‘Very compelling, large and entirely untested’: Strickland Metals gears up for big exploration drive
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The completion of heritage surveys will allow Strickland Metals to drill a bunch of targets, including a lookalike of the Millrose project it sold to Northern Star Resources (ASX:NST) for $61m.
A heritage survey will commence October 9 at Strickland Metals’ (ASX:STK) Yandal and Earaheedy projects which will seek clearance for the areas around the Great Western, Rabbit Well and Cowza prospects, as well as several regional gold prospects at Yandal.
Follow-up diamond drilling is scheduled to commence immediately after the heritage clearance is received.
Strickland says Great Western, 5km to the west of the company’s 150,000oz Horse Well gold resource, “appears to be a very compelling, large and entirely untested gold prospect”.
It is currently conducting an IP survey with results expected within a fortnight.
The completely undrilled anomaly is interpreted to be in the flexure of a regional granite body, which Strickland says is a good structural setting for large, high-grade orogenic gold deposits.
It is defined by a magnetic high measuring 1.5km in diameter, a gravity low, and significant surface geochemical anomalism, including gold-cobalt-molybdenum anomalism at surface, along with copper-molybdenum anomalous gossans.
Heritage clearance will also allow drilling at the Cowza prospect — where there’s potential to replicate its success at Millrose — as well as at Rabbit Well.
STK CEO Andrew Bray says Cowza looks to be in a very similar setting to Millrose, with the same footwall gold mineralisation.
“Historically, all drilling has been focused on the western side of the BIF marker unit, whereas at Millrose, the primary mineralisation is all to the east of the BIF unit,” Bray says.
“This analogous location remains entirely untested by historical drilling. Strickland intends to follow up this eastern position in the coming month.”
The survey will also take in the Rabbit Well prospect, where historic drilling has detected elevated zinc anomalism in shallow holes coincident with a significant gravity feature.
“Rabbit Well has the potential to be a much larger and more coherent target than our Iroquois base metal prospect,” Bray says.
An extensive early stage aircore drilling program kicked off earlier this month initially focused on Horse Well, where Strickland will look to define new shear zones and extend known shear zones further to the north.
Air core drilling at Rabbit Well and Cowza will also commence once heritage clearance is received, the company says.
“It is expected the program will conclude in early November 2023,” Bray says.
“Assay turnaround times are expected to be approximately six weeks for photon gold assays, and approximately 10 to 12 weeks for full multi-element assays. Results will be released as they are received.”
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.