Strickland Metals Limited provided an update on its Iroquois Zinc-Lead Project located in the Earaheedy Basin in Western Australia (80% Strickland; 20% Gibb River Diamonds Ltd). The company has proposed to demerge the asset from Strickland (Demerger). The Demerger remains subject to the Company obtaining the necessary shareholder, ASX and regulatory approvals.

The Demerger will create a dedicated, Western Australia focused base metals exploration company. The Demerger will enable Strickland to focus its resources on developing its Yandal Gold Project. Iroquois Geological Model and Drilling: A recent close-spaced ground gravity survey delineated a large circular feature with intrusive-like geometry approximately one kilometre north-east of any prior drilling.

Soil sampling undertaken around the feature highlights a coincident Cu, Zn, Pb, As, Bi, Sb, Te, W geochemical signature which accurately maps the feature. This is indicative of a previously unrecognised proterozoic intrusion within the project area, with a geochemical signature indicative of a fertile intrusion-related Carbonate Replacement Deposit (CRD) style of mineralisation. Subsequent soil sampling also mapped this anomalism extending 1.8km to the south-west towards the previously intersected Zn-Pb mineralisation at Iroquois.

The Company believes this geochemical anomalism maps the interpreted `feeder' structure for the Zn-Pb mineralisation. This intrusion is now interpreted to be the heat source required to generate the polymetallic system seen in both the surface and drill geochemistry, that both overprints and potentially remobilises the pre-existing Zn-Pb MVT style mineralisation. Historic exploration work conducted by RGC Exploration Ltd. in 1995, (including a fluid inclusion study on mineralised Iroquois dolomite drill core samples), concluded: An initial, low to moderate temperature mineralising fluid, characterising the primary fluid inclusions and consistent with typical carbonate-hosted, MVT-style Zn-Pb mineralisation.

Overprinting by a moderate to high temperature event, with temperatures as high as 370 C° indicated by secondary inclusions. Interpreted by RGC as reflective of the evolving tectonic history of the basin margin and potentially important in the mobilisation of base metals in the basin sequences, indicative of high heat flow and a possible igneous heat source. RGC interpreted this late-stage, high temperature event as inconsistent with data generally obtained for carbonate hosted Zn-Pb systems, providing potential for other metal species (Cu, Ag and Au) either from a separate source or in a higher temperature event than that linked to the circulation of basinal brines and the deposition of Zn-Pb sulphides.

Rumble interpreted the following from these results: The high-grade silver and copper (polymetallic) mineralisation discovered with associated, tungsten, molybdenum and nickel is considered to be a later overprinting mineralising stage to the main Zn-Pb unconformity and MVT metallogenic event. The later polymetallic faults/structures is inferred to transgress the previously highlighted east-west, northwest and northeast structural trends that control the Zn-Pb Unconformity and MVT mineralization at Chinook. A higher temperature depositional environment would be required for copper and tungsten development.

Geological mapping and interpretation from drilling suggest at least three significant hiatuses (unconformities) are associated with the Chinook, Tonka and Navajoh Zn-Pb mineralising systems. This suggests a series of basin and inversion events occurred rapidly to allow for the change in metallogenic deposition environments with respect to pressure and temperature gradients required for the different mineralising styles. Multi-element results from STK RC drilling, while being relatively consistent for Pb-Zn grade, show a significant gradient for high temperature indicators between IQRC001 & IQRC010 (100m apart), as mineralisation moves towards the south-east: As, Co, Cu and Ni show a five-fold to ten-fold increase in enrichment across the lowermost interpreted ore lens. Ag and W are significantly enriched, with respect to the global mean for Iroquois regional drilling.

Based on this gradient, a structurally-controlled Iroquois feeder zone target is inferred to exist less than 200m southeast of IQRC010. A minimum of three diamond drillholes, over a strike of 600 metres, are planned targeting both up-dip extensions of the relatively flay-lying stratabound mineralisation (both hangingwall and footwall positions), as well as the inferred Iroquois feeder structure itself. Planned hole 1 is approximately 100 metres to the south-east of IQRC010 (8 metres @ 5.2% Zn from 95 metres and 5m @ 10.1% Zn + Pb from 110m within a wider zone of 18m @ 4.2% Zn + Pb.

Planned hole 2 is approximately 100 metres to the south-east of IQRC003 (12m @ 5.4% Zn + Pb (combined) from 58m (incl. 6m @ 6.2% Zn from 58m, 6m @ 4.6% Zn + Pb from 96m) and has been designed to test the IP chargeability anomaly, hosted within the Iroquois Feeder Structure itself. Planned hole 3 has been designed to test an offset in the interpreted Iroquois Feeder Structure to the north, closer to the interpreted `fertile' intrusive unit.

Yandal Gold Project Update: The Company is focused on completing the updated Mineral Resource, which remains on schedule to be released in second quarter 2023. Further drill programs at the Company's Yandal gold project are expected to commence upon release of the updated Mineral Resource and completion of the Iroquois and Bryah Basin Demerger and IPO.