Stellar Resources Ltd (ASX:SRZ) is trading higher after making a new high-grade polymetallic discovery during maiden drilling of a diamond hole at its North Scamander Project in northeast Tasmania.
The discovery, part of the company’s 239-square-kilometre North Scamander Project, has similarities with the tin-silver polymetallic systems of the world-class Bolivian Tin Belt.
High-grade results
Results from drill hole NSD005 at the upper vein-breccia zone returned significant intercepts such as 32 metres at 141 g/t silver, 0.34% tin, 3.8% zinc, 2.0% lead, 77 g/t indium and 19 g/t gallium from 130 metres, including:
- 5.0 metres at 495 g/t silver, 1.04% tin, 5.2% zinc, 7.1% lead, 113 g/t indium and 23 g/t gallium from 130 metres; and
- 1.4 metres at 353 g/t silver, 2.29% tin, 14.2% zinc, 8.8% lead, 594 g/t indium and 29 g/t gallium from 159.7 metres.
Also worth noting were the individual results of up to 1,035 g/t silver, 5.75% tin, 27.6% zinc, 21.2% lead, 1,070 g/t indium and 37 g/t gallium within the 32-metre intercept.
As well, the 77 g/t average indium grade compares favourably with those in known indium base metal deposits globally.
Investors have also welcomed the strong results, sending shares as much as 25% higher to $0.015,
North Scamander Project showing historic drilling (black) and NSD005 drill hole (yellow).
Unlocked potential
“The outstanding results returned from our maiden drill hole demonstrates the huge potential yet to be unlocked at North Scamander, and we look forward to growing our understanding of this new discovery which complements our already significant tin mineral resource inventory at our flagship Heemskirk Tin Project,” Stellar executive director Gary Fietz said.
“We are delighted with these results and are already planning for a downhole electromagnetic survey to be completed next month, with the results to assist with follow-up drill testing of this exciting target as soon as practicable.”
Additionally, petrological and mineralogical studies on NSD005 drill core samples will be undertaken in the December quarter, with the objectives of identifying the tin, silver and critical minerals present and the understanding the deportment of all key metals present.
Copper find
Elsewhere, drilling at the lower stockwork zone returned anomalous copper levels, including 96 metres at 0.04% copper from 369 metres.
These results confirm a change in mineralisation style and metal tenor from the silver-tin-zinc-lead-indium mineralisation in the upper vein-breccia zone.
They have also been interpreted as a possible “near miss” of a potential tin system, or a low-grade copper-dominant system, of which the core of the magnetic anomaly has yet to be tested.