Stellar Resources Ltd (ASX:SRZ) has followed up a previous 38.9-metre interval of visually confirmed zinc-lead-copper mineralisation (stockwork veining) with a further 160 metres of copper-prospective core at the North Scamander Project in northeast Tasmania in the same drill hole.
Read: Stellar Resources observes 38.6-metre zone of zinc-lead-copper sulphides at North Scamander; shares up
SRZ targeted the diamond drill hole at historical drilling on the project, confirming the presence of a copper-bearing stockwork zone in the target area, a “significant” hydrothermal system, according to the company.
Overall, this 732.7-metre hole has now intercepted some 212 metres of mineralisation, including the 38.9-metre interval previously reported and a 14-metre section of weaker copper stockwork veining.
Stellar has interpreted these results to indicate two separate mineralisation styles in the upper and lower parts of the hydrothermal system, with the chalcopyrite mineralisation in the stockwork veining results indicating a ‘near-miss’ with a possible tin system or as low-grade margins to a copper-dominant system.
Investors have again welcomed the new observations, sending SRZ shares as much as 25% higher this morning to $0.015.
Emerging base metal discovery
“The discovery of a new copper-bearing stockwork zone at North Scamander is a fantastic development for the North Scamander prospect and Stellar Resources,” Stellar Resources executive director Gary Fietz said.
“All the signs point towards an emerging base metals discovery on Tasmania’s east coast.”
SRZ intends to follow these results up with a downhole electromagnetic (DHEM) survey once geological logging is complete.
The company is in the process of securing and dispatching drilling samples to the laboratory for analyses, with 232 metres completed so far.
Stellar expects to complete this process by mid-August, with the first batch of results available by mid-September and the second in late September.
It is confident that the assays will support the observations made to date.