Critical minerals explorer Stelar Metals (ASX:SLB) is pencilling in a November start for an inaugural drilling campaign at its new Trident Lithium Project in New South Wales.
The $16.99 million market capitalisation company is in the final stages of signing a drilling contract with its preferred contractor, with the planned 3000m reverse circulation (RC) to kick off once the deal is sealed.
Stelar has landed approval from the New South Wales Resource Regulator for the drilling work, and the Wilyakali Aboriginal Corporation (WAC) has granted the company heritage clearances for all proposed drill sites.
The WAC has also approved access track upgrades to allow Stelar to access all of the Euriowie Pegmatite Field, which is home to the Trident project.
According to Stelar, Trident is ‘highly prospective’ for hard-rock lithium mineralisation and lies in one of Australia’s first lithium and tin mining provinces.
Once the company starts spinning drills, this will mark the first-ever program to test the historical lithium mines at the Trident, Sceptre, Triumph, and recently mapped Stag and Gloria pegmatites
Speaking on the imminent drilling work, Stelar Metals CEO Colin Skidmore says: “Stelar’s team is to be congratulated for the enormous effort that has gone into working up this project since acquisition earlier this year, both technically and through robust stakeholder engagement.
This has resulted in the drilling being approved on schedule, and the team looks forward to participating in this exciting first drilling program at Trident.”
“the team looks forward to participating in this exciting first drilling program at Trident”
Through its inaugural drilling program, Stelar plans to assess the orientation and morphology of the known lithium-mineralised pegmatites in the project area, targeting below the shallow workings that lie underneath the oxide zone in the area.
Stelar completed the acquisition of the Trident Project from fellow ASX-listed Everest Metals Corporation (ASX:EMC) back in June. Now that the drilling work has been approved, Stelar will make a final $500,000 milestone payment to Everest under the purchase deal. Everest can choose to accept this payment in cash or Stelar shares.
Stelar owns a portfolio of critical minerals assets in New South Wales and South Australia, though its current primary focus remains on the Trident project in the Broken Hill Block.
The company had $3.433 million in cash as of 30 June. In September, Stelar completed a $2.86 million share placement to help advance work at the Trident project.
Write to Joshua Smith at Mining.com.au
Images: Stelar Metals
