Stellar Resources (ASX:SRZ) said a diamond drilling program at the Queen Hill deposit at its Heemskirk tin project in Tasmania intersected a new zone of high-grade mineralization, according to a Tuesday Australian bourse filing.
The new zone is 75 meters below the existing 2023 mineral resource estimate and along trend from the downhole electromagnetic conductor previously identified from surveying. It returned a significant intercept of 11 meters at 1.07% grade of tin from 327 meters.
The drilling program consists of 24 holes for around 9,500 meters in total and it has completed 17 holes to date for a total of 8,290 meters.
A pre-feasibility study for the project is on track for delivery in the second half of the current year.
Its shares rose 7% in recent trading on Tuesday.
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