Strickland Metals is ready to put its WA gold hunt into overdrive, as it prepares to drill a multitude of high-grade gold targets at its highly prospective Yandal project, about 85km north-east of the town of Wiluna. The company’s liquid assets are impressive, with $54 million in cash and Northern Star shares available to fund its exploration programs.
Strickland Metals is ready to put its WA gold hunt into overdrive, as it prepares to drill a multitude of high-grade gold targets at its highly prospective Yandal project, about 85km north-east of the town of Wiluna.
Strickland’s 100 per cent owned Yandal project features the Dusk til Dawn and Horse Well deposits. They are located about 20km apart and each contains many prospects that look like they are begging to see a drill-bit.
Drill pad preparations have begun in earnest, with a reverse-circulation rig arriving next week and a diamond-drill rig to follow shortly after.
Recent heavy rains within the region have delayed the planned exploration, however the project site is now ready for the significant drill program to kick off.
The company says Horse Well has several large-scale gold targets, including its Bronco and Konic prospects, in addition to the Palomino and Clydesdale targets.
Strickland Metals chief executive officer Andrew Bray said: “Specifically, drilling is planned to commence at the Palomino-Clydesdale trend, the Bronco-Konik trend, the Warmblood-Filly trend, Marwari and a number of other earlier stage targets. We are currently finalising drilling plans for the coming months and expect to release details of the upcoming drilling programs very shortly.”
The company believes it may have connected its Bronco and Konik gold prospects to form one big structure, making what it believes is a bulk-tonnage target with a high-grade surface oxide zone across 500m of strike.
The crucial interpretation comes on the back of Strickland’s re-evaluation of historic Bronco data in conjunction with its own geological information following the discovery of the Konik discovery last year, where it recorded a stellar hit of 58m at 1.7 grams per tonne gold from 17m.
Management says the new assessment that puts Bronco and Konik on the same structure is supported by historic drilling at the site that includes a hit of 79m at 1 g/t gold from 10m, dead centre between the two prospects.
Further intersections from Bronco include an impressive 89m at 3g/t gold from 18m to the bottom-of-hole and 95m at 0.7g/t from the deepest hole drilled at the prospect.
Promisingly, the company’s Palomino and Clydesdale prospects exhibit shallow, high-oxide grades in initial drilling, however they are still untested along strike, down-dip and down-plunge.
The prospects began to reveal their potential after Strickland commenced an intensive 40,000m reconnaissance air-core (AC) drilling program last year and drew attention to Palomino’s 700m mineralised envelope. The initial phase of the program focussed on mapping the Horse Well shear structures.
Two solid AC hits in two holes at Palomino yielded 39m at 6.1g/t gold from 25m including 7m going a solid 22.2g/t gold and a 5m intersection grading 2.8g/t gold from 59m. Drilling west of Palomino confirmed Clydesdale as a target worthy of further investigation, with one hole intercepting 4m going 7.8g/t gold from 52m and a second hole yielding 8m at 1.3g/t gold from 72m half-way between Clydesdale and Palomino.
Follow up reverse-circulation (RC) drilling was designed to probe below the high-grade, shallower zones of Palomino. The deepest down-plunge hole drilled to date scored a 17m intercept going 4.6g/t gold from 89m including 7m running 10.2g/t gold, while a second hole scored 25m going 3.8g/t gold from 140m including 6m at 13.6g/t gold.
The various work programs at Horse Well ultimately led to the current inferred mineral resource of 2.23 million tonnes at a grade of 2.07g/t gold for 148,000 ounces.
The company plans follow up RC and diamond drilling at its Great Western prospects, in the northernmost quarter of the Yandal project.
Previously, maiden drilling in that area consisted of 15 RC holes that tested a strong magnetic bullseye with coincident chargeability and strong pathfinder surface geochemistry.
The company says the geochemical results include peaks of 865 parts per million bismuth, 682ppm molybdenum and 317ppm tungsten, highlighting a strong intrusive signature that Strickland says suggests the prospect could have significant potential for intrusive-related hydrothermal gold mineralisation.
The main intrusive feature about 200m below surface is now a high priority for diamond drilling within this program.
Strickland believes the presence of surface gold in rock chips reading up to 1.6g/t confirms a gold system may be present.
By any measure Yandal is an exciting project and that seems to have everything including grade, big drill intersections, shallow mineralisation and long drill holes that are ending in mineralisation. It is clear there is a well mineralised gold system at Yandal and the only question now is just how big could it be ?
And with about $54 million in cash and Northern Star shares at its disposal as at the end of last quarter, chances are Strickland will be able to run this one all the way to ground.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
