Scamander Mineral Field (EL19/2020)

The Scamander Mineral Field in Northeast Tasmania is a regional NW-SE trending mineralised corridor including Pinnacles, the historic Great Pyramid Tin Mine (RL2/2009) and the North Scamander project.

The Scamander Mineral Field contains a large number of metallic mineral occurrences hosted within folded and faulted Ordovician Mathinna Group sedimentary rocks and is underlain by a strongly fractionated alkali granite. The metalliferous nature of the district, well defined metal zonation and location above the inferred alkali granite suggest that known mineralisation in this area is spatially and genetically associated with the emplacement of the fertile granite.

Significant historic exploration for tin and base metals has been undertaken on Stellar’s Scamander EL EL19/2020 including extensive soil sampling, stream sediment sampling and drilling defining areas of anomalous Sn, Zn, Cu, Ag and Pb mineralisation.

Stellar has ‘first mover advantage’ with the majority of ground over the Scamander Mineral Field held within Stellar EL19/2020 (239km2) including the North Scamander Project, Pinnacles and multiple other high-quality targets.

Figure 5 – Scamander Mineral Field (EL19/2020) – Geology, mineral occurrences, and Zn soil geochemistry overlain on regional magnetics

Magnetic Inversion Modelling

Magnetic inversion modelling undertaken by Stellar’s geophysical consultant has shown that historic drilling at North Scamander was not deep enough to intersect the core of the magnetic feature which represents a high potential drilling target. Whilst the Pinnacles prospect is characterised by a more subtle magnetic feature, its strong surface geochemical anomalies, mapped sheeted quartz-cassiterite veins and historic drilling results combine to make the Pinnacles prospect another high potential drilling target.

Regional cross section looking NE showing modelled position of Constables Creek Granite (pink) with magnetic inversion voxels clipped to 0.00475 x10^-5 Si units and historic drilling (GDA94 Grid)

North Scamander Project – A New High-grade Polymetallic Discovery in Exploration Hole NSD005

Upper Vein-Breccia Zone

Stellar’s maiden exploration drillhole NSD005 completed in August 2023 confirmed a significant new high-grade Ag-Sn-Zn-Pb-In polymetallic discovery at the North Scamander Project.

Significant intercepts within the Upper Vein-Breccia Zone intersected in NSD005 included:

  • 32.0m @ 141 g/t Ag, 0.34% Sn, 3.8% Zn, 2.0% Pb, 77 g/t In and 19 g/t Ga from 130.0m
  • Including 5.0m @ 495 g/t Ag, 1.04% Sn, 5.2% Zn, 7.1% Pb, 113 g/t In and 23 g/t Ga from 130.0m
  • Including 1.4m @ 353 g/t Ag, 2.29% Sn, 14.2% Zn, 8.8% Pb, 594 g/t In and 29 g/t Ga from 159.7m

Individual assay results within this outstanding intercept included; 1,035 g/t Ag, 5.75% Sn, 27.6% Zn, 21.2% Pb, 1,070 g/t In and 37 g/t Ga.

The Upper Vein-Breccia Zone contains sphalerite, galena, minor chalcopyrite, and associated pyrite hosted in massive veins, semi-massive veins, hydrothermal breccia and associated stringer-style veins.

The high-grade multi-commodity North Scamander discovery has similarities with the Sn-Ag polymetallic systems of world-class Bolivian Tin Belt.

Significant grades of critical minerals Indium and Gallium also recorded. The 77g/t average Indium grade over the 32m significant intercept compares favourably with Indium grades in known Indium-Base Metals deposits globally.

Massive vein mineralisation in NSD005 core from 160.0m to 160.5m

North Scamander Cross section 5,411,900mN (+/-250m section slice) looking north, showing discovery hole NSD005 and historic drilling. Magnetic susceptibility shown on downhole histogram.

Lower Stockwork Zone

Results for the Lower Stockwork Zone intersected in NSD005 returned anomalous copper levels including 96.0m @ 0.04% Cu from 369.0m consistent with the pyrrhotite +/- chalcopyrite stockwork veining logged over this interval.

These results confirm a change in mineralisation style and metal tenor from the sulphide vein and breccia hosted Ag-Sn-Zn-Pb-In mineralisation in the Upper Vein-Breccia Zone to pyrrhotite-dominant stockwork-hosted low-grade Cu mineralisation in the Lower Stockwork Zone. Results have also confirmed the regional scale geophysical anomaly, with high magnetic susceptibility readings recorded in the Lower Stockwork Zone corresponding with presence of pyrrhotite.

The Lower Stockwork Zone results are interpreted as a possible ‘near-miss’ indicator of a potential tin system, or the low-grade margins to a copper-dominant system, with the core of the regional scale magnetic anomaly yet to be tested.

