Strickland Metals (ASX:STK) has upgraded its Shanac deposit mineral resource estimate for the Rogozna Gold and Base Metals Project in Serbia.
Strickland estimates the resource now contains 1.25 million ounces of gold equivalent. This comprises 30 million tonnes at 1.30 grams per tonne of gold, 0.83 g/t of gold, 0.13% of copper, 0.36% zinc, 0.29% lead, and 7.2g/t of gold.
The deposit endowment has 15,000 gold-equivalent ounces per vertical metre across a 300m vertical extent.
The exploration company believes the latest mineral resource estimate, which incorporates 2025 drilling campaign results, shows the deposit’s “scale, continuity, and development potential of this globally significant gold-base metals asset”.
“The updated resource model highlights strong grade continuity within the core of the deposit while also clearly defining higher-grade zones that have the potential to underpin improved project economics,” Managing Director Paul L’Herpiniere says.
“The updated mineral resource estimate has also been calculated using very conservative optimisation parameters in terms of cut-off grade and gold price… [and] Shanac continues to stand out as a large-scale, long-life deposit with an exceptional metal endowment and significant upside remaining — particularly to the north where drilling to date has been limited.”
Strickland had $38.2 million of cash and liquid assets on 31 December 2025. The company raised a further $55 million from a recent institutional placement.
Strickland previously sold its stake in the Yandal Gold Project from Western Australia to Gateway Mining (ASX:GML).
The company received $45 million of convertible preference shares in Gateway based on its 15-day volume weighted average share price of $0.03 as of 25 June 2025.
The final material step of the transaction involved the in-specie distribution of the Gateway convertible preference shares, which automatically converted into fully paid ordinary shares on a one-for-one basis following completion of an in-specie distribution.
The Yandal Gold Project contains a JORC 2012 inferred resource totalling 8.17 million tonnes @ 1.52 g/t of gold for 400,400 ounces, with further significant exploration potential available.
Completing the Yandal Project sale created significant value for Strickland, streamlining its asset base as a focused international resource development company, according to L’Herpiniere.
“Importantly, through the in-specie distribution of the majority of Gateway shares, our shareholders will continue to benefit from the upside of the Yandal assets as they are progressed by a focused and experienced team at Gateway,” L’Herpiniere says.
Strickland Metals is a gold and base metals exploration company with assets in Serbia.
Write to Richard Szabo at Mining.com.au
Images: Strickland Metals
