Strickland Metals (ASX:STK) has announced a major upgrade to the Mineral Resource Estimate (MRE) at its Shanac deposit in Serbia, taking the resource to 5.30Moz gold-equivalent (AuEq) and increasing the global Rogozna project resource to 7.40Moz AuEq.
The updated estimate—based on 150Mt at 1.1g/t AuEq—reflects improved geological understanding following a 2024 drilling campaign focused on high-grade mineralisation around a central dyke structure. A higher-grade subset of 32Mt at 1.8g/t AuEq (1.2g/t cut-off) now accounts for 1.85Moz AuEq.
Compared with the previous 2023 estimate, Shanac’s contained gold has increased 17% to 3.09Moz, copper is up 38% to 180kt, and zinc by 40% to 510kt. The upgrade adds 0.67Moz AuEq to the deposit at a cost of just A$3/oz.
Managing Director Paul L’Herpiniere said the improved model will underpin mine development studies focused on the higher-grade zones. “Contained metal increased materially with minimal cost, reflecting improved geological control and continuity,” he said.
The deposit’s core contains an estimated 15,000 AuEq ounces per vertical metre over a 300m zone, making it suitable for underground development via sub-level caving.
Strickland has launched a 50,000m drill program to target extensions north of the current resource and test regional prospects such as Red Creek. A further resource update is planned for late 2025, including a maiden MRE for the gold-rich Gradina deposit.
The company remains well-funded, with $33.8m in cash and Northern Star shares at the end of December.
Shares are trading 3.9% higher at 8 cents.
