Strickland Metals acquires Rogozna Project in Serbia

Betoota is the owner of Zlatna Reka Resources d.o.o., which owns 100% of the Rogozna Project, comprising four exploration licences covering approximately 184 km2 in the Trepca mining district in the southern Republic of Serbia.

The Project contains a JORC compliant Inferred Mineral Resource totalling 5.44 million oz Au Eq, with additional significant exploration potential defined by 100 000 m of historical drilling.

Andrew Bray, outgoing Chief Executive Officer, said: “We are thrilled to announce the acquisition of the large scale, 5.44 million oz Au Eq Rogozna Project. We obviously have an exceptionally strong cash position for an exploration company, and Rogozna represents the perfect opportunity through which we can deploy some of that additional balance sheet strength to deliver substantial additional value for Strickland shareholders.

The acquisition is being conducted primarily via the issue of escrowed Strickland scrip, with the acquisition representing ~19.4% of the post transaction capital structure. We see the Project as offering tremendous leverage to a rapidly improving gold price environment. In our view, the Project has the potential to grow into one of the largest undeveloped gold deposits globally (with significant copper and zinc), making it precisely the type of asset that will attract very compelling valuations as the project advances. The incredible upside that Rogozna offers (from an already impressive base) is something that is quite rare in this industry. In particular, the potential for significant Cu-Au porphyry mineralisation outside of the main prospect areas could be a tremendous bonus as exploration programs unfold.

Serbia is a well-regulated, established mining jurisdiction, currently being the second largest copper producer in Europe. Additionally, a number of global majors have significant Serbian projects, including BHP Billiton, Rio Tinto, Vale, Zijin Mining, Kinross Gold and Dundee Precious Metals.

In my view, Strickland now has one of the best management and exploration teams around, along with two outstanding projects and the balance sheet strength to fully extrapolate maximum value from the portfolio. This is the ideal recipe for a very promising period of STK’s development, especially given the strong outlook for gold prices.”

Strickland Chairman, Anthony McClure added, “I would like to sincerely thank Andrew Bray for his extraordinary skill and effort as Chief Executive Officer in taking the company from effectively a shell company to what it is today. Andrew’s diligent leadership and enterprise has created significant value from the Yilgarn assets and has led to the company’s success without peer in our market. With our strong balance sheet including significant cash and liquids, the Company is in an enviable position for growth. Andrew has been the pioneer in leading the company into the Serbian acquisition and we now look forward to our next level of value-add with this world class asset.”

Read the article online at: https://www.globalminingreview.com/exploration-development/22042024/strickland-metals-acquires-rogozna-project-in-serbia/