Strickland Metals (ASX: STK) Deepens Rogozna Gold Resource with Major High-Grade Drill Hits

Key Highlights

• Strickland grows Gradina gold resource by 50% to 1.8Moz gold
• Rogozna project resource expands to 9.24Moz gold equivalent
• High-grade intercepts continue outside existing resource boundaries
• Company holds roughly $81 million cash, supporting ongoing drilling and studies
• STK shares rise 5% in morning trade

Strickland Metals Ltd unveiled a substantial upgrade to the Gradina gold deposit at its flagship Rogozna Project in Serbia, reinforcing the scale of one of Europe’s larger undeveloped gold systems.

The updated mineral resource estimate lifted Gradina to 20 million tonnes grading 2.8 grams per tonne gold for 1.8 million ounces of contained gold, marking a 50% increase from the maiden estimate released in December last year.

At the time of writing this article, STK shares were trading at $A 0.10. | Source: MarketIndex 

The upgrade also pushes Rogozna’s total global resource to 229 million tonnes at 1.3g/t gold equivalent for 9.24 million ounces of contained gold equivalent, placing the Serbian project firmly into large-scale development territory.

High-grade core continues to grow

While the overall resource size attracted attention, much of the market focus centred on the quality of the mineralisation.

Gradina’s 2.8g/t gold grade stands well above many global bulk underground gold projects, particularly for a resource still classified entirely as inferred.

Several drill intersections released alongside the update pointed to continuing depth and strike potential beyond the current model.

Among the standout holes was ZRSD25220, which returned 365.8 metres at 1.5g/t gold from 287.7 metres, including 152.6 metres at 2.1g/t gold.

Another deep intercept, hole ZRSD25212, delivered 702.5 metres at 0.9g/t gold, including a higher-grade interval of 80 metres at 2.3g/t gold and a narrower zone grading 4.3g/t gold over 12 metres.

Additional holes continued to hit thick mineralised zones deeper within the system, including 60.8 metres at 1.9g/t gold and 68.7 metres at 1.7g/t gold from separate drill sections.

Importantly, the company says the deposit remains open in all directions, with drilling continuing along an 800-metre strike corridor.

Rogozna emerging as a major European gold system

The Gradina update adds further weight to Rogozna’s growing reputation within the European mining sector.

The broader project now hosts four defined deposits, including Shanac, Medenovac and Copper Canyon, with gold, copper, silver, lead and zinc contributing to the overall metal inventory.

Shanac remains the largest contributor, holding 5.35 million ounces gold equivalent, but Gradina is increasingly drawing attention due to its stronger gold grades and concentrated mineralisation profile.

The resource modelling also highlighted exceptionally dense gold distribution through parts of the orebody, averaging roughly 4,700 ounces per vertical metre across a 180-metre vertical window.

That concentration can become important in underground mining economics, particularly during periods of rising operating costs across the global mining sector.

Unlike many deep underground gold systems that require expensive shaft infrastructure, Strickland believes Gradina may be accessed through a lower-cost horizontal tunnel approach from nearby ridge elevations.

The resource estimate itself was modelled using long-hole open stoping assumptions and based on a gold price of US$2,500 per ounce.

Processing costs were estimated at US$20 per tonne, while underground mining costs were modelled at US$60 per tonne with a projected 90% gold recovery rate.

Cash position supports aggressive drilling

Strickland also enters the next phase of work with a relatively strong balance sheet for a junior explorer.

The company reported cash and liquid investments of roughly $81 million as of March 31, 2026, giving it flexibility to continue drilling, technical studies and environmental work without immediate financing pressure.

Managing Director Paul L’Herpiniere described the resource growth as another significant milestone for the project.

“This is an excellent outcome for Strickland and another important milestone in the ongoing development of the Rogozna Project,” he said.

“The updated Gradina MRE of 1.8Moz gold highlights both the scale and quality of the deposit and further reinforces Rogozna’s position as a globally significant gold and base metals project.”

“Gradina is emerging as a key potential driver of future development at Rogozna, reinforcing the project’s potential to deliver long-term economic and social benefits for all stakeholders including the local community and broader region.”

The company has already commenced pre-feasibility study workstreams across the broader Rogozna project, with further technical updates expected in coming months.

With gold prices continuing to trade near historically elevated levels amid ongoing geopolitical uncertainty and central bank buying, high-grade discoveries are increasingly commanding premium attention across global mining markets.