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Stellar Resources wins exploration licence over highly prospective Tasmanian VMS targets

Stock Markets Dec 06, 2022 11:30
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© Reuters. Stellar Resources wins exploration licence over highly prospective Tasmanian VMS targets
 
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Stellar Resources Ltd (ASX:SRZ) has been granted an exploration licence over the Concert Creek-Carbine Hill area in western Tasmania considered to be highly prospective for volcanogenic massive sulphide (VMS) style lead-zinc-copper-silver-gold deposits.

The company’s wholly owned subsidiary Columbus Metals Limited was granted Exploration Licence EL29/2022 in a strategically located and lightly explored area around 10 kilometres east of Zeehan.

In prolific region

It covers the Mount Read Volcanics that is renowned for hosting major VMS deposits including Rosebery zinc-lead-copper-silver-gold mine 11 kilometres northeast, the historic Hercules silver-lead-zinc mine 5 kilometres east and Henty gold mine 8 kilometres southeast.

Executive director Gary Fietz said: “Stellar is delighted to have been awarded this strategically located and highly prospective exploration licence within the renowned Mount Read Volcanics VMS province.”

EL29/2022, which is also around 10 kilometres from Stellar’s Heemskirk Tin Project and 7 kilometres from the Renison tin mine, contains more than 52 documented historic mineral occurrences within a relatively small footprint of 15 square kilometres.

There has been significant exploration and drilling undertaken in the southern part of the licence area near the historic Great South Comet and Kosminsky mine areas, however, no drilling has been undertaken in the vicinity of the Carbine Hill and Evenden drill targets.

Three targets defined

“We have defined three drilling targets based on airborne electromagnetic conductivity anomalies and anomalous lead and zinc surface soil and/or surface rock chip geochemistry results and expect to commence drilling during 2023,” Fietz said.

Stellar has started refining the three drill targets with updated modelling of VTEM targets, further soil and rock chip sampling around the target areas, analysis and finalisation of hole locations.

It expects to progress to initial drill testing of these targets during 2023.

The licence was granted after a competitive process in which applicants were assessed on the merits of the exploration work programs submitted.

Location of EL29/2022.

Previous work

A high-resolution helicopter-borne Versatile Time Domain Electromagnetic (VTEM) survey was flown by Stellar in 2007 over previously held EL21/2004 which overlapped the Carbine hill targets in EL29/2022.

Initial conductivity inversion modelling of the Carbine Hill VTEM anomaly was undertaken in 2008 by geophysical consultant, Jovan Silic, for Stellar identifying the Carbine Hill VTEM anomalies as prospective exploration targets.

In 2012-2013 a further helicopter-borne VTEM electromagnetic survey was flown over the EL29/2022 area by previous licence owners, Yunnan Tin Australia, which reconfirmed the VTEM anomalies at Carbine Hill and also identified other VTEM anomalies/targets over EL22/2010.

Many of these are coincident with anomalous surface soil and/or surface rock chip geochemistry results.

In 2014 Geotech Ltd undertook conductivity and magnetic inversion modelling including generation of the Maxwell conductor plates over the VTEM anomalies identified in the 2012-2013 helicopter-borne VTEM and magnetic survey over the EL29/2022 area.

The Carbine Hill targets are strong, isolated, flat-lying conductors of limited strike extent, possibly hosted in volcaniclastics, typical of flat lying volcanic hosted sulphide deposits.

Historical drilling

Yunnan Tin Australia drilled some of the VTEM anomalies within the EL29/2022 area focusing on the Great South Comet and Kosminsky mine areas with best intersections including:

  • 1-metre at 9.1% lead and 9.6% zinc from 93 metres, 1-metre at 1.7% lead and 0.5% zinc from 100 metres and 5 metres at 1.6% lead and 2.1% zinc from 438 metres;
  • 3 metres at 2.0% lead, 2.45% zinc and 84 ppm silver from 166 metres and 2 metres at 24.1% lead, 1.48% zinc and 650 ppm silver from 249 metres; and
  • 4 metres at 5.5% lead, 2.52% zinc and 67 ppm silver from 247 metres.
The Carbine Hill East, Carbine Hill West and Evenden VTEM anomalies are interpreted as high-quality drill targets supported by modelled Maxwell conductor plates and coincident anomalous surface soil and/or surface rock chip geochemistry results.

Exploration plans

Stellar is planning to diamond drill three VMS-style targets – a 350-metre hole at Carbine Hill West, a 200-metre hole at Carbine Hill East and a 200-metre hole at Evenden.

These targets will be refined before drilling with Stellar planning the following work by the end of the March quarter of 2023:

  • Modelling of the three targets from the 2012-2013 VTEM survey.
  • Further soil and rock chip sampling program around the three target areas.
  • Analysis of previous and new soil and rock chip data.
  • Finalise drill hole locations and orientations based on above.
  • Planning of site access for drilling.
  • Engage drilling contractor.
The drilling program is expected to be undertaken during 2023, subject to rig availability. It is expected that the holes will need to be heli-supported.

The full budget for the program is estimated at $330,000 and the program will be managed by Stellar’s existing team based in Zeehan.

Read more on Proactive Investors AU

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Stellar Resources wins exploration licence over highly prospective Tasmanian VMS targets
 

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