Stelar Metals (ASX:SLB) has completed the acquisition of the Trident Lithium Project tenements in New South Wales, Australia.
In February 2023, Stelar Metals signed an agreement to acquire a 90% stake in the Trident Lithium Project. The New South Wales government has now transferred the project and tenements over to Stelar.
The company says it can now begin and ramp up hard-rock lithium exploration in New South Wales, as it is currently working through the approval processes with an aim to begin an initial drilling program in Q3 2023.
This drilling work is planned to confirm pegmatite orientation and lithium fertility before the company embarks on a deeper more comprehensive drill program to evaluate lithium resource potential.
Additionally, Stelar is planning to begin surface sampling and mapping in July 2023 while SensOre (ASX:S3N) processes the recently acquired high-resolution 256-channel radiometrics over the project area and integrates available geochemical dataset for artificial intelligence (AI) machine learning.
The company’s geophysical consultants are also advancing the processing of the new datasets to assist with geological mapping and the design of the upcoming drill campaign.
Shares in Stelar Metals spiked 11.36% to close at $0.24 on 29 June.
Commenting on the acquisition, Stelar Metals Chief Executive Officer (CEO) Colin Skidmore says: “Completion of the acquisition of our new Trident Lithium Project now enables Stelar to ramp up hard-rock exploration.
Planning of Stelar’s inaugural lithium drilling program is also underway and expected to commence late next quarter. It is looking to be a very exciting period ahead of Stelar.”
The Trident Lithium Project extends over a 15k long Euriowie pegmatite field prospective for hard-rock lithium mineralisation.
Stelar Metals is an ASX-listed company focused on discovering critical minerals such as lithium, copper, zinc, and cobalt. As of 31 March 2023, the company had a cash balance of $3.664 million, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Stelar Metals Ltd