Stellar Resources has reported strong tin intercepts from two new drill holes at its Heemskirk project.
Heemskirk is formed of multiple tin deposits. The largest of these, Severn, has seen significant drilling over the last two years. Phase 2A drilling – the current programme – is aimed at increasing the Indicated Mineral Resource in the Severn deposit.
Results from the most recent assays indicate relatively high tin grades. ZS148, the first hole completed this year, returned 34.9m at 1.01% Sn. Executive Director, Gary Fietz, commented: “We are extremely excited by the results from drillhole ZS148 which highlights the potential for further thick, high-grade zones within the Mineral Resource at Severn, the largest of the Heemskirk Tin Project deposits”. Hole ZS149 return 5m at 0.73% Sn and 2.1m at 1.8% Sn.
Two additional drill holes in the Phase 2A programme were completed in late May. Stellar expects results to be announced in mid-July. Two further drill holes are underway with assays expected after August. One of these holes (ZS152) will test a large target to the south of Severn that was identified by geophysical techniques. Stellar hopes that this will return strong tin results to prompt further drilling and resource expansion at Heemskirk.
Once Phase 2A is completed, Stellar aims to update the Mineral Resource Estimate at Severn, along with a new mining study, including revised project capital and operating cost estimates. This work should be completed in October, before feeding into a Scoping Study in November.
Our view: These positive drill results should add further confidence to the Mineral Resource Estimate at Severn, once it is released later this year. An updated Scoping Study for Heemskirk would be welcomed; the last was released in 2019, but the tin market has changed significantly since then.