Marwari Gold Strike Extended Through Strickland Drilling

Gold on the stone floor
Source: File
Summary:

Strickland Metals has successfully expanded the Marwari gold discovery by 400m, with further drilling plans in place. The company’s strong financial position and positive stock performance also indicate a promising outlook.

Key Takeaways:
  1. Strickland Metals extended the Marwari Gold discovery by 400m through a systematic drilling program.
  2. The company’s future drilling plans include diamond and RC drilling at Rabbit Well and the Great Western prospect respectively.
  3. Strickland’s financial position is strong due to the sale of the Millrose gold deposit, and the company’s stock has seen a significant increase in price.

Strickland Metals reports that its Marwari gold discovery has been expanded by 400m, resulting in a total strike length of 1.1km, which was obtained through a systematic drilling program within its Yandal East project located in Western Australia.

The firm states that their geo-physical modelling has determined that there are six additional likely prospects near the Marwari and Chetak deposits in Western Desert in the State, which are all part of the Horse Well play.

Following the successful Marwari gold discovery of 31m at 5.6 grams per tonne gold from 72m to the bottom of the hole, a comprehensive AC program is now in progress to discover more mineralisation at Horse Well and beyond.

At a distance of 400m south of Marwari, step-out drilling was conducted and encountered comparable alteration, veining, and sulphides. Results included a 10m stretch from 92m to the end of the hole that revealed 1.5g/t of gold, with the last 2m exhibiting 2.5g/t and 3.2g/t, respectively.

The company reported that a 4m intersection at a 5.1g/t gold grade was obtained from a depth of 60m, along with a 64m intersection at 0.3g/t at a shallower depth of 16m, the latter including 8m at 1g/t. According to the company, there is a noteworthy presence of gold mineralisation in the regolith at Marwari.

After significant drilling in recent weeks at the Marwari and Chetak prospect areas, the Company is now looking forward to drilling its two other high priority targets at Great Western and Rabbit Well. Both targets represent large-scale potential discoveries. Strickland is particularly pleased it has been able to adhere to its initially communicated schedule with both targets to be subject to initial drilling prior to the Christmas break.

– Strickland Metals chief executive officer Andrew Bray

According to Bray, the firm is anticipating the receipt of assays from their diamond and RC drilling, as well as outcomes from the extended AC program. This AC program has been increased to include many peripheral targets and is predicted to finish by the middle of next month.

Strickland has reported that drilling operations are in progress with multiple rigs at the site, and that diamond drilling at Rabbit Well, a zinc and base metal target with a lot of potential, is anticipated to start up next week. Furthermore, RC drilling will begin at the Great Western prospect.

The use of air-core drilling has enabled Strickland Metals to extend their Marwari gold discovery.

Management is continuing to carry out drilling operations in other regional areas, like Dusk til Dawn with 68 holes and Celia South with 36. Additionally, two 800m east-west traverses are being completed at Falconbridge in order to gain a better comprehension of the geology.

Terra Resources has undertaken magnetic inversion modelling which has identified a substantial magnetic anomaly of approximately 700 meters in length. Modelling based on the TMI dataset has revealed a number of high-priority targets close to both Marwari and Chetak, which have yet to be tested by the company.

Two of the goals, which already have the necessary historical authorization, will experience first AC traverses in the upcoming week. The other objectives are intended to be a part of a heritage research early in the next year.

Northern Star paid Strickland approximately $61 million for the Millrose gold deposit in July, a sale that has kept the company quite well-financed. Its stock has also experienced a sharp increase in price, rendering it among the leading gold stocks in the market this year.

At the start of the year, the stock was around 4 cents, but its share price rose to a peak of 20 cents last week.

Investors will be hoping that the recent drill results that are to be released shortly will be able to continue the positive trend that is occurring, due to a large amount of exploration targets that could make any junior mining company excited.

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