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18/07/2024
Mining News

Strickland Metals acquires Rogozna project in Serbia

Strickland Metals has confirmed the acquisition of the Rogozna project in Serbia, a resource-rich site with 2.96 million ounces of gold, about half a billion pounds of copper, approximately 800 million pounds of zinc, 600 million pounds of lead, and 21 million ounces of silver. This totals 5.44 million gold-equivalent ounces. The resource comprises two major parts, detailed below. Despite the low average gold grade, the gold-equivalent grade is favorable for open-pit mining operations and economies of scale. Additionally, previous drilling at several targets has revealed promising grades, such as 98 meters of 5.1 g/t gold-equivalent and 16.2 meters of 3.1 g/t gold-equivalent in the Veleiki and Medenevac zones. These zones, however, may require underground mining methods.

The acquisition involves a payment of A$750,000 in cash and the issuance of nearly 380 million shares, amounting to a total consideration of A$34.2M. An additional 50 million options with an exercise price of A$0.135 have also been issued to the vendor. Following the transaction, Strickland plans to undertake 60,000 meters of diamond drilling with three rigs to further expand the Rogozna resources, targeting exploration areas considered to be low-hanging fruit. As of the end of March, Strickland Metals had A$50M in cash and marketable securities (shares in Northern Star Resources) on its balance sheet, indicating strong funding to support these initiatives.

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