Strickland Metals (ASX: STK) – Horse Well Gold-Zn Project

 

COMPANY SCOREBOARD

Pro PlusProCon PlusCon
 
  • Tons of cash
  • Some prominent directors
  

ABOUT COMPANY

Strickland Metals (STK) (https://www.stricklandmetals.com.au/) explores gold and base metals in Australia. Its flagship project is the Horse Well gold and base metals project located in the Yandal province WA.

CAPITAL STRUCTURE

The company had a 10:1 share consolidation in April 2020 and it made a significant board change in April 2021 including appointing three geologists and advisors.

The 19.5m performance right has a 10c hurdle by 2025, and the other 19.5m performance right has a 20c hurdle by 2025.

CEO’s 38.3m shares were purchase through recourse loan at 1.8c in April 2021.

FLAGSHIP ASSETS

Yandal Gold Project WA (1,600 km2, 100%)

Project Data

The company bought and sold Millrose Gold Mine and made some $35m cash profit over 2 years period.

It still holds some 250k oz gold resources and the 25km Cowza prospective trend (75% with Zebina)

OTHER ASSETS

COMPANY ASSETS

Iroquois Base Metals Project WA

After the company consolidated the ground in Yandal/Earaheedy, its actual intention was to target RTR/ZNC like mineralisation with first drilling result reported in October 2021. However, the results are not significant at all, and the tenement itself was 20% owned by GIB anyway.

Bryah Basin Copper-Gold Project WA (260km2, 100%)

The project is to spin out.

Paterson Copper-Gold Project WA (30%)

RTX is completing the initial earn–in commitment whereby RTX can earn a 70% interest in the tenement by spending $500,000 and completing at least 500m of drilling within 3 years.

Morgan Range Copper-Nickel Project, West Musgrave WA (100%)

(E69/3400 RIO)

SUMMARY

This is a 1m oz gold resource in the making.