Microcap explorer Stellar Resources’ (ASX:SRZ) shares have jumped 13% today to 1.7c as the company unveils fresh thick tin hits at the Severn prospect in Tasmania, part of the company’s larger Heemskirk tin project.
Management notes intersections encountered in the latest drill run are thicker than accounted for in the existing Heemskirk mineral resource Investors are reassured an upgraded mineral resource estimate (MRE) is coming in October.
At this time, the technical wisdom surrounding Heemskirk predicts a north-plunging mineral deposit of high grade tin.
So far, the still ongoing Phase 2A drilling program at Heemskirk’s Severn prospect continues to confirm this belief.
Results announced today are from the Phase 2A drill program, with two more drillhole results to be announced in October, ahead of the new MRE (ZS152 and ZS154 respectively.)
“We are delighted by [today’s] results which rank among the best intercepts ever recorded at Severn,” Stellar executive director Gary Fietz said.
“The Phase 2A drilling program is progressing well, with all results expected to be incorporated into the October resource upgrade.”
“[This will precede] the Heemskirk Tin project scoping study planned for completion in November.”
While Stellar is witnessing a good news day today, the company has not particularly faired the turbulence of 2022 well.
In mid February, the company’s share price sat at 3.3c, meaning it has lost half its value in six months.
Year to date performance is down -27% and one year returns are down -37%.
Compared to the ASX200 on a one year basis, Stellar underperforms at -28.6%. The company is ranked 599 of 906 in the materials sector; it has a market cap of $14.2m.
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