Mine development preparations at Rogozna: Gradina targeted first, annual extraction of 4.67 tons of gold planned

Australian company Strickland Metals is preparing the first phase of development for its Rogozna project in Serbia. The focus is on the Gradina deposit, with the potential inclusion of the Copper Canyon deposit, for which the company is considering a mine with an annual capacity of approximately 2.5 million tons of ore and a potential annual production of up to 150,000 ounces of gold, that is, roughly 4.67 tons.

This was outlined by Anthony (Tony) McClure, Chairman of Strickland Metals, during the Mining Forum Americas 2026 in Colorado, as reported by Investing.com.

At the forum, he presented the Rogozna development plan in detail and explained the reasons why the company had temporarily slowed down drilling activities in Serbia. Strickland Metals’ market value currently stands at around 170 million Australian dollars, whereas last year it was valued at approximately 600 million dollars.

Gradina as first phase of mine development

According to McClure, Gradina is currently Strickland’s primary focus.

– Gradina is what we are currently focused on. It will be the first mining project we develop – said McClure.

For Gradina, the company has estimated a resource of approximately 20 million tons of mineralized material with an average grade of 2.8 grams of gold per ton, which corresponds to a resource of about 1.8 million ounces of gold, or approximately 56 tons. The resource falls into the “inferred” category, and Strickland plans approximately 50,000 meters of additional drilling to test for extensions of the mineralization and upgrade a portion of the existing resource to higher confidence categories.

– It could potentially be an operation with a capacity of 2.5 million tons a year , producing up to, say, 150,000 ounces annually – said McClure.

This equates to an annual gold production of approximately 4.67 tons.

Strickland states that a scoping study is already underway and that further information should be released by the end of this year, while a Pre-Feasibility Study (PFS) is scheduled for the second half of 2027. The company’s official website currently lists the completion of the PFS as a target for 2027.

In the Q&A session following the presentation, he further clarified that both the scoping study and the PFS primarily addressed the initial, first phase of mine development.

“Cyanide-free”

McClure also highlighted the deposit’s metallurgical characteristics as one of the advantages of the Gradina project.

– From a metallurgical standpoint, the process is quite straightforward, with recovery rates exceeding 90 percent. We do not need to use cyanide – he said.

According to him, this simplicity of processing is precisely one of the reasons why Gradina is suitable for the initial phase of mine development.

In a later stage of development, Strickland might also consider incorporating the Copper Canyon deposit, located near Gradina, which also contains copper.

McClure noted that Copper Canyon had previously been evaluated for open-pit mining, whereas the company was now leaning towards the possibility of underground mining, though he added that further work on the project was required.

Entire Rogozna project estimated at 288 tons of gold equivalent

The entire Rogozna project currently comprises four main deposits - Sanac, Gradina, Medenovac, and Copper Canyon - with a total mineral resource of 9.25 million ounces of gold equivalent. This amounts to approximately 288 tons of gold equivalent (whereby “gold equivalent” accounts for other metals and does not represent 288 tons of pure gold).

However, Strickland does not view the current resource estimate as the project’s ultimate limit.

McClure stated that doubling the current estimate was not unrealistic, provided that further drilling confirmed the exploration potential.

The company is placing particular emphasis on further drilling in the Sanac and Medenovac areas, as well as on new targets such as Kotlovi and Red Creek.

“The government told us to keep a lower profile during the elections”

One of the more interesting parts of McClure’s presentation at the forum concerned the slowdown of drilling activities in Serbia.

He stated that the company had entered a period of intensified political activity earlier that year and that the Serbian government had suggested mining companies reduce the visibility of their operations during the election process (specifically, the upcoming parliamentary elections in Serbia on October 25).

– The government told us to keep a lower profile during this election process – McClure said.

According to him, this has affected the scope of field operations.

McClure noted that the company expected activities to resume after the elections, adding that, in the best-case scenario, new drilling could begin in November.

Sanac an opportunity for Zijin

Discussing Strickland’s financial position, McClure noted that the company held nearly AUD 60 million in cash, alongside approximately AUD 25 million in listed securities, bringing total liquid assets to around AUD 80 million.

– We do not need to raise new capital in the near future – McClure said.

According to him, this strong financial position has enabled Strickland to invest significantly in exploring the Rogozna site, including spending about AUD 30 million on drilling and project development during the first 12 months following the project’s acquisition in 2024.

He specifically highlighted Zijin Mining, which had acquired a 7.4% stake in Strickland through a series of transactions.

He described Zijin as a key strategic investor for the company, noting that Strickland viewed the presence of a major mining firm as a validation of interest in Rogozna and Serbia’s broader mining potential.

At the same time, it is evident that Strickland does not plan to develop all Rogozna deposits simultaneously in the long term and is open to handing over some of them to larger players.

Regarding the Sanac deposit, which is significantly larger than Gradina, McClure stated that the company did not expect to shoulder the burden of developing such a massive project itself, and suggested that, instead, Zijin or other major mining companies might be interested in it.

Branislava Petrovic

Serbia Zijin Mining d.o.o. Bor

Strickland Metals

Zijin Mining

Rogozna

Gradina

gold explorations

gold mine

elections in Serbia