Stelar Metals Ltd (ASX:SLB) has entered into a binding agreement with Everest Metals Corporation Ltd to acquire 90% interest in four large granted exploration licences with significant lithium potential along with cobalt and copper near the mining centre of Broken Hill in Far West New South Wales.
The company is set to bring into its fold EMC’s Trident, Midas and Perseus projects, covering 719 square kilometres in the resource-rich Curnamona Province.
Moving forward, Stelar is now planning the first drilling program targeting lithium at Trident north of the town.
Location of Stelar's new projects.
Potential future discovery
Stelar chairman Stephen Biggins said: “Stelar Metals is leading the charge to explore for lithium in New South Wales and with success aims to potentially develop NSW lithium production.”
“Stelar Metals CEO Colin Skidmore and myself worked successfully together at Core Lithium to identify and establish the Finniss Lithium Project, which has recently become the first operating lithium mine in the NT.
“We are excited about this new project opportunity as we aim to repeat similar success for Stelar shareholders and stakeholders in NSW.
“These new lithium assets are a perfect fit for Stelar who, through its combined board and management expertise with lithium and exploration experience at Broken Hill, are well positioned to advance these projects towards a potential future discovery."
New Projects
The Trident Project is considered prospective for lithium mineralisation associated with abundant pegmatite swarms that were historically mined for tin-tantalum along a 15-kilometre corridor known as the Euriowie Tin Field.
The Midas Project is considered prospective for copper and cobalt and has NSW drilling approvals in place to test three prospect areas with up to 34 reverse circulation drill holes.
Meanwhile, the Perseus Project is on the Mundi Mundi Plain to the west of Broken Hill and is considered prospective for Mutooroo-style copper-cobalt and Bimba-style copper-gold mineralisation associated with iron oxide formations in structurally complex zones.
Significant expansion
Numerous pegmatite swarms are mapped along 15 kilometres of strike length at the Trident Project that have historically been worked for tin and tantalum with individual pegmatites up to 300 metres in length and 60 metres wide.
Lithium minerals have been identified in the historic tin workings with lithium grades recorded in previous surface sampling.
Stelar CEO Colin Skidmore said: “Stelar is very pleased to announce the significant expansion of our portfolio with the acquisition deal for the new Trident Lithium Project.
“At this early stage, Stelar’s Trident Lithium Project seems to have similar attributes to the lithium-rich pegmatites in the Bynoe Pegmatite Field in the NT.
“The Trident lithium-rich pegmatite field has been worked historically for tin and tantalum, includes tens if not hundreds of pegmatite bodies of significant scale within a large pegmatite field tens of kilometres long and has not yet been drill targeted for lithium.”
“Stelar looks forward to getting on the ground in coming months and building the first round of lithium pegmatite drill targets.”