On Tuesday, Strickland reported an intercept of 25.5m at 5.2 grams per tonne gold within 48.5m at 3.1g/t from 194.4m at the Gradina prospect.

The first two holes at the prospect extended the mineralisation to within 150m of surface in the southern part of Gradina, which has been drill-defined along about 1000m of strike and 800m of vertical extent.

Mineralisation remains open in all directions, including up-dip towards surface.

Strickland managing director Paul L’Herpiniere said of all the “exceptional” results returned at Rogozna this year, the latest was perhaps the most significant, as the identification of shallower mineralisation at Gradina could see it overtake the main Shanac deposit as the likely stage one development scenario for the project.

Canaccord Genuity analyst Paul Howard agrees, saying the Gradina results elevated its standing.

“The high-grade shallow nature is potentially appealing in a development scenario,” he said.

“We believe continued exploration success at Gradina will call for a rethink of a future mining plan and may see the deposit co-developed with Shanac.”

A maiden resource for Gradina is planned for the second half of 2025.

Rogozna has scale

After selling its Millrose project in Western Australia last year to Northern Star Resources for A$61 million, Strickland announced the A$37 million mostly-scrip acquisition of Rogozna from Perth-based private equity firm Ibaera Capital.

Rogozna already has an inferred resource of 2.96 million ounces of gold, 214,000 tonnes of copper and 364,000t of zinc, or 5.44Moz of gold equivalent at 2.1g/t AuEq, the bulk of which is hosted at Shanac.

“Through the guts of that resource, you get about 14,000 ounces per vertical metre, which is just unheard of in Australia,” L’Herpiniere told the Resources Rising Stars Summer Series in Melbourne last week.

The Medenovac gold-copper-zinc deposit was discovered by Ibaera and was followed up by Strickland earlier this year.

A maiden resource for Medenovac is due in the March quarter of 2025, which is set to be the first of a targeted three resource updates next year.

About 350m west of Medenovac is Kotlovi, the first discovery made under Strickland’s ownership.

Strickland has encountered multiple styles of mineralisation at Kotlovi, including breccia-hosted, intrusion-hosted and skarn-hosted over a 400m vertical intercept.

Results from Kotlovi have included 15.6m at 2g/t AuEq from 391.5m; 40.3 at 2.6g/t gold from 558.1m, including 2m at 5.7g/t gold; and 17m at 3.5g/t AuEq from 744.7m, including 11m at 4.6g/t AuEq.

“We think this has the potential to add significant ounces to the overall project as well,” L’Herpiniere said.

Airborne geophysics has generated around 20 targets, which Strickland plans to gradually target.

It has three rigs resource drilling and one testing new targets.

“What we’re really trying to do here is demonstrate potential for a 20Moz system and that’s really the sort of system that’s going to be highly sought after by all of the majors in the region,” L’Herpiniere said.

Those majors include Newmont Corporation, Rio Tinto, BHP, Zijin Mining, Vale and Dundee Precious Metals.

Banks on board

Howard initiated coverage of Strickland last week with a speculative buy rating and price target of A16c. It comes after he visited Rogozna in July.

On Tuesday, Canada’s Red Cloud Securities followed with an initiation note.

Analyst Taylor Combaluzier said Rogozna was likely poised for massive resource growth in 2025.

“With around 60,000m of drilling underway to add to the existing plus-100,000m, we believe Rogozna could host at least 9.1Moz AuEq,” he said.

“Given Kotlovi is too early stage to have a resource delineated, we believe total resources for Rogozna could potentially reach at least 8Moz AuEq in 2025.”

Red Cloud slapped a buy rating on Strickland with a A21c price target.

Strickland shares have traded as high as A13.5c this year but last traded at A8.9c.

As well as another 60,000m of drilling planned at Rogozna next year, Strickland is also planning to drill 20,000m at Yandal in WA, close to Northern Star’s Jundee operation.

A scoping study on Rogozna is targeted for late 2025.

With A$41 million cash in the bank, Strickland is fully funded for work in Serbia and WA for the next 18 months.

“We think with all of this, we’ve got more leverage to the gold price and resource growth than just about any company on the market,” L’Herpiniere said.