Stellar Resources Ltd (ASX: SRZ) has received three exploration drilling co-funding grants from the Government of Tasmania for a total of $133,750.
The grants were awarded under the seventh cycle of the Exploration Drilling Grant Initiative (EDGI) program for exploration drilling of the South Severn geophysical target and the North Scamander and Pinnacles tin metals projects.
Three exploration grants
The company has received $50,000 in funding for South Severn hole ZS152, where it is testing a large magnetically conductive and approximately coincident target south of the Severn tin deposit identified in geophysical modeling.
An additional $50,000 has been allocated to the North Scamander tin metals project. Two diamond drill holes are planned here for 2023 to test strong geochemical anomalies of river sediment and soil tin and surface rock chip results up to 1.07% tin generated by a Mineralized gossan outcropping on the North Scamander prospect coinciding with a significant magnetic anomaly.
Historical drilling has intersected intervals of pyrrhotite-cemented hydrothermal breccias associated with intense magnetite alteration of the host rocks and highly anomalous tin, copper and zinc grades.
Finally, the Pinnacles tin base metals project received a $33,750 grant for a planned diamond drill hole in 2023 to test strong tin geochemical anomalies in stream sediments and soil generated by veins. of quartz-cassiterite in outcropping extended sheets which correspond to a weak magnetic anomaly.
Historical drilling above target depth intersected up to 0.4% tin in laminated quartz-cassiterite veins.
Executive Director Gary Fietz said: “We are very pleased that the Government of Tasmania has shown its support for co-funding the costs of drilling our ongoing Severn South ZS152 geophysical target hole on Stellar’s flagship Heemskirk Tin Project and for our planned drilling next year will peak tin and base metal targets on our other projects within EL19/2020 in north east Tasmania.
Initiative encouraging exploration
The EDGI is a major Tasmanian government initiative designed to encourage exploration in the state. It represents an acknowledgment by the Government of Tasmania that mining is an important sector and underlies favorable references to Tasmanian mining.
Stellar received three of 17 EDGI Round 7 grants recently awarded by the Tasmanian government, the highest equal number of Round 7 grants awarded to a company.