Significant New Oxide Mineralisation Discovered At Millrose

Strickland Metals Limited (ASX:STK) (Strickland or the Company) is pleased to release recently received assays from its flagship, wholly-owned Millrose gold project on the Yandal greenstone belt in Western Australia.

Key Points:

• First pass drilling yields new oxide gold discovery, extending gold mineralisation 350m north of the current Mineral Resource. Peak results include:
  • MRRC228: 37m @ 1.6g/t Au from 58m (incl 9m @ 5.6g/t Au from 86m) – 200m north of Resource
  • MRRC234: 53m @ 1.1g/t Au from 44m (incl 13m @ 3.3g/t Au from 84m) – 120m north of Resource
  • MRRC238: 12m @ 4.9g/t Au from 64m (incl 4m @ 13.6g/t Au from 68m) – 80m north of Resource
• Further discovery of new oxide lenses directly above the Millrose Mineral Resource
• RC and diamond infill drilling at Millrose continues to confirm the high-grade nature of the primary Millrose North mineralisation, with peak results including:
  • MRRC148D: 28m @ 2.0g/t Au from 101m
  • MRRC146D: 21m @ 2.0g/t Au from 168m
  • MRDD038: 9.1m @ 2.6g/t Au from 178.8m
• Three diamond holes successfully tested the interpreted ore zone up to 90m down dip from the current Mineral Resource and beneath MRDD008 (8.1m @ 14.6g/t Au from 215m) – assays expected next week
• Both RC rigs are now systematically mapping the northern and southern extent of the 13km shear structure

There is an important, emerging story around the intersection of increasingly impressive shallow oxide gold results. Drilling along strike from the current Mineral Resource has intersected a coherent zone over 350m to the north, with mineralisation remaining entirely open to the north and west (up-dip from the results released today). New lenses have also been discovered directly above Millrose.

None of these results are included in the current Mineral Resource model.

Discovery of additional shallow oxide mineralisation (above the existing fresh rock mineralisation) can potentially be of critical importance in mine development, allowing for a pit to be driven deeper in optimisation scenarios. The Company has also identified another ~400m strike of known oxide gold mineralisation from historic aircore drilling at Millrose Central, which is also not included in the current Mineral Resource. A number of RC holes have been drilled in this zone, with assays expected in late September / early October.

We’ve also successfully drilled three deeper diamond holes underneath the current Mineral Resource, following up on the very impressive intersection in MRDD008 (8.1m @ 14.6g/t Au from 215m, within a broader mineralised envelope of 95m @ 2.2g/t Au from 176.5m). This drilling suggests strong potential for further high-grade depth extensions.

Finally, both RC rigs are systematically testing the shear structure to the north and south of the main Millrose domain. Fence lines of short RC holes on 200m step-outs are being drilled to accurately map the shear structure. This program is expected to be completed during September 2022, at which point the Company will return to the most promising areas for further follow-up drilling."

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