Strickland Metals (ASX:STK) - CEO, Andrew Bray
CEO, Andrew Bray
Source: Strickland Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

STK by the numbers
More From The Market Herald

" Empire Resources (ASX:ERL) records further multi-element mineralisation at Yuinmery, WA

Empire Resources (ASX:ERL) has intersected more multi-element mineralisation at its Yuinmery project in Western Australia.

" R3D Resources (ASX:R3D) to commence drilling in QLD this weekend

R3D Resources (ASX:R3D) is gearing up to commence a drilling program at key copper and zinc…
The Market Herald Video

" DDH1 (ASX:DDH) launches share-buy back

DDH1 (ASX:DDH) has launched an on-market share buy-back program of up to 10 per cent of…
The Market Herald Video

" Lithium Australia’s (ASX:LIT) Envirostream receives first cash rebate for B-cycle scheme

Lithium Australia's (ASX:LIT) subsidiary, Envirostream Australia has received its first cash rebate for the B-cycle scheme.