www.stellarresources.com.au
Stellar Resources (ASX: SRZ) holds two priority advanced resource projects - a major magnetite project located in South Australia and a high grade tin deposit in Tasmania - as well as a number of exploration properties targeting copper, gold, uranium and nickel.
The company's aim is to develop a minimum 5 million tonne per annum magnetite operation based on the completion of a successful feasibility study at Tarcoola iron ore project in central South Australia.
Stellar Resources to JV Gawler Craton copper gold exploration with AngloGold Ashanti
Melbourne based Stellar Resources (ASX:SRZ) has inked a joint venture agreement with AngloGold Ashanti Australia Limited over four exploration tenements in the Gawler Craton area of South Australia.
The deal with AngloGold will enable exploration to intensify on these highly prospective targets and at the same time allow Stellar to focus on its more advanced Heemskirk Tin Project and other tin and base metal exploration assets in Tasmania.
Under the terms of the JV, AngloGold Ashanti has agreed to spend $5 million within six years of the commencement date to earn a 75% interest in the tenements.
In the first two years of the joint venture, AngloGold Ashanti has committed to minimum expenditure of $500,000 including a drilling program of at least 1,000 metres.
All four tenements are prospective for copper/gold mineralisation of the IOCGU style characterised by Olympic Dam, Prominent Hill and Carrapateena.
EL 3752 and EL 3753 cover shallowly buried basement rocks that host the Cairn Hill mine to the east of the tenements and the Prominent Hill copper/gold mine to the southeast. Both tenements contain untested magnetic anomalies.
EL 3655 and EL 4573 cover a large but relatively shallow magnetic high which has not been previously drill tested. The geophysical target is considered to be similar to that over the Carapateena deposit.
Stellar recently completed its six hole drilling program at the near surface Queen Hill mineralization within the Heemskirk Tin Project in Tasmania, confirming the presence of a high grade tin zone.
In addition, On 6 October Stellar announced that it commenced drilling at the Williams gold prospect and at the Panama Hat gold mine, located 30km to the south of Broken Hill in NSW on Stellar’s EL 6556 (Panama Hat), to test the depth extent of mineralisation below high grade rock chip samples.
SRZ has a market capitalisation of A$14.70 million and A$1.93 million cash in the bank at the end of the June quarter.
