Stellar Resources hits tin mineralisation at Heemskirk

Stellar Resources (ASX:SRZ) has reported solid assay results from the latest core samples at its Tasmanian Heemskirk Tin project. 

The market has responded positively to assay results for two Severn prospect infill drillholes (ZS148 and ZS149 respectively) with Stellar’s share price enjoying a 5% increase.

Of 50 intercepts retrieved from the project, Stellar reports today’s results reflect the second-best grade results logged so far. 

Intercepts retrieved provide evidence for thicker and deeper zones of mineralisation than logged in current resource estimates.

A map locating drillholes at the Severn target acreage with underlying magnetics data

Resource update coming in October 

Stellar Resources has a busy second half of 2022 in advancing the Heemskirk project forward.

A mineral resource update for the Severn prospect is to be commenced in October this year with a larger mining study to be completed at the same time. 

New capital and operation costs will be estimated in October, preceding a scoping study to be conducted in November 2022. 

Sound cash position 

Stellar reported cash on hand of over $3m at the end of the March quarter, compared to a market cap under $18m. 

The company spent $720k in the 2021 FY and has spent $900k YTD in 2022. 

It is likely the scoping study will see an increase in operational expenditures.