- Minerals explorer Strickland Metals (STK) has seen its share price drop over 35 per cent after releasing an update on its drilling at the Doolgunna Project
- The first of a five-hole program was completed at the WA-based project and failed to intersect its target — a mapped gossan
- Instead, Strickland believes the hole may have been on the northern margin of the gossan target
- More drilling is planned at Doolgunna, targeting the bottom of the gossan at a depth of both 180 metres and 300 metres
- However, today's results appear to have spooked some shareholders, with the company's share price dropping 35.6 per cent
- Shares in Strickland Metals are trading at 5.8 cents each
Strickland Metals (STK) has seen its share price drop over 35 per cent after releasing an update on its drilling at the Doolgunna Project in WA.
The minerals explorer received the results from the initial hole drilled at the site, targeting a mapped gossan which contains anomalous copper and zinc values.
Unfortunately for the company and its shareholders, the first hole has failed to interest the target.
However, Strickland advises that the hole may have just been on the northern margin of the mapped gossan and that's why no intersection was recorded.
Additionally, the explorer advises that its test for a conductor — interpreted from a fixed loop ground electromagnetic survey — was partly succesful.
The company stated that it found a "sequence of turbiditic sediments which may explain the conductor in this drill hole."
It's believed the conductor was located at a depth of around 350 metres to 400 metres, with the first of the five-hole program hitting a depth of just over 500 metres.
Following the mixed results, Strickland has advised that it will still push ahead with another two drill holes — this time targeting directly underneath the known gossan.
The first hole will be drilled to a depth of 180 metres, while the second will hit a total depth of around 300 metres.
Shares in the minerals explorer remain down following the release of today's drilling update.
So far, the stock has dropped 35.6 per cent, trading at 5.8 cents each at 1:54 pm AEDT.