G'day, everyone. Nice to be here today to give you a bit of an overview of the Strickland Metals story. So, Strickland, a few years ago, like most or many WA junior explorers, had a share price of about AUD 0.02. It had been on a bourse for about 10 years, wasn't really doing much. New management came in a few years ago, led by Andrew Bray, decided to recapitalize the company. They brought in a new asset called the Millrose Gold Project, drilled out that project, and last year sold it for about AUD 60 million to Northern Star. So, by that stage, Strickland had a share price of about AUD 0.10. The new management thought to themselves, "How do we grow this company beyond a AUD 100 million market cap?
You know, how do we get this thing to maybe AUD 500 million or even more?" They decided they needed a new asset, a second asset to help do that. So, in July this year, they finished the acquisition of the Rogozna Gold Project, which was a project that I'm very familiar with. I've been on the project for five years. It was owned by my private equity business, Ibaera Capital. We acquired the project from Eldorado Gold in 2019, and I'll give you a little bit of a background to that. So, where we are today, we're a pretty unique prospect. We've got two projects, both of which are cracking gold projects. Most juniors, obviously, very happy if you've got one. Well, we've got two. We've got over AUD 40 million in cash in Northern Star shares, so we're fully funded.
We're currently one of the more active juniors on the market. We're in the midst of an 80,000-meter drill program, and we've got a lot of growth ahead of us over the next 12 months. A little bit on the corporate structure: so, over 2 billion shares on issue. That is a legacy of the fact the company has been around for over 10 years. We've got a very strong technical board. In terms of the share ownership, we've got about 20% institutional ownership. The top 20 own a bit over 50%. Okay, so on to Rogozna. And why is this project so special? So, this is the sort of project that normally only sits in a major, and for the best part of 20 years, it was owned by majors in Canada. So, it was previously owned by Freeport in the early 2000s.
Eldorado Gold had it for five years. Cumulatively, they'd spent over $60 million on it. My company, Ibaera Capital, spent $20 million on it. And so, it's now got over 100,000 meters, over $100 million spent on it. Why is it so special? We are in the Western Tethyan Belt. This is essentially Chile in Eastern Europe. Serbia has multiple giant deposits in two main regions. On the eastern side, we've got the Bor District. There, Zijin Mining have invested $5 billion over the last few years, both acquiring assets and building a brand new mine over the last two years. Where we are is in the south of the country, the Trepča Mineral District. This was once Europe's largest and highest-grade zinc-lead-silver mining district, and we are in the guts of that.
We've got an operating mine 4 kilometers away, and we are in a truly anomalous geological position. Because of the geology, all the majors are there. So, I talked about Zijin and their investment. We've got Rio Tinto, BHP, Vale, Newmont, Kinross, Dundee, and Adriatic Metals, for those of you that don't know, have recently built the Vares mine a couple of hundred kilometers away in Bosnia. In terms of our project, this is a massive mineral system. So, this is a porphyry system. So, it's about the exact opposite that you're going to get in WA. We've got a hundred and eighty-odd square kilometers of tenements. Our resources sit on two deposits. We've actually got four. We're currently drilling the other two at the moment. We're aiming to double the resource base within the next twelve or so months.
These are gold and base metals-rich skarn deposits, a little bit like the previous presentation. Skarn deposits are porphyry-related, but the great thing about a skarn is the mineralization is in place in carbonate rocks, which allows you to get a lot higher grades than you get in your typical porphyry. This is just some of our drilling results this year. As you can see, we get several hundred meter thick continuous zones of mineralization. So, this is very rare across the ASX. There's not many companies that put out these sorts of drill results. We report in gold equivalent because gold is about 60%-70% of the metal in these things, but we also do get quite a bit of copper, and occasionally we get a bit of zinc as well.
Importantly, when you're drilling these things, you don't just get the big, fat 200-300 meter intercept. You get multiple high-grade zones within that. So, we get a lot of optionality. When we think of mining these things, we can either go very large scale, which is when the majors come to sight. That is exactly what they're looking for. Or we can do more like an Adriatic Metals scale, 1-2 million tons, just chasing the high-grade mineralization. Our main deposit, currently our largest and the most advanced, is called Shanac. It's got about 4.6 million ounces in resource. Through the guts of that resource, you get about 14,000 ounces per vertical meter, which is just unheard of in Australia. Importantly, we obviously also get the high-grade zones within this central domain.
You can see here on the left, these are just the intercepts we've drilled this year. And as you can see, we've got a lot of high-grade zones. Average thickness is about 30 meters at about 3 grams gold equivalent. This is what it looks like in cross and long section. We get vertical zonation. We get an upper zone of epithermal gold-rich mineralization, and then we get a copper-gold zone sitting beneath that. And in long section, it's over 500 meters long. So, the actual ore body is about 300 meters vertically of continuous mineralization, by about 300 meters wide and 500 meters long. And that's why you get so much metal per vertical meter. Our second, probably most important deposit at the moment is Gradina. And Gradina is important because this one's a little bit simpler. It's gold only.
90% of the metal here is gold. As a result, we get really good metallurgical recovery, about 88%. Importantly, with Gradina, it's actually never been drilled near surface. All the data suggests it does come to surface, but the easiest access in this fairly rugged terrain is in the valley to the left. So, previous explorers drilled from there. When you drill from that valley, you hit the ore body a few hundred meters down. We've actually just put in a road going up that hill, and we've drilled the first couple of holes trying to chase that mineralization up to surface. So, if we get that mineralization to surface, that obviously brings an open pit into play, or at least a very shallow underground. We should be releasing those first results hopefully next week. Medenovac, same story. We discovered this one a couple of years ago.
