Strickland Metals plans to pursue a demerger of its Iroquois zinc-lead project located in the Earaheedy Basin in Western Australia (80 per cent Strickland; 20 per cent Gibb River Diamonds), and its Bryah Basin project located in the Gascoyne district of WA.
The move will create a dedicated base metals exploration company with a management team for the assets, while enabling Strickland to focus its resources on developing its flagship Yandal gold project in WA.
lroquois lies directly along strike from Rumble Resources’ world-class Earaheedy project, and has shown tremendous potential for additional zinc-lead discoveries.
After the initial discovery hole at Iroquois, Strickland has steadily advanced the project throughout 2022 via soil and rock-chip geochemical sampling and various geophysics surveys. This work has yielded several additional targets, with preparation now underway for a larger drilling campaign to commence in early 2023.
Strickland chief executive officer Andrew Bray said the work completed to date has shown that Iroquois warrants development as a standalone ASX-listed base metals company.
“Should the spinout proceed as proposed, Iroquois will be front-and-centre of the new company,” he said.
“This allows for much more dedicated and focused exploration programs. With the addition of Bryah Basin, the new company will also have a largely greenfield project in a highly prospective area to begin advancing.”
The Earaheedy Basin margin is emerging as a significant new mineralised province and is highly prospective for further zinc-lead discoveries.