Strata Minerals Limited (ASX: SMX) has finalised a share placement to support the ongoing development of the Zelica Gold Project towards potential production.
The Company issued 8,571,429 new shares at $0.0175 per share, raising approximately $150,000 under its agreement with BML Ventures Pty Ltd (BML).
An ASX announcement released on 2 October 2026 detailed seven key operational priorities for Q4 2026, ranging from a maiden resource estimate to grade-control drilling.
Placement Completed Under the BML Partnership
The announcement confirms the following:
- 8,571,429 new fully paid ordinary shares issued
- Issue price of $0.0175 per share
- Funds Raised of approximately $150,000
- Shareholder approval obtained on 3 July 2026
The shares were issued pursuant to the strategic agreement with BML initially announced on 1 June 2026.
The final subscription amount was mutually agreed between BML and Strata Minerals, reflecting a figure below the maximum approved limit.
The commercial partnership remains active as both parties collaborate to advance the Zelica Gold Project.
Under the agreed terms, BML maintains its commitment to funding pre-development, capital infrastructure and operational mining costs.
This structure enables Strata Minerals to maintain exploration activities while leveraging BML’s financial backing for development work.
Overview of the Zelica Gold Project
Zelica represents Strata Minerals’ core asset. The Company holds a 100% interest in the project, situated within the Eastern Goldfields region of Western Australia.
Key project attributes include:
- Situated in the Yundamindra District, positioned between Leonora and Laverton
- Secured under a granted mining licence (M39/1101)
- Located within approximately 50km of several major deposits exceeding 1 million ounces and existing processing plants
- Shallow oxide gold mineralisation identified over approximately 1,000m of strike to roughly 115m vertical depth
- Mineralisation remains open along strike and at depth
Near-surface oxide gold mineralisation hosted in weathered rock typically presents lower technical complexity for extraction and metallurgical processing.
Figure 1: Location of the Zelica Gold Project relative to nearby gold projects and processing mills. [Source: Strata Minerals Limited]
The site benefits from legacy infrastructure, including a pre-stripped open pit measuring approximately 300m in length and 10 to 25m in depth, as well as existing vat leach ponds.
Drilling Confirms Continuity of Gold System
Two reverse circulation (RC) drilling campaigns conducted at Zelica have delivered consistent exploration results.
RC drilling utilises compressed air to retrieve rock chips for laboratory assay analysis.
- Maiden program: gold intersected in 22 of 23 drill holes
- Phase 2 program: significant gold intercepts returned in 16 of 17 extension holes, achieving a 94% hit rate across 2,209m
- Combined programs:38 of 40 holes encountered gold mineralisation across 4,159m of total drilling
Figure 2: Holes that intersected significant gold in the maiden and Phase 2 programs. [Source: Strata Minerals]
Assay results are reported in grams per tonne (g/t) of gold. Key highlights from the Phase 2 program include:
| Hole | Result (Au = gold) | Zone |
|---|---|---|
| SZRC030 | 12m @ 2.08g/t Au from 99m, including 2m @ 7.58g/t Au | Main lode |
| SZRC035 | 7m @ 3.32g/t Au from 71m, including 3m @ 5.37g/t Au | Main lode |
| SZRC036 | 5m @ 2.45g/t Au from 99m, including 1m @ 6.29g/t Au | Main lode |
| SZRC029 | 11m @ 1.25g/t Au from 78m | Main lode |
| SZRC026 | 1m @ 3.74g/t Au from 84m | Hanging-wall lode |
| SZRC025 | 1m @ 3.52g/t Au from 92m | Hanging-wall lode |
Table 1: Selected Phase 2 RC drilling results at Zelica. [Source: Strata Minerals]
Earlier maiden drilling included intercepts such as 3m @ 8.36g/t Au within a broader zone of 10m @ 3.18g/t Au from 37m depth.
Phase 2 drilling also delineated hanging-wall lodes, which represent parallel mineralised zones located above the primary lode structure.
These structures were intersected in five holes across 200m of strike, extending up to 50m deeper than previous drilling target depths.
The majority of drill holes have targeted oxide and transitional zones within the weathered profile, leaving underlying fresh rock mineralisation largely untested.
Unexplored Potential Across 9.5km Gold Corridor
Strata Minerals’ tenement package encompasses an interpreted 9.5km mineralised corridor.
Approximately 7km of this strike extent remains completely undrilled, with an additional 1.5km subject only to limited historical exploration.
