Drilling at Stellar’s Heemskirk tin project off to a strong start
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It’s a good time to have a large tin resource in your arsenal, with LME tin prices up at around US$35,000/tonne from US$15,000/tonne at the start of the pandemic.
And according to London-based ‘tin guru’ Mark Thompson, the tin supply chain is looking sparse.
Demand is forecast to outstrip supply by the end of the decade, driven by increased use of electronics, the rise of the internet of things and the green energy revolution – which will in turn be driven heavily by electronic technology.
So the outlook for projects like Stellar Resources’ (ASX:SRZ) Heemskirk tin project in Tasmania is strong – with its Severn deposit the highest grade undeveloped tin resource in Australia.
The company has completed the first two holes of its nine-hole Phase 1 diamond drilling program at the Heemskirk project, both of which intersected zones of alteration and mineralisation near – and in some cases well beyond – their planned target depths.
“We are excited to announce that the first two holes targeting depth extensions of the Severn tin deposit and the historic Montana silver-lead-zinc mine have been completed with both holes successfully intersecting zones of visual alteration and mineralisation,” executive director Gary Fietz said.
“The drilling program has been designed to extend mineralisation at our Heemskirk Project and we are pleased that both systems appear to show continuity at depth.”
Drilling is ongoing, with the third hole at the Oonah deposit and the fourth hole at Severn planned to commence shortly.
Assays for the first two holes are expected by late October.