- Stelar Metals (SLB) signs an agreement to acquire a 90 per cent interest in Everest Metals’ four large granted exploration licences in New South Wales
- The licenses cover 719 square kilometres and include the Trident, Midas and Perseus projects
- Stelar Chairman Stephen Biggins says the lithium assets are a “perfect fit” for the company
- For now, the company begins its planning stages for a drilling program on the Trident lithium project
- SLB shares are down 4.17 per cent to 23 cents at 12:31 pm AEDT
Stelar Metals (SLB) has entered a binding agreement with Everest Metals (EMC) to acquire a 90 per cent interest in four large granted NSW exploration licences.
The exploration licences cover 719 square kilometres and include the Trident, Midas and Perseus projects, located in the Broken Hill Block in New South Wales.
The projects are considered prospective for lithium, cobalt, and copper.
Stelar Chairman Stephen Biggins said the team had what it took to follow the successes of Core Lithium (CXO) and commence producing lithium in NSW.
“Stelar Metals is leading the charge to explore for lithium in New South Wales and with success aims to potentially develop NSW lithium production,” Mr Biggins said.
“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,” he added.
Mr Biggins also commented that the latest lithium assets were a “perfect fit” for Stelar, helping the company realise its goal of future discovery.
The Trident project is considered prospective for lithium mineralisation as a result of pegmatite swarms that were historically mined for tin-tantalum along a 15-kilometre corridor.
Exploration at the corridor, known as the Euriowie Tin Field, identified individual pegmatites of up to 300 metres in length and 60 metres wide.
Midas is considered prospective for copper and cobalt, with NSW drilling approvals already in place to test three prospect areas with up to 34 reverse circulation drill holes.
The Perseus project is considered prospective for Mutooroo-style copper-cobalt and Bimba-style copper-gold mineralisation.
For now, Stelar begins planning for its first drilling program targeting lithium at the Trident project.
SLB shares were down 4.17 per cent to 23 cents at 12:31 pm AEDT.