Strickland Metals has lifted the Mineral Resource at its Rogozna gold and base-metals project in southern Serbia to 9.25mn ounces of gold equivalent, up from approximately 5.4mn ounces when the company acquired the project in July 2024.
The increase of 3.85mn ounces, or around 71 per cent, has strengthened Rogozna’s resource base, but the company has yet to begin its planned 2026 drilling programme on the project’s principal licence. As of 31 July, Strickland had not confirmed when drilling would start, following delays in obtaining final approvals from Serbia’s Ministry of Mines and Energy.
Rogozna resource expands across four deposits
The latest resource totals 217mn tonnes at 1.33 grams per tonne of gold equivalent, containing approximately 6.07mn ounces of gold, 311,000 tonnes of copper, 36.7mn ounces of silver, 383,000 tonnes of lead and 870,000 tonnes of zinc. The resource is spread across Shanac, Gradina, Medenovac and Copper Canyon. However, only 1.25mn gold-equivalent ounces, or about 13.5 per cent, are classified as Indicated, while approximately 8mn ounces remain Inferred.
Gradina has emerged as a potential starting point for development, with an Inferred Resource of 20mn tonnes at 2.8 grams per tonne of gold, equivalent to 1.8mn ounces. The estimate increased by 600,000 ounces, or 50 per cent, and mineralisation remains open along approximately 800 metres of drill-defined strike. Metallurgical testing at Gradina returned rougher gold recoveries of 89.4 per cent to 97.5 per cent, averaging 94.3 per cent, with the resulting gold-pyrite concentrate grading 21.1 grams per tonne of gold.
Shanac remains Rogozna’s largest deposit
Shanac contains 160mn tonnes at 1.04 grams per tonne of gold equivalent, representing 5.35mn gold-equivalent ounces. The updated estimate includes a maiden Indicated component of 30mn tonnes at 1.30 grams per tonne, containing 1.25mn ounces. A higher-grade zone contains 33mn tonnes at 1.6 grams per tonne, equivalent to 1.74mn ounces, using a 1.2 grams per tonne cut-off.
Copper Canyon contributes a further 820,000 gold-equivalent ounces, based on 16mn tonnes at 1.3 grams per tonne of gold and 0.45 per cent copper. The deposit contains approximately 650,000 ounces of gold and 72,000 tonnes of copper. Strickland is also examining the potential for shared underground access between Copper Canyon and Gradina, although the concept remains subject to further technical work.
A$55mn drilling programme awaits approval
Strickland raised A$55mn in early 2026 to fund an additional 70,000-metre drilling programme, resource updates and a pre-feasibility study targeted for the first half of 2027. The delay could affect the timing of resource conversion and the technical work required for mine planning. Strickland is nevertheless continuing exploration preparation, including magnetotelluric surveying and work at the Obradov Potok and Jezerska Reka prospects.
The company’s financial position remains strong. At the end of June, Strickland held A$58.63mn in cash and A$13.2mn worth of Gateway Mining shares, for combined cash and listed investments of approximately A$71.8mn.
The February placement was completed at A$0.16 per share, with Ibaera Capital maintaining a 16.6 per cent interest and Zijin Mining investing A$5mn to increase its stake to approximately 4 per cent. Environmental baseline studies covering biodiversity, water quality and cultural heritage are also continuing as Strickland advances work required for the environmental and social impact assessment and future permitting. The company’s Gradina scoping study remains scheduled for the third quarter of 2026, while the broader development programme is intended to support the planned 2027 pre-feasibility study.
