Stelar Metals Ltd (ASX:SLB) has progressed drilling of its maiden diamond hole at the Evelyn Dam Iron Oxide Copper Gold (IOCG) Project in South Australia.
The company is testing a large, previously untested gravity anomaly at the project.
Notably, drill hole EVE002 is past halfway and is expected to start intersecting the target zone within the next 500 metres.
The hole is expected to be complete in two-four weeks with initial results expected in the current quarter.
“Progressing well on budget”
Stelar Metals chief executive officer Colin Skidmore said: “I have been onsite since drilling started and EVE002 is progressing well and is on budget.
“We have purposely been drilling very carefully to ensure the target at ~1,500 metres depth is adequately tested and this has required navi-drilling.
“In the next week or so, after much anticipation, we will be in the target zone and will finally be in a position to evaluate the Evelyn Dam gravity anomaly.”
Drilling progress
Stelar contracted Titeline Drilling Pty Ltd to drill EVE002 with the hole collared on July 12, 2022, and on track for completion in two to four weeks.
There were some initial delays, with navi-drilling required to reorientate the hole back towards the target gravity anomaly.
Recovery has been more than 99%, which reflects the good, hard competent ground which geologically has been very similar to EVE001 through the current drilled zone.
Stelar will continue to monitor the hole orientation and intersperse NQ2 and navi correction as needed to hit the outer edge of the modelled target at 1,200 metres depth with the centre of the target being 1,500 metres drilled depth.