Join our daily newsletter At The Bell to receive exclusive market insights
- Strickland Metals (STK) confirms at-surface laterite gold mineralisation at its Millrose gold project in Western Australia
- Historical drilling at Millrose intersected a coherent zone of shallow laterite gold mineralisation that spans a strike of at least 300 metres
- A shallow reverse circulation (RC) drilling program consisting of 84 holes was recently completed to define the extent of the laterite horizon
- Due to a backlog at the laboratory, Strickland is yet to receive results but has been advised it will be cleared towards the end of June
- Shares in Strickland are up 1.39 per cent and are trading at 7.3 cents at 12:30 pm AEST
Strickland Metals (STK) has confirmed at-surface laterite gold mineralisation at its Millrose gold project in Western Australia.
Historical drilling at Millrose intersected a coherent zone of shallow laterite gold mineralisation that spans a strike of at least 300 metres.
Previous drilling intersected five metres at 3.6 grams per tonne (g/t) gold from three metres, four metres at 3 g/t gold from four metres, and five metres at 2.4 g/t gold from four metres.
A shallow reverse circulation (RC) drilling program, consisting of 84 holes for 1700 metres, was completed to define the extent of the laterite horizon.
Further drilling will be undertaken later in the year to define a 20-metre by 20-metre grid and assist with a first pass laterite gold mineral resource.
Due to a backlog at the laboratory, Strickland is yet to receive the results but has been advised it will be cleared towards the end of June.
Strickland believes Millrose has the potential to be economically viable given the shallow nature of the mineralisation.
“Importantly, drilling intersected a coherent zone of +1 g/t laterite gold mineralisation. This type of mineralisation can be very valuable in any development scenarios given it represents an opportunity for quick, upfront cash flow,” CEO Andrew Bray said.
“The mineralisation was predominantly intersected within 10 metres of surface, and it lies directly above the Millrose North mineral resource.
“The company believes there is potential for repeats of this style of shallow mineralisation along strike, which may further enhance the economics of any future feasibility studies.”
Shares in Strickland were up 1.39 per cent and were trading at 7.3 cents at 12:30 pm AEST.