Pyrrhotite-Chalchopyrite stockwork veining in NSD005 core (460.4m to 460.6m)

North Scamander project, Plan showing regional magnetics (colour scale), North Scamander Discovery Hole NDS005 and historic drilling.

Follow up Drill Targets

The North Scamander Project is prospective for 3 styles of mineralisation;

  1. High grade polymetallic vein and breccia-hosted Ag-Sn-Zn-Pb-In systems (NSD005 Upper Zone), that tend to be offset from the magnetic anomaly. This will be the immediate focus for follow up drilling at North Scamander.
  2. Stockwork-hosted Cu (and possibly Sn) mineralisation, coincident with pyrrhotite and therefore the main magnetic anomaly at North Scamander, which is yet to be fully tested.
  3. Greisen-style potential Sn-Li mineralisation associated with the preserved granite cupola at depth.
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Tasmanian Tin Projects

Stellar’s 100% owned tin projects have an enviable location within the well-established mining district on the West Coast of Tasmania with access to established infrastructure including nearby water and renewable power, access to the port of Burnie 150km to the north via sealed highway for export of concentrate, and a competitive local market for services, mining and processing inputs and labour.

Stellar’s flagship Heemskirk Tin Project is just 18km to the southwest of the Renison tin mine, the largest and most productive tin mine in Australia. Including Renison, there are five major underground metal mines, four of which are operating, within 30km of the Heemskirk Tin Project.

The Heemskirk Tin Project includes three nearby tin deposits: Severn, Queen Hill and Montana. Stellar holds secure Mining Leases over the Heemskirk Tin Project including the tailings pipeline route, tailings storage site and also over the St Dizier satellite tin deposit.

In addition to the Heemskirk Tin Project, Stellar owns a portfolio of nearby Exploration Licences including the Montana Flats EL which contains a number of historic silver-lead-zinc mines with associated tin mineralisation, the Oonah tin deposit and the St Dizier satellite tin deposit.

Location of Stellar’s Tin Projects – West Coast of Tasmania

Stellar holds the following tin licenses in the West Coast of Tasmania near the historic mining town of Zeehan:

  • Heemskirk Tin Mining Lease (ML2023P/M) containing all 3 of the Heemskirk Tin Project deposits (Queen Hill, Severn and Montana) and the proposed site for the Heemskirk Tin Project processing plant near Zeehan.
  • Heemskirk Tailings Storage Mining Lease (ML2M/2014) over the tailings storage site for the Heemskirk Tin Project
  • Heemskirk Tailings Pipeline Route Mining Lease (ML2040P/M) over the tailings pipeline route for the Heemskirk Tin Project
  • St Dizier Tin Mining Lease (ML10M/2017) over the St Dizier satellite open-pit tin deposit located 20km to the northwest of Zeehan
  • Montana Flats Exploration License (EL13/2018) containing the Oonah deposit, along with significant exploration potential with a number of historic silver-lead-zinc mines and associated tin mineralisation.

The Heemskirk Tin Project Scoping Study completed in 2019 is based on development of an underground mine, processing plant, tailings storage facility and surface infrastructure to mine ~ 350ktpa ore from the Queen Hill and Severn tin deposits (2 of the 4 Heemskirk Tin Project deposits) over a 10 year mine-life. The Scoping Study also includes open-pit mining of the St Dizier satellite deposit and trucking to the processing plant at Heemskirk during the final year (year 11) of the project.

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NE Tasmania – A Continuation of Victorian Western Lachlan Fold Belt

Gold deposits in Northeast Tasmania lie within a continuation of the Western Lachlan Fold Belt in Victoria – one of the world’s largest orogenic gold provinces.

The Western Lachlan Fold Belt in Victoria hosts the >3 MOz Fosterville Mine, Bendigo and other Tier 1 goldfields and has produced >80 MOz gold.

NE Tasmania hosts the Beaconsfield Mine (2.3 MOz), New Golden Gate Mine (0.3 MOz) and Lefroy Goldfield (0.2MOz), along with hundreds of smaller historic gold mines and occurrences.

While Victoria is currently experiencing intense gold exploration activity, NE Tasmania has had very little modern gold exploration undertaken.

Continuation of Western Lachlan Fold Belt from Victoria into NE Tasmania

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Stellar NE Tasmania Exploration Licences

Stellar’s wholly owned subsidiary, Tarcoola Iron Pty Ltd, holds 12 Exploration Licences in NE Tasmania covering a combined area of 2,212 km2 which is prospective for gold, tin, lithium and base metals.

Eleven of Stellar’s twelve EL’s (EL10/2020 to EL18/2020, EL2/2021 and EL3/2021) are prospective for Victorian style Orogenic Gold and for Intrusive Related Gold Systems (IRGS).

EL19/2020 (Scamander) and EL3/2022 North Scamander Block are highly prospective for tin and base metals with significant historic exploration and drilling undertaken over the licence areas.

