Stellar Resources Ltd (ASX:SRZ) is trading higher on tin results from drilling at its flagship Heemskirk Tin Project in Tasmania, fielding some of the strongest intersections to date.
Results from an infill hole have surpassed what was recently declared the second-best intersection ever recorded on a grade-by-thickness basis, reporting 36.6 metres at 1.07% tin and 0.19% copper from 471.5 metres, including 12 metres at 2.12% tin and 0.23% copper from 485 metres.
Meanwhile, another infill hole returned the second-widest tin hit on record, clocking in at 51.6 metres at 0.44% tin and 0.06% copper from 381.3 metres, including 5.7 metres at 0.71% tin and 0.04% copper from 381.3 metres, and 3.2 metres at 1.91% tin and 0.09% copper from 429.8 metres.
Promisingly, the new holes — along with recently announced hole ZS148 — returned significantly thicker intersections than the current mineral resource model indicates.
The new intersections also highlight a north-plunging, high tin grade-by-thickness zone in the northern part of the Severn target. This extends for around 200 metres down dip and roughly 50 metres along strike.
Investors have welcomed the results, sending SRZ shares as much as 47% higher intra-day to $0.022.
What does this mean for Heemskirk?
Big-picture, Stellar said its phase 2A drill program was progressing to plan, with just more than 2,500 metres of the planned six-hole, 3,130-metre campaign completed to date.
A mineral resource update is in the calendar for October, along with a refresh on Heemskirk’s capital and operating cost estimates.
Further afield, Stellar plans to release a mining study for the tin project in November, alongside a scoping study update.
Over the second half of this year, the company is putting pen to paper for its phase 2B infill drilling program.
This campaign will be designed to extend the indicated resource at the Severn and Queen Hill targets. It should kick off directly after the phase 2A program.
Once both programs wrap, Stellar will focus on a pre-feasibility study, which it hopes to release in 2023.
Tracking towards October mineral resource update
Stellar executive director Gary Fietz said today: “We are delighted by the results from drill holes ZS150 and ZS151, which rank among the best intersections ever recorded at Severn and further define a north-plunging, high grade-by-thickness zone in the northern part of the Severn tin deposit that is significantly thicker than the current mineral resource model indicates.
“The phase 2A drill program is progressing well, with all results expected to be incorporated into the October mineral resource update in preparation for the Heemskirk Tin Project scoping study, planned for completion in November.”