- Stellar Resources (SRZ) subsidiary is preparing to start fieldwork in North East Tasmania following the grant of eight exploration licences
- The company believes the area is prospective for Victorian-style Orogenic Gold and intrusive related gold systems, and has applied for 12 licences in total
- Of those 12, ten were lodged in September with eight now approved and two pending after a number of objections were received from landowners
- While waiting approval for the remaining licences, SRZ is growing its geological team in preparation of field work scheduled for the upcoming quarter
- Shares ended the day trading in the grey at 2.3 cents at market close
Stellar Resources’ (SRZ) subsidiary is getting ready to start fieldwork in North East Tasmania following the grant of eight exploration licences.
The gold deposits in the area are said to lie within a continuation of the Western Lachlan Fold Belt in Victoria which is touted as one of the world’s largest orogenic gold provinces.
The company believes the area is highly prospective for Victorian-style Orogenic Gold and intrusive related gold systems, and has applied for 12 licences in total.
Of those 12, ten were lodged in September with eight now approved and two pending after a number of objections were received from landowners.
Stellar intends to relinquish its application over the objection areas which it said shouldn’t have a material effect on the gold targets identified over the land.
The two licences cover a combined area of 384 square kilometres and the company expects both to be granted next month.
Two further applications were lodged in March this year and are expected to be granted by the end of January 2022.
Executive Director Gary Fietz said the company will be busy getting exploration underway while awaiting approval of the remaining licences.
The newly granted area is said to have recorded a combination of gold and tin occurrences and the company’s technical team have identified a number of exploration targets with reprocessed data.
Moving forward, Stellar’s Tasmanian geological team is set to be expanded, with fieldwork scheduled to kick off during quarter four of calendar year 2021, which would include site reconnaissance visits, rock chip and soil geochemistry sampling over identified desktop targets.
The company’s top priority is its flagship Heemskirk Tin project where drilling is underway.
Shares were trading grey at 2.3 cents at market close.