Strickland Metals Defines Major Obradov Target with Five Converging Data Sources
Key Takeaways
- The MT survey has defined a major new target at the Obradov Prospect, supported by five independent data sources — MT, gravity, IP, surface geochemistry, and drilling — making it one of the most compelling drill targets in the Rogozna Project pipeline.
- A 2025 drill hole at Obradov already intersected carbonate replacement Pb-Zn-Ag mineralisation interpreted as the outer zone of a porphyry/skarn system, with the MT anomaly now defining the geometry of the deeper target.
- At Jezerska, the MT survey revealed that the conductive zone extends approximately 900 metres east of all existing drilling within a system that has already returned 90m at 0.4g/t Au.
- Jezerska North is a genuinely new prospect — located 3km north of Jezerska and characterised by a vertically extensive conductivity feature coincident with surface geochemistry and existing geophysical anomalies.
- Strickland held $72 million in cash and liquids as at 30 June 2026, providing capacity to fund near-term drilling at Obradov and ongoing PFS baseline surveys without immediate dilution risk.
MT survey opens new chapter at Rogozna’s Obradov prospect
Strickland Metals (ASX: STK) has received processed results from a Magnetotelluric (MT) survey completed over two weeks in May 2026 across the Zlatni Kamen licence area at its 100%-owned Rogozna Gold and Base Metals Project in Serbia. The headline outcome is a new large-scale target at the Obradov Prospect, with additional targets identified at Jezerska and a newly defined Jezerska North prospect, all within the broader 9.25Moz AuEq Rogozna Project. The company reported cash and liquids of $72 million as at 30 June 2026, signalling capacity to fund the follow-up drilling it has flagged for the coming months.
Managing Director Paul L’Herpiniere
“The recently completed MT survey has delivered some exciting results, delineating a very large, high-conductivity anomaly at the Obradov Prospect. We now have a very large conductive anomaly with obvious potential defined by multiple independent sources of anomalism including surface geochemistry, IP, gravity and now MT.
This makes Obradov one of our largest and most prospective targets for new discoveries.
The Obradov Prospect has been an area of significant interest for our technical team due to the strong correlation between overlapping geophysical and geochemical anomalies and new mineral discoveries at Rogozna to date.
We drilled a hole at the prospect in late 2025, with the geology indicating that the hole intersected the outer zone of a potential porphyry/skarn mineralised system. This interpretation is supported by the recent MT survey and highlights the significant opportunities for further new discoveries across the broader Rogozna Project.
The position of the newly defined MT anomaly, overlapping with a large gravity anomaly and overlain by shallow IP anomalies, represents a compelling drill target that we plan to test in the coming months.”
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What the MT survey revealed across three priority areas
The processed MT results highlight several large conductive bodies within the southern part of the Zlatni Kamen licence, with each of the three target areas offering a distinct exploration opportunity.
Obradov — convergence of five data sources
MT modelling identified a significant, laterally extensive low-resistivity/high-chargeability anomaly beneath the Obradov Prospect, extending from Gradina towards Obradov. Drilling completed in late 2025 (refer: ASX announcement dated 9 April 2026) encountered carbonate replacement-style Pb-Zn-Ag mineralisation near the top of the subsequently defined MT anomaly, interpreted as the distal outer zone of a porphyry/skarn mineralised system.
What makes Obradov stand out is the convergence of five independent data sources, all pointing to the same area:
- Magnetotelluric (MT) survey
- Gravity survey
- Induced polarisation (IP)
- Surface geochemistry
- Drilling
This multi-source convergence is the key signal for investors. The company plans to drill test Obradov in the coming months.
Jezerska — 900 metres of untested system
The MT survey identified a significant conductive anomaly associated with the previously recognised Jezerska porphyry system. Drill hole ZRJD23001, completed in 2023, intersected 90m @ 0.4g/t Au at Jezerska (refer: ASX announcement dated 4 March 2025).
The critical finding from the MT work is that existing drilling has not yet tested the most conductive portions of the system. The conductive zone extends approximately 900 metres east of current drilling, representing material untested exploration upside within a system already proven to carry gold mineralisation.
Jezerska North — brand new prospect defined
Located approximately 3km north of Jezerska, the Jezerska North prospect is a genuinely new target area, not a previously known prospect. It is characterised by a vertically extensive conductivity feature indicative of a large, NW-trending structure with associated sulphides. The feature is interpreted to reach surface approximately 2 kilometres north-east of Jezerska and is coincident with surface geochemistry anomalism and existing ZTEM and gravity-derived geophysical anomalies, providing multiple lines of evidence for its mineral potential.
Understanding magnetotellurics — and why it matters at Rogozna
Magnetotellurics is a passive geophysical method that measures natural electromagnetic fields at the Earth’s surface to map the resistivity and conductivity of subsurface rocks. In a mining context, low resistivity and high chargeability typically indicate the presence of sulphide-rich zones, which are often associated with base and precious metal mineralisation. For porphyry and skarn systems like those being targeted at Obradov, MT is a particularly valuable tool because these systems can generate large-scale conductive signatures at depth, well beyond the reach of shallower techniques like IP.
Strickland is not relying on MT alone. The table below summarises the suite of geophysical methods being applied at Rogozna and what each is designed to detect.
| Geophysical Method | What It Detects |
|---|---|
| Magnetotellurics (MT) | Deep subsurface resistivity and conductivity; sulphide-rich zones at depth |
| Induced Polarisation (IP) | Chargeability anomalies associated with disseminated sulphide mineralisation |
| Gravity | Density contrasts; useful for identifying large intrusive bodies or skarn systems |
| ZTEM (Z-axis Tipper Electromagnetic) | Airborne conductivity mapping; identifies large-scale conductive structures |
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Rogozna resource base and what comes next
The Rogozna Project already hosts a substantial JORC 2012 Mineral Resource, and the MT survey results suggest there is meaningful discovery potential beyond the current resource footprint. The total resource stands at 217Mt at 1.33g/t AuEq for 9.25Moz AuEq, comprising 6.07Moz Au, 311kt Cu, 36.7Moz Ag, 383kt Pb, and 870kt Zn.
The Shanac deposit resource milestone, which delivered a 5.35Moz gold resource earlier in 2026, remains the anchor of the Rogozna project’s economic case and illustrates the scale at which individual deposit upgrades can move the total project endowment.
The resource is spread across four deposits:
- Shanac — 160Mt at 1.04g/t AuEq for 5.35Moz AuEq (Indicated and Inferred; April 2026)
- Gradina — 20Mt at 2.8g/t AuEq for 1.8Moz AuEq (Inferred; May 2026)
- Medenovac — 21Mt at 1.9g/t AuEq for 1.28Moz AuEq (Inferred; February 2025)
- Copper Canyon — 16Mt at 1.6g/t AuEq for 0.82Moz AuEq (Inferred; July 2026)
Near-term activity will centre on drilling at Obradov, which is planned for the coming months, alongside ongoing baseline surveys to support Pre-Feasibility Study (PFS) work. The MT results will be integrated with existing geological, geophysical, geochemical, and drilling data to refine targeting and prioritise the next phase of exploration.
With $72 million in cash and liquids as at 30 June 2026, Strickland is positioned to execute on this target pipeline without immediate capital constraints.
For investors wanting to understand how the project’s development timeline has progressed alongside the resource growth, our deep-dive into Rogozna’s development trajectory covers the PFS pathway, infrastructure considerations, and the milestones Strickland has set for moving the project toward a production decision.
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