Strickland Metals intersects new gold structure at the Celia South prospect
Celia South is a lookalike to the Millrose deposit which the company sold to Northern Star Resources for $61m
Drilling intersects very strong, coherent intrusive-related system at Great Western
Special Report: First-pass aircore drilling has intersected a new gold structure at the Celia South prospect, a potential lookalike of the Millrose deposit that Strickland Metals sold to Northern Star Resources last year.
The result provides validation to the company’s long-standing belief there are multiple Millrose ‘lookalike’ targets within its Yandal tenure.
Given Strickland Metals (ASX:STK) sold Millrose for $61 million in July last year, this has the potential to quickly add significant value if these targets prove to be similarly mineralised.
The desire to test these targets led the company to decide in late November to expand its aircore drilling program to test a number of other areas after extending the Marwari discovery.
Key prospects at the Yandal project. Pic: Supplied (STK)
A new discovery
Aircore drilling targeting gold anomalism over a corresponding high magnetic feature has now intersected high-grade gold of up to 8.6g/t on the BIF-mafic schist contact at the Celia South prospect.
This has highlighted a new gold mineralised trend over 1.4km long about 35km along strike from Millrose, where the main controls on high-grade mineralisation was the density contrast between the magnetic high BIF unit, and the more ductile mafic schist unit.
STK notes this has not only emphasises the underexplored potential across its Yandal tenement, it also enhances the prospectivity for further Millrose lookalike deposits along the 35km of strike that connects Celia South to Millrose.
STK chief executive Andrew Bray said the company was pleased at both intersecting gold and confirming the Celia prospect has strong potential to host further strong mineralisation.
“What is of more significance is that gold was intersected in an analogous position to that of Millrose (i.e. on the BIF-mafic schist contact). Celia South sits approximately 35km along strike from Millrose on the same regional structure,” he says.
“As Strickland has repeated many times, we have always been of the view that there were multiple ‘lookalike’ Millrose targets to be found within Strickland’s Yandal tenure.
“The geology, geophysics, geochemistry, and now confirmed high grade gold mineralisation in first pass drilling, are all suggestive of Celia South having the potential to host something similar to Millrose.”
Great Western could host intrusive-related gold system
Meanwhile, drilling at the Great Western prospect intersected a very strong, coherent intrusive-related system with similar geology and geochemical pathfinder signatures to concealed intrusive-related gold systems across the Paterson province.
The primary intrusive feature about 200m beneath its drilling has been ranked as a high priority for follow up diamond drilling once programs recommence in April 2024.
Ongoing reverse circulation drilling at Rabbit Well to confirm the company’s view the prospect represents a large-scale base metal system is progressing well with an update to be provided soon.
“Assays were also returned from the initial drilling at Great Western. These were the first holes to have ever been drilled at the prospect, and while we were hopeful of intersecting background gold mineralisation, what remains very encouraging is the level of geochemical anomalism,” Bray said.
“A very highly anomalous, coherent zone of bismuth-molybdenum-tungsten pathfinder geochemical anomalism was intersected in the drilling, along with an alteration assemblage typical of large, intrusive systems.
“The main intrusive feature, located ~200m beneath this line of drilling, is now a high priority for diamond drilling when rigs return in April 2024.
“The presence of surface expression of gold (rock chips up to 1.6g/t gold) confirm that there is gold present in the system. Separate to these results, the RC drilling ongoing on site is proceeding very well now that weather conditions have improved.”
This article was developed in collaboration with Strickland Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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