Strickland Metals (ASX:STK) has planned to drill 4 extra diamond holes at its Marwari discovery within the Yandal Gold Project in Western Australia.
Moreover, the $176.12 million market capitalisation company says Marwari will be its sole focus for both reverse circulation (RC) and diamond drilling in the immediate future.
This news comes after Strickland completed hole MWDD001 yesterday (2 November), which was extended a further 111m from the initially planned depth.
An RC rig has begun drilling on a 40m-by-40m grid over an initial 300m of strike south of the discovery hole HWAC1472, alongside 3 diamond pre-collars.
Following today’s announcement, Strickland’s share price has climbed 45.45% to $0.16 as of 1:45pm on 3 November.
Strickland Metals Chief Executive Officer (CEO) Andrew Bray says: “Diamond core from MWDD001 will be sent to Perth next Friday, and the company will request the assay be fast-tracked.
“Strickland has elected to commit both rigs to drilling at Marwari for the immediate future”
Strickland has elected to commit both rigs to drilling at Marwari for the immediate future. Additional high-priority targets at Great Western and Rabbit Well, amongst others, are still planned for initial testing before the end of the 2023 calendar year.”
The company notes a ‘large’ number of assays remain outstanding from its aircore drill program.
Strickland Metals is a Western Australia-focused mineral explorer with 3 projects prospective for gold, silver, zinc, lead, and copper.
As of 30 September 2023, the company had $37.353 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Strickland Metals
