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Stellar Resources (ASX:SRZ) - Non Executive Chairman, Simon O'Loughlin - The Market Herald
Non Executive Chairman, Simon O'Loughlin
Source: Business News
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  • Stellar Resources (SRZ) secures four exploration drilling co-funding grants totalling $185,000
  • These grants allow the company to undertake drilling across the Montana No 1, Zeehan Western, Oonah and Queen No 4 prospects
  • Drilling will test depth extensions below these significant mines which were among the largest silver-lead mines in the late 1800s in Australia
  • One rig has begun drilling with a second expected to be mobilised to site next week
  • Stellar is down 5.88 per cent on the market and shares are trading at 3.2 cents at 10:37 am AEST

Stellar Resources (SRZ) has been granted four exploration drilling co-funding grants totalling $185,000.

The grants were awarded as part of the Exploration Drilling Grant Initiative (EDGI) Program from the Tasmanian Government.

Stellar can now undertake drilling across the Montana No 1, Zeehan Western, Oonah and Queen No 4 prospects.

Drilling will test depth extensions below these significant mines which were amongst the largest silver-lead mines in the late 1800s in Australia.

These mines produced between 20- to 100-ounces-per-tonne silver from a fissure measuring 2.7 metres wide and up to 300 metres in length.

None of these mines have been drilled tested except for Oonah where a tin resource has been defined.

One rig has begun drilling with a second expected to be mobilised to site next week.

"The receipt of these EDGI grants is very timely with drilling having commenced last week and a second rig scheduled to arrive on site next week to commence drilling the seven holes beneath historically significant silver-lead mines which are covered by the grants," Technical Director Gary Fietz said.

"We thank the Tasmanian Government for their support and their willingness to co-fund these holes which should provide investors with further confidence that we are on the right track."

Stellar was down 5.88 per cent on the market with shares trading at 3.2 cents at 10:36 am AEST.

SRZ by the numbers
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