Expansion of the Rogozna Polymetallic Mine Scale in Serbia

Strickland Metals announced the maiden resource for the Gradina gold deposit at its Rogozna project in Serbia.

Currently, at a cut-off grade of 1.5 grams per tonne and a gold price of $2,500 per ounce, the deposit contains a gold resource of 1.2 million ounces at a grade of 3 grams per tonne.

The Rogozna polymetallic project's gold-equivalent resource totals 8.6 million ounces, up from 5.4 million ounces in 2024.

The company acquired the project for A$37 million in April 2024.

The project's resource is expected to grow further, with a fourth resource update scheduled for next quarter, focusing on the Shanac deposit which already has a resource of 5.3 million ounces gold equivalent.

The company believes exploration investment has yielded a very high return.

The exploration cost for the Gradina deposit was $10 per ounce, making it one of the lowest-cost gold deposits to explore globally.

Due to the high grade of the Gradina deposit, the company has modeled underground mining scenarios that could utilize open stoping methods.

The drilling target is the transition zone between the northern and southern parts of the deposit. Work will pause for Christmas, with eight diamond drill rigs already booked for drilling next year.

Drilling is expected to resume in February next year.

Future extensional drilling will be deployed along strike. In the south, a hole intersected 702 meters at 274 meters depth, grading 0.9 grams per tonne gold and 0.6% zinc; in the north, a hole intersected rich mineralization at 377 meters depth, with a 20-meter interval grading 7 grams per tonne gold.

The deposit remains open in all directions.