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28/05/2024
Mining News

Strickland Metals embarks on major acquisition: Securing Serbia’s Rogozna Gold Project for growth and expansion

Strickland Metals Ltd has announced its acquisition of the Rogozna Gold Project, a significant move set to bolster its position in the global mining landscape. Situated within Serbia’s Tethyan Metallogenic Belt, the project boasts immense potential to emerge as one of the world’s largest untapped gold deposits.

Covering approximately 184 square kilometers in the Trepca mining district of southern Serbia, the Rogozna Project holds a JORC-compliant inferred mineral resource totaling 5.44 million ounces of gold equivalent. This includes substantial reserves of gold, copper, and zinc, with promising exploration prospects supported by extensive historical drilling data.

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CEO Andrew Bray expressed enthusiasm for the acquisition, highlighting the opportunity to leverage Strickland’s financial strength to unlock significant value for shareholders. Plans include an extensive diamond drilling campaign spanning 60,000 meters across multiple deposits within the Rogozna Project, aiming to delineate high-grade mineralization zones and unearth new discoveries.

The acquisition, costing approximately $37 million primarily through the issuance of STK shares, underscores Strickland’s confidence in the project’s potential amid a favorable gold price environment. Notably, the company views Serbia as a well-regulated mining jurisdiction, attracting major players in the industry and offering ample opportunities for growth and exploration.

To spearhead this endeavor, Strickland will undergo executive changes, with Paul L’Herpiniere slated to assume the role of managing director and Dr. Jon Hronsky joining as a non-executive director. These appointments, coupled with the expertise of the existing Serbian team, position Strickland for success as it navigates this exciting phase of development.

Reflecting on the transition, outgoing CEO Andrew Bray expressed confidence in the company’s future under the new leadership, emphasizing the exceptional management team and the strength of its project portfolio. Chairman Anthony McClure echoed this sentiment, lauding Bray’s leadership and vision while affirming Strickland’s enviable position for growth and expansion.

As Strickland forges ahead with its strategic vision, the acquisition of the Rogozna Gold Project marks a significant milestone in its journey towards becoming a formidable player in the global mining sector.”

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