Strata Minerals (ASX:SMX) has completed its maiden reverse circulation drilling program at the Penny South gold project in Western Australia, according to a Thursday filing with the Australian bourse.

Twelve holes were drilled covering roughly 2,583 meters. The program focused on testing two high-priority target areas at the project, per the filing. Initial assay results are expected in April.

Strata Minerals' shares plunged 25% in recent trade.