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26/05/2024
Mining News

Strickland Metals’ bold move: Securing Serbia’s Rogozna gold project

The Australian firm Strickland Metals has made a substantial investment of $37 million in acquiring the Rogozna project located in Serbia. This project boasts a resource base of 5.44 million ounces of gold equivalent, approximately 170 tons, according to reports from Australian media outlets. Strickland Metals finalized a binding purchase agreement with ISIHC Ltd, a subsidiary of Iber Capital Fund LP, for the acquisition of Bitut Holdings Ltd, the parent company of Zlatna Reka Resources, which holds the Rogozna project.

In addition to gold, the mineral resource encompasses 214,000 tons of copper and 364,000 tons of zinc, with promising exploration potential for further resource expansion.

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The company plans to conduct diamond drilling activities totaling 60,000 meters by the end of 2025, utilizing at least three diamond drills to target primary objectives at various locations including Šanac, Medenovac, Gradina, and Bakarni kanjon. The Rogozna project spans four exploration licenses covering approximately 184 square kilometers within the Trepča mining basin in southern Serbia.

CEO Andrew Bray expressed enthusiasm about the acquisition, stating that it presents a significant opportunity for Strickland Metals to deliver added value to its shareholders. The company, founded two decades ago, focuses on discovering mineralized systems, particularly in gold and copper.

Interest in the Rogozna project surged in 2018 when the Ministry of Mining and Energy granted the initial mining exploration permit to Zlatna Reka. This area is rich not only in gold but also in copper and lignite, with over 200 locations across Serbia being explored for mineral resources.

Serbia boasts a diverse array of mineral deposits, with around 48 to 50 different ores and approximately 5,000 occurrences and deposits. The eastern region, particularly around Bor, is renowned for its copper and gold deposits, while other areas like Žagubica, Pek, and Timok also exhibit significant mineral wealth.

Despite the relatively short geological lifespan of 15-20 years for existing deposits, companies often plan for longer-term operations, investing heavily in exploration. With Serbia’s rich mineral landscape and ongoing investment in exploration and mining, the potential for sustained resource extraction remains promising.

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