along strike from its former project, which it sold to Northern Star Resources last year in a $61million cash and scrip deal
Now it is the Palomino prospect’s turn to receive diamond drill attention, and things are already looking positive.
High-grade, thick gold intersections
The first two holes into Palomino hit paydirt, including a highlight 17m at 10.6g/t from 144m depth (hole 2) and 13.7m @ 6.3g/t gold from 133.4m (hole 1).
The drilling is a follow-up of last year’s successful aircore program, which included a spectacular intersection of 39m @ 6.1g/t gold from 25m, including 7m @ 22.2g/t from hole HWAC1380.
The new inferred structural model for the Palomino deposit indicates that high-grade mineralisation is open at depth, along strike and down-plunge.
Eight further diamond hole assays are pending as part of the 10-hole diamond drilling and IP survey program at Palomino.
STK chair Anthony McClure says that after completing an initial six diamond holes an IP survey crew arrived on site and commenced surveying at Palomino.
“Meanwhile, the diamond rig moved to the Bronco-Konik prospect area and completed five diamond holes while the IP survey was underway,” McClure says.
“The diamond rig is now back at Palomino and will commence testing for further high-grade, down-plunge mineralisation.”
“Further assays from Palomino are due to be received shortly, alongside the results of the IP survey.
“The company is expecting reasonably constant drilling and other results over the coming months as assays are returned from the Yandal project and drilling gets underway at the Rogozna project in Serbia.”
Drilling remains ongoing at the Yandal project, with the RC and diamond rigs continuing across the Horse Well area.
A large number of samples have been submitted to the laboratory for assaying, and the company expects to be receiving assays on a relatively constant basis over the coming weeks and months.
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.