One of our first holes into this one hit about 350 meters at 2 grams gold equivalent, including a high-grade portion almost 100 meters thick, running about 5 grams gold equivalent. We've followed that up this year. We've now got a very nice coherent zone at the southern part of the deposit. That's about 150-200 meters long, 50-100 meters thick high-grade within 200-300 meters thick lower-grade intercepts. This one, we should be putting out a resource hopefully in February/March next year. And then that brings us to Kotlovi. This is a new discovery. One of the great things that we've been able to do under the Strickland ownership, we've had one rig dedicated just to exploration, while we've had three other rigs drilling resources. That first exploration rig has paid dividends.
We've announced this about a month ago. We've made our first discovery under Strickland at Kotlovi. This target, just 350 meters from Medenovac, hit multiple styles of mineralization over a 400-meter vertical intercept. It's open towards surface. We think it's going to get very close to surface, and we think this is the potential to add significant ounces to the overall project as well. Then just across the project, so when we acquired this in 2019 as Ibaera, we only acquired two licenses: the main license, which has Shanac and Copper Canyon, and also the westernmost license. We then stitched together the other two licenses, so we own 90% of the whole system. The other 10% extends over the border into Kosovo, where Newmont have a project directly adjacent to us.
What we then did, we covered the whole project with airborne geophysics and geochemistry, and we generated about another 20 targets. With that one exploration rig, we're just going target to target, just trying to find more. What we're really trying to do here is demonstrate potential for a 20 million ounce system, and that's really the sort of system that is really going to be highly sought after by all the majors that are active in the region. That brings us to Yandal. Yandal was the foundation asset for Strickland for many years. It's why most of the shareholders in Strickland invested. It's your classic Western Australian Archean gold project. It's very strategic for its own reasons. The main aspect being, it's right next door to Northern Star's Jundee mine. Last year, as I said, Strickland sold the Millrose project for AUD 60 million.
That equated to about $175 an ounce. That demonstrates the really high value of ounces next to a hungry mill. Jundee is actually a very old asset now, deep underground. They're starting to get refractory ore. So, any oxide or shallow high-grade resources that they can acquire are worth a lot. Their average all-in sustaining costs are about $2,000 an ounce. So, any ounces that they can acquire nearby are worth about $2,000 an ounce to Northern Star, so at the moment, we're pretty committed with our exploration here. This year, we drilled 20,000 meters at the Horse Well Gold Camp. That camp has about 150,000 ounces of oxide resources, and really, the goal there for this year was to drill underneath those oxide resources and expand those resources into the fresh rock.
We've had fantastic results, arguably as good as most or any junior on the market. The other important learning that we've got this year from all this work is we've actually figured out where all the resources sit at Horse Well is probably only about a third of the actual gold camp. The rest of the two-thirds is undercover, transported cover to the north. Historical drilling up there was relatively shallow and RABbed, and we think it's largely ineffective. Over the next 12 months, we'll look to expand that mineralized footprint north of Palomino undercover. As I said, we've got some great results. We've been chasing this mineralization down plunge and at depth, you know, 10-17 meters thick, up to 10 grams per ton. We get a lot of visible gold here.
The metallurgical recovery is over 90%, and all the mineralization is completely open. Same story at Warmblood. This one's probably my favorite one. It's over a kilometer long now. We've managed to stitch together two deposits, which were previously thought to be separate. We've drilled in between them, and we've connected them now, and the average drilling depth here is just 80 meters, so this is an easy one for us next year to continue growing the resources. We can just chase it a little bit deeper and hopefully get line of sight to get this thing over 500,000 ounces. Okay, so the next 12 months, as I said, currently we are one of the more active juniors on the market. We're in the midst of an 80,000-meter drill program.
We've got 20,000 meters of that next year in WA at Yandal and 60,000 odd meters in Serbia. We're going to deliver at least three resource upgrades in Serbia starting in February next year, another one in March, and then another one later in the year, and by December, we aim to deliver our first scoping study on the project, which will look at stage one mine development. As I said earlier, there's four deposits, so the way Serbia will be developed is a sequence of one deposit, then the next one, then the next one, and you'll gradually grow the deposit and the mining system that way, and in WA, we're going to drill those 20,000 meters looking to get north of 500,000 ounces at Yandal, and then we'll do a resource update there as well.
Really importantly, all of this work, we're fully funded. We don't need to raise any money. We can keep doing this work at this pace for another 18 months. That's very rare, obviously, among juniors. We look forward to continually putting out these great results every two or three weeks for the next 12 months. In summary, why should you invest in Strickland and why have I invested? You know, two great projects, equally as good as each other, both strategic in their own rights. Serbia's strategic, given its ultimate scale. It's going to be really sought after by the majors who are active in the region. Yandal's strategic, given its proximity to a hungry mill. All of the work we're going to do, the 60 to 80 thousand meters of drilling, fully funded.
We think with all of this, we've got more leverage to the gold price and resource growth than just about any company on the market. So, when you add all this together, what do you get? We think it's a very clear recipe to create long-term and very sustainable value. Hope you'll join us. Thank you.