EL3/2022 Mt Paris Block is prospective for Tin and Lithium.

There are ~77 recorded historic gold occurrences and ~83 tin and base metals occurrences over Stellar’s Exploration Licences in NE Tasmania.

Stellar EL’s, EL Applications, Geology and Mineral Occurrences

Heemskirk Tin – A Sustainable Tin Supply

The Heemskirk Tin Project will be supplied by 100% Renewable Energy generation in Tasmania. There are 7 hydro power stations and the Granville Harbour Wind Farm within 30km of the  Heemskirk Tin Project

Strong ESG Credentials

  • Underground mine, with limited surface footprint and environmental impact.
  • Mine portal and processing plant to be located behind Queen Hill screening it from Zeehan.
  • Tin is a critical mineral essential for de-carbonization and electrification of the planet.
  • No environmental impediments identified by Stage 1 surveying of mine, tailings transport and storage sites.
  • West Coast Council has inspected the project and provided positive feed back (WCC responsible for final mining approval).

Favourable location at Zeehan

  • Mining Community
  • Community supportive of Heemskirk Tin project development (additional local mining jobs).
  • Established industrial and mining services base.
  • Located in significant mining region; Renison, Henty, Rosebury, Mt Lyell and Avebury mines all within 30km.
  • Historical mining town with extensive mining and processing.

Heemskirk Tin – Geology

Geology and Exploration

The Heemskirk Tin deposits are granite related cassiterite and basemetal stockwork and replacement style mineralisation hosted in older sediments and volcaniclastics of the Zeehan Sub Basin, Western Tasmania.  Mineralisation is generally stratabound. The stratabound mineralisation is structurally controlled on fold/fault dilation zones between lithologies of contrasting rheology.

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Schematic Geology Cross-Section Showing Queen Hill and Severn Tin Deposits

To the end of the 2023 Phase 2B Drilling Program, a total of 75 diamond drill holes (28,620m) have been completed by Stellar over the Heemskirk Tin deposits (Severn, Queen Hill and Montana) since 2010. A further 97 historic diamond drillholes (25,237m) have been completed prior to 2010 by other companies over the Heemskirk deposits.

In total, 172 diamond drill holes (53,857m) have been drilled over the Heemskirk Tin deposits.

The Severn tin deposit is a north trending, moderate to steeply east dipping and north plunging deposit with a strike length of over 500m, a width of 3-50m and down dip extent over 700m. The Severn tin deposit comprises of 3 main zones of mineralisation within a broader sulphide halo; the Main Lower Ore Zone (201), the Middle Ore Zone (202) and the Upper Ore Zone (203).

The Queen Hill tin deposit is a north trending, moderate to steeply east dipping and north plunging deposit with a strike length of over 450m, a width of 2-30m and down dip extent over 500m. The Queen Hill tin deposit comprises of 3 main zones of mineralisation within a broader sulphide halo; the Main Upper Ore Zone (301) the Middle Ore Zone (302) and the Lower Ore Zone (303).

Mineralisation in all of the Heemskirk deposits remains open down plunge. Tin occurs principally as cassiterite with minor stannite and base-metal sulphides located towards the top and periphery of the Queen Hill and Montana Deposits.

NE Tasmania Priority Exploration Targets & Work Program

22 medium to very-high priority desktop exploration targets within Stellar’s Northeast Tasmania EL’s have been identified by Stellar’s technical team.

The majority of these priority targets are orogenic gold and IRGS gold targets, other than the Scamander advanced tin and base metals targets on EL19/2020 and the Mt Paris tin and lithium target on ELA3/2022.

A summary of Stellar’s Northeast Tasmania priority exploration targets and planned field work programs is shown below.

Priority Exploration Targets and Planned Work Programs within Stellar’s Northeast Tasmania EL’s

Exploration commenced in early 2022 focusing on reconnaissance field exploration and surface geochemical sampling of 22 priority desktop exploration targets.

Encouraging results from the first major soil sampling program completed in 2022 defined significant soil gold anomalies at Leura and Back Creek on EL12/2020.

During 2023 fieldwork has focused more on rockchip sampling programs targeting mica hosted lithium and tin targets within alkali granites on EL3/2022, EL15/2020, EL18/2020, EL17/2020 and EL3/2021with results pending.

Surface geochemistry programs exploring for gold mineralisation on other EL’s are ongoing.

Progress to date Stellar has a full time Exploration Geologist undertaking field exploration in NE Tasmania

Heemskirk Tin – Resource Definition Drilling

Two infill drilling programs were completed at the Severn tin deposit during 2022 and 2023, which focused on increasing the Heemskirk Tin Project Indicated Mineral Resource in wide high-grade areas of the Severn deposit.

Severn is the largest of the four deposits in the flagship Heemskirk Tin Project.

