Stelar Metals Ltd (ASX:SLB) has completed its acquisition of a 90% stake in the Trident Lithium Project in New South Wales by issuing 2,374,169 new shares to Everest Metals Corporation Ltd.
The final milestone payment is valued at A$500,000 and has been calculated based on a share issue price of A$0.2106, aligning with the 10-day volume-weighted average price (VWAP).
This payment comes after Stelar secured essential approvals from the New South Wales Resource Regulator and the Wilyakali Aboriginal Corporation to kick off drilling at the Trident Project.
$SLB Stelar Metals given green light for inaugural lithium drilling at Trident https://t.co/9v9tofJsh6 @stelarmetals #SLB #ASX #ASXNews— Proactive Australia (@proactive_au) October 24, 2023
Drilling to begin
With all permissions in place, Stelar is set to initiate its first hard-rock lithium drilling program at the Trident Lithium Project.
The exploration will consist of a 3,000-odd metre reverse circulation (RC) drilling program, slated to begin in early November.
Stelar's acquisition of the Trident Project adds to its existing portfolio of 100% owned projects in South Australia, which are rich in critical minerals including lithium, copper, zinc and cobalt.
About Trident
The Trident Project extends over the 20-kilometre strike length of the field and is highly prospective for hard-rock lithium mineralisation.
This was one of Australia's first lithium and tin mining provinces, highlighting the potential fertility and large scale of Stelar’s lithium-rich pegmatite system.
Mapped lithium-caesium-tantalum (LCT) type pegmatites at the project vary in size but can be up to 100 metres wide and extend in outcrop for more than 1 kilometre in length.