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Strickland Hits Massive 308.4m @ 1.9g/t Au Eq, Rogozna Project, Serbia
Highlights:
- Second diamond drill hole completed by Strickland at Shanac has returned a massive intercept (including internal waste) of 308.4m @ 0.7g/t Au, 0.2% Cu, 1.0% Zn, 0.5% Pb and 6.6g/t Ag (1.9g/t Au Eq1) from 299.4m (ZRSD24150).
- The 308.4m interval includes multiple zones of higher-grade gold and base metals mineralisation, including:
- 90.9m @ 1.4g/t Au, 0.3% Cu, 0.3% Zn and 4.4g/t Ag (2.3g/t Au Eq1) from 333.7m, including
- 26.0m @ 2.1g/t Au, 0.4% Cu, 0.1% Zn, 5.0g/t Ag (3.0 g/t Au Eq1) from 357.7m, and
- 61.3m @ 0.3g/t Au, 0.1% Cu, 3.7% Zn, 2.1% Pb and 20.6g/t Ag (3.5g/t Au Eq1) from 470.9m, including
- 6.0m @ 0.4g/t Au, 0.1% Cu, 12.5% Zn, 6.8% Pb and 36.4g/t Ag (10.4 g/t Au Eq1) from 482.9m, and
- 10.0m @ 0.3g/t Au, 0.2% Cu, 9.7%, Zn, 4.8% Pb and 57.0g/t Ag (8.4 g/t Au Eq1) from 520.7m, and
- 47.1m @ 0.7g/t Au, 0.4% Cu, 0.2% Zn and 2.2g/t Ag (1.6g/t Au Eq1) from 560.7m, including
- 6.0m @ 1.1g/t Au, 1.1% Cu and 4.2g/t Ag (3.2g/t Au Eq1) from 586.7m.
- 90.9m @ 1.4g/t Au, 0.3% Cu, 0.3% Zn and 4.4g/t Ag (2.3g/t Au Eq1) from 333.7m, including
- The hole further validates the updated geological model, highlighting the potential of the Central Domain to host extensive higher-grade mineralisation.
- Six rigs continue drilling across the Rogozna, Serbia and Yandal, Western Australia Projects with assay results for multiple holes pending for both projects.
- Strickland remains extremely well-funded, with $48.7 million in cash and NST shares as at the end of the June quarter.
Figure 1. Core photo of copper-gold-magnetite skarn from ZRSD24150
Paul L’Herpiniere, Managing Director of Strickland, said: “These latest results from ongoing drilling at the 4.6Moz Au Eq Shanac deposit2 provide further support of our strategy to target the higher-grade mineralisation zones within the Central Domain of the deposit. This hole was drilled ~100m along strike to the southeast of ZRSD24149 and was targeting the body of copper-gold-magnetite skarn that was also encountered in the earlier hole. With a 90.9m intercept of copper-gold mineralisation grading 1.4g/t Au and 0.3% Cu from 333.7m downhole, the copper-gold-magnetite skarn is demonstrating excellent consistency of grade and thickness at the southern end of the deposit.
Of further significance in this hole was a thick zone of high-grade epithermal gold-zinc-lead-silver mineralisation intercepted at a downhole depth of 482.9m. This mineralisation is hosted within hydrothermal breccia, occurring adjacent to the mineralisation-controlling central dyke at depth.
We are also excited to report that we have commenced drilling a follow-up hole to ZRSD24149, specifically targeting an extension to the newly identified “gold skarn” which returned the spectacular intercept of 89.4m @ 4.0 g/t Au from 244.5m3 downhole depth, within a broader mineralised envelope of 293.9m @ 2.5g/t Au Eq from 162.3m depth3. We look forward to updating the market with further results as they come to hand.”
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Golden Mile Resources
Investor Insight
Golden Mile Resources is a project development and mineral exploration company, with a focus on growing the company with a multi asset and multi commodity strategy through advancing core projects, acquisition of high-quality assets, and tactical alliances with joint venture partners. Golden Mile’s value proposition is driven by a highly experienced leadership team with proven expertise across the resources sector from exploration to development and production.
Overview
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent). Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets, and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well positioned to execute its strategy moving forward.
Company Highlights
- Golden Mile Resources has a diversified portfolio of both advanced projects and exploration assets in tier 1 jurisdictions of Australia and the US.
- The recently acquired Pearl copper project in Arizona is located in the renowned Laramide Porphyry Belt.
- The Quicksilver nickel-cobalt project near Perth has an indicated and inferred mineral resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
- Golden Mile is backed by a highly experienced management team with proven success in project engineering and development from exploration to production across multiple continents.
Key Projects
Pearl Copper Project
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
The most significant working within the project area are the Pearl and Ford mines. The Pearl mine is located on the north-western portion of the Pearl project within the Odyssey prospect. It produced up to 60,000 tons of ore containing copper oxide and sulphide, lead, silver and gold from largely artisanal workings from 1915 to 1941 (Force, 1997).
Historical records from the Ford mine, located within the Pearl copper project mine claims, have reported lead assays from 5.7 percent to 31.3 percent, copper assays from 5.8 percent to 10.6 percent and that gold increases in the deeper levels from 0.01 oz to 0.54 oz (16.7g/t) (Baird, 1942).
Significant upside from organic exploration exists given Pearl’s geographic location, situated in the heart of the world-class Laramide Porphyry Copper Belt and 1 km of the San Manuel mine (historic production of 4.7 Mt) that has been operating for 44 years.
A tier 1 mining jurisdiction, Arizona represents approximately 70 percent of domestic US copper production. The Pearl project was historically mined from 1915 to 1941.
Quicksilver Nickel-Cobalt Project
The Quicksilver nickel-cobalt project is located approximately 280 km southeast of Perth in Western Australia. The project comprises an area of about 50 sq km that boasts excellent local infrastructure, including easy access to a grid power, sealed roads and a railway line to key ports.
In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
Board and Management Team
Damon Dormer – Managing Director
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo – Non-executive Director
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button – Non-executive Chairman
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina – Non-executive Director
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Jack Rosagro – Company Secretary
Jack Rosagro is chartered company secretary, a fellow of the Governance Institute of Australia, and holds a Bachelor of Commerce majoring in Finance. He has 18 years’ experience in capital markets, share registry, and governance. He is currently the company secretary for several listed and unlisted public companies across a range of industries, including mineral exploration, technology and biotechnology.
Martin Dormer – Exploration Manager
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
