Why Strickland Metals Share Price Has Risen Over 200% This Year?
Strickland Metals Limited
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Why Strickland Metals Share Price Has Risen Over 200% This Year?

Strickland Metals Limited (ASX: STK) is making significant progress in its exploration activities, specifically at its Horse Well prospect within the Yandal Gold Project. In a recent update, the company announced the expansion of its Marwari drilling program, utilizing both diamond and RC (reverse circulation) drilling techniques.

Retail investors hold 58% of Strickland Metals Limited’s shares, could be indicating a high level of confidence among this group. The share price of Strickland Metals Limited (ASX:STK) has seen a significant increase in 2023. As per the data, the company’s stock price has risen by approximately 242. 69% compared to the ASX 2001. The current stock price is AUD 0.

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Completion of MWDD001 and Focus on Marwari

One of the key highlights is the completion of MWDD001, a diamond hole that was extended beyond its initial planned depth. Strickland decided to continue drilling an additional 111 meters, reaching a total depth of 291 meters. This successful drilling has instilled confidence in the company, leading to the expansion of the program at Marwari.

Four Additional Diamond Holes

As part of the expanded drilling program, Strickland will drill four additional diamond holes at Marwari. MWDD002 is currently being drilled 40 meters to the south of the discovery aircore hole HWAC1472. MWDD003 will be a step back from MWDD001, drilling underneath the initial diamond hole. Deeper holes, MWDD004 and MWDD005, are planned with 40-meter spacings to the south of MWDD003. These holes aim to target the peak of the magnetic inversion.

RC Program and Initial Testing

In addition to diamond drilling, an RC program has commenced at Marwari. This program involves aggressive drilling on a 40x40 meter grid over an initial 300 meters of strike south of the discovery hole HWAC1472, which showed promising results of 31 meters at 5. 6 grams per tonne of gold. Furthermore, three diamond pre-collars will be drilled as part of this program.

Commitment to Marwari and Future Testing

Strickland has made the decision to commit both rigs to drilling at Marwari for the immediate future, highlighting the company's confidence in the prospect's potential. However, the company still has plans to test additional high-priority targets, such as Great Western and Rabbit Well, before the end of the 2023 calendar year.

Financial Strength and Future Updates

Strickland remains in a strong financial position after the completion of the sale of the Millrose gold deposit to Northern Star Resources Ltd, generating approximately $61 million. This capital injection positions the company to continue pursuing its exploration targets with the aim of identifying further gold resources.

With numerous assays still pending from the aircore program, Strickland will progressively announce the results as they are received. The company is committed to providing further updates on its progress as soon as they become available.

It is important to note that while the expansion of the Marwari drilling program is significant for Strickland Metals Limited, stock prices can be influenced by various factors. Investors should conduct thorough research or consult with a financial advisor before making any investment decisions.

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