Strickland Metals has ventured into what Australian media is calling a “lucrative Serbian gold endeavor,” investing $37 million in acquiring the Rogozna project, which boasts a substantial resource of 5.44 million ounces of gold equivalent (about 170 tons).
The Australian powerhouse, Strickland Metals Limited, specializes in uncovering “world-class” mineralized systems, with a particular focus on gold and copper.
Reports indicate that Strickland Metals has already inked a binding purchase deal with ISIHC Ltd, a subsidiary of the Ibaera Capital Fund LP, for the Rogozna gold project. This agreement entails acquiring the entire capital of Betoota Holdings Ltd, the parent company of Golden River Resources, the owner of the Rogozna project.
Situated within Serbia’s globally significant Tethyan metallogenic belt, the Rogozna project holds tremendous potential to emerge as one of the largest undeveloped gold deposits worldwide. Spanning four exploration licenses covering roughly 184 square kilometers in the Trepča mining basin in southern Serbia, the project also boasts 214,000 tons of copper and 364,000 tons of zinc, along with additional exploration opportunities.
“This presents a golden opportunity for us,” remarked Andrew Bray, CEO of the Australian firm. He highlighted Strickland Metals’ robust financial position and the project’s potential to deliver substantial value to shareholders.
The acquisition, totaling approximately $37 million, will primarily be funded through share issuance, with an 18-month vesting period. A $750,000 initial payment toward the purchase price has already been made. Upon completion, the purchase agreement will enable the issuance of nearly 380 million shares at $0.09 per share.
“We foresee significant growth potential in the project, particularly given the upward trend in the gold market,” Bray noted.
Post-acquisition, Strickland plans to kickstart drilling activities at the four identified deposits, targeting high-grade mineralization zones and new discoveries. A diamond drilling campaign spanning 60,000 meters is slated for completion by 2025, with the company employing at least three diamond drill rigs across various locations.
“We believe the project has the makings of one of the world’s largest undeveloped gold deposits, with notable copper and zinc credits,” Bray affirmed. “The upside potential at Rogozna, coupled with Serbia’s favorable regulatory environment and status as Europe’s second-largest copper producer, make this venture incredibly promising.”
