Strickland Metals (ASX:STK) has defined a ‘large’ gold target at its wholly owned Horse Well prospect within the Yandal East Gold Project in Western Australia.
The $136 million market capitalisation company says the target has been uncovered at the Marwari trend, which Strickland discovered in September following an intercept of 31m @ 5.6 grams per tonne (g/t) gold in drillhole HWAC1472. This came as part of an ongoing 50,000m aircore (AC) drilling and geophysical modelling program.
Strickland believes this discovery hole is the closest hole to the main geophysical target in the area, having intersected the margin of the outermost shell of a magnetic inversion model.
Following this discovery hole, proximal shallow aircore drilling returned 16m @ 2.2g/t gold from 68m in hole HWAC1562; 8m @ 2.2g/t gold in hole HWAC1507; and 60m @ 0.5g/t gold from 40m including 4m @ 3.5g/t gold in hole HWAC1550, which was one of the most distal holes.
The main target is yet to be drilled because the aircore rig could not penetrate far into fresh rock, according to the company, but a reverse circulation rig is scheduled to arrive on site and begin drill testing next week.
Strickland says drilling has shown that gold is closely associated with magnetite within a ‘strike extensive’ banded iron formation (BIF).
The company has employed Terra Resources to undertake a 3D magnetic inversion modelling of high-resolution airborne magnetic data to assist with target definition.
This modelling confirms the ‘east-dipping’ magnetic body is immediately beneath the current AC drilling and is more than 700m long.
The target is reported to be gently plunging to the south, which is consistent with north-south step-out holes from HWAC1472 completed along the trend which intersected ‘significant’ magnetite alteration.
Meanwhile, Strickland announces a similar look-a-like geophysical target, dubbed the Chetak prospect, has been identified immediately north of Marwari on the northern side of a fault structure in the area.
Together, both targets cover a strike length of about 1.3km.
Chetak will be tested as part of the imminent RC program.
“The results of both efforts suggest we have clipped the outer edge of a substantial, concealed gold deposit, which is now eminently suitable for RC and diamond drilling. An RC rig is scheduled to arrive next week and the diamond rig will arrive the following week“
Strickland Chief Executive Officer (CEO) Andrew Bray says given the apparent relationship between magnetite and the gold mineralisation in the area, the company took on magnetic inversion modelling to assist with target definition.
“The results of both efforts suggest we have clipped the outer edge of a substantial, concealed gold deposit, which is now eminently suitable for RC and diamond drilling. An RC rig is scheduled to arrive next week and the diamond rig will arrive the following week.
The magnetic inversion model outlined a coherent and substantial target beneath the current aircore drilling, extending for 700m strike with a gentle southerly plunge. This aligns perfectly with the aircore drilling results.
The magnetic inversion modelling work also identified a second look-a-like target immediately to the north, named Chetak, on the other side of a major NNE fault structure. This target has not yet been tested as part of the current aircore program, however it will be incorporated into the upcoming RC program. The combined strike length of these two targets is approximately 1.3km.
Overall, Marwari continues to shape up as a very promising and significant gold discovery and the company is eagerly looking forward to drilling the main structure over the coming weeks.”
Strickland Metals is an explorer with a portfolio of projects based in Western Australia.
The company’s Yandal East Project is located within the Yandal Greenstone belt in the Warburton Mineral Field of Western Australia.
Strickland Metals had $1.698 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report, although in July received an additional $41 million after it sold its Millrose Project to Northern Star Resources (ASX:NST).
Write to Adam Drought at Mining.com.au
Images: Strickland Metals