Figure 3: The interpreted 9.5km Zelica gold corridor, split by how much has been tested. [Source: Strata Minerals ASX announcement, 3 June 2026]
Managing Director Peter Woods noted that less than 15% of the prospective corridor has undergone systematic testing to date. He stated that exploration across the project area remains at an early stage.
A high-resolution aeromagnetic survey has been completed across the tenure at 50m line spacing to assist in structural mapping and target generation. Survey results and refined exploration targets are expected in Q4 2026.
The Company’s exploration pipeline includes:
- Follow-up RC drilling targeting plunging high-grade shoots, initially focused near hole SZRC030
- 40m to 80m step-out RC drilling across a strike length
- Soil sampling and regional aircore drilling along strike to the north and south
- Initial grade control drilling within M39/1101
A Capital-Light Path Through BML Ventures
Pursuant to the binding Mining Services and Profit Share Agreement, BML is responsible for funding and managing project development and operational activities.
The scope encompasses four key operational areas:
- Regulatory approvals
- Mining
- Haulage
- Toll treatment processing via nearby processing facilities
Following project capital recovery, net profits will be distributed on a 50:50 basis between Strata Minerals and BML.
This tribute mining arrangement enables the Company to advance the asset while mitigating direct capital expenditure.
Figure 4: Drone view of the pre-stripped open pit and vat leach ponds at the Zelica Gold Project, photographed in August 2025. [Source: Strata Minerals Limited]
Pre-development workstreams are underway, including metallurgical, waste rock characterisation, soil and geological studies managed under the partnership framework.
According to its annual financial report, the Company closed FY2026 with approximately $1.72 million in cash reserves and zero debt.
Gold Market Backdrop
The development of Zelica coincides with favorable macroeconomic conditions in the gold sector. Key market metrics include:
| Indicator | Latest data | Source |
|---|---|---|
| Central bank buying, Q2 2026 | Net 289 tonnes, a record for a second quarter and 62% above a year earlier | Central Banking (WGC data) |
| Central bank outlook | Another strong year of net purchases expected, below the 2025 total | World Gold Council |
| Mine supply outlook | Output to edge higher, with long project lead times limiting the response | World Gold Council |
| Australian gold exports | About $68 billion forecast over the next few years, overtaking LNG as the second-largest export | Dept of Industry, Science and Resources |
Table 2: Gold market indicators relevant to Australian developers. [Sources: World Gold Council, Central Banking, Department of Industry, Science and Resources (September 2026 Resources and Energy Quarterly)]
Long lead times mean new supply arrives slowly. Zelica holds a granted mining licence and sits near existing mills. Both can shorten a project’s path to production.
Q4 2026: Seven Milestones to Watch
The Company has outlined several operational priorities targeted for completion during Q4 2026.
Figure 5: Near-term priorities and milestones expected for Q4 2026. [Source: Strata Minerals ASX announcement, 2 October 2026]
Share Price Activity
| Metric | Performance |
|---|---|
| Last Price | A$0.014 |
| vs Sector (1yr) | +15.51% |
| 52-Week Range | 0.013 – 0.032 |
| Market Cap | A$5.59M |
Table 3: SMX market snapshot. [Source: ASX]
Investors’ Outlook
Strata Minerals enters Q4 with a fully funded development partnership, a granted mining licence, and a mineralised system that remains open in multiple directions.
Drilling to date has demonstrated high continuity, intersecting gold in 38 of 40 holes, while the majority of the 9.5km corridor remains unexplored.
Upcoming news flow for the quarter will focus on a maiden JORC Mineral Resource Estimate, metallurgical test work, and geophysical target generation.
These milestones will provide key data to define the scale and commercial viability of the Zelica Gold Project.
Upcoming project catalysts:
- Maiden JORC 2012 Mineral Resource Estimate
- Metallurgical test work results
- Magnetic survey results and new exploration targets
- Grade-control drilling and MDCP submission
Disclaimer
This article has been prepared by Colitco in collaboration with Strata Minerals Limited as part of a commercial content and investor communications arrangement. Colitco may receive compensation for the production and distribution of this content. This article is intended for informational purposes only and does not constitute financial product advice, investment advice, or a recommendation to buy or sell any securities. The content reflects information available at the time of publication and may not be updated. All figures, data and statements have been sourced from Strata Minerals Limited’s official ASX announcements and publicly available sources. Readers should conduct their own independent research and seek professional financial advice before making any investment decisions. Past performance is not a reliable indicator of future results. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from expectations.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