Phase 2A Drilling Program

In September 2022, the Phase 2A drilling program was completed totalling 7 diamond holes for ~3,130m (ZS148-ZS154).

Results from the Phase 2A drilling program are amongst the best-ever intercepts on record in the main ore zone at the Severn tin deposit with highlights including:

Phase 2B Drilling Program

In June 2023, the Phase 2B drilling program was completed totalling 9 diamond holes for 4,022m (ZS155 to ZS163).

Final assay results from the Phase 2B program were announced in late-July 2023 and include some of the best-ever intercepts on record in both the main ore zone and in the upper ore zone at the Severn tin deposit with highlights including:

The Phase 2A and 2B drilling results have successfully extended the north-plunging, high tin grade-thickness (Sn%*m) zone in the main ore zone (Domain 201) at northern Severn by ~100m down dip and ~100m to the north. The zone now extends for a total of ~300m down dip and up to ~150m along strike.

The Phase 2B drilling results also defined a high-grade tin zone in the middle ore zone (Domain 202) at Southern Severn.

The Phase 2A and 2B drilling results supported an updated Mineral Resource Estimate completed in September 2023.

Severn Cross Section 3775N, (+/-30m), Zeehan Mine Grid

Severn Long Section looking west showing Severn Mineral Resource (MAIN LOWER ORE ZONE 201) and drill hole pierce points coloured by Sn% * Thickness. Updated September 2023 Indicated Mineral Resource boundary shown (Zeehan Mine Grid)

Leura and Back Creek Soil Geochemistry Results

The Back Creek Goldfield is located near Pipers River, approximately 45km north of Launceston and 9km east of the Lefroy goldfield in Northeast Tasmania. Gold was first discovered at Back Creek in 1869 and worked up until 1890, with most production from the alluvial leads. Historical reports put gold grades from the hard-rock Franklin Mine on an third-party Mining Lease adjacent to Stellar’s EL12/2020 in a range between approximately 9 – 20 g/t Au (Broadhurst, 1935).

The Leura prospect is located on Stellar’s 100%-owned EL12/2020, 3km southeast of the main Back Creek goldfield. Both alluvial and hard rock occurrences were worked historically at Leura, with hard-rock grades estimated to average 57 g/t Au (Montgomery, 1894).

The combination of the high-grade historic gold mining occurrences, similar structural style to the Lefroy and Beaconsfield gold deposits, and the lack of modern exploration, led to Stellar prioritising gold exploration of the Leura and Back Creek prospects on EL12/2020 as its first field exploration program completed in 2021.

A C-horizon soil survey comprising of 276 samples at Leura and 274 samples at Back Creek was completed within EL12/2020, with the assay results announced in July 2022.

Historically mapped gold mineralisation of the Back Creek goldfield, with soil sample locations

Leura Soil Sampling Results

Soil samples over the historic Leura Goldfield returned very encouraging gold assay results ranging from 0.1 to 2.4 g/t Au over a 400m – 500m strike length, open in both directions with likely extensions under shallow cover (>5m). These strongly anomalous soil gold results confirm the location of the previously described Leura reefs (veins) and extend their strike lengths. The high-grade gold soil results from Leura, combined with the likely strike extensions make this a very attractive drill target.

Gridded gold (ppm) results for soil samples at Leura, with locations of historically mapped reefs, interpreted extensions, and distribution of post-mineralisation cover (note: 1 ppm = 1 g/t)

Back Creek Goldfield Soil Sampling Results

Soil samples over the Lady Emily, Nevermind and Hidden Treasure Reef prospects in the historic Back Creek Goldfield within EL12/2020 returned anomalous gold results including:

  • Lady Emily Reef – anomalous gold soil results ranging from 0.02 to 0.16 g/t Au over a ~200m strike length over the historic Lady Emily Mine.
  • Nevermind Reefs – anomalous gold soil results ranging from 0.02 to 0.23 g/t Au over ~100m strike length over the northern reef and 0.02 to 0.05 g/t Au over ~50m strike length over the southern reef of the historic Nevermind Mine.
  • Hidden Treasure Reef – anomalous gold soil results over a range of 0.02 to 0.05 g/t Au and a potential strike length of >100m also characterise the approximate location of the Hidden Treasure Reef on EL12/2020, although transported cover has obscured the results over this area.

Compared to Leura, the soil gold assay results at Back Creek within EL12/2020 are lower (maximum 0.23 g/t Au), however, the Back Creek soil gold results are still encouraging. The reported east-west trend is clearly reflected in the contoured gold results, which clearly map the distribution and possible strike extensions of the historically mapped reefs (veins), despite the patchy alluvial cover.

Gridded gold (ppm) results for soil samples at Back Creek, showing historically mapped reefs, alluvial leads, and the likely distribution of post-mineralisation(alluvial) cover in grey(note: 1 ppm= 1g/t)