10 first-in-time Exploration Licence Applications (ELA's) in North East Tasmania by Stellar's wholly owned subsidiary, Tarcoola Iron Pty Ltd were registered by Mineral Resources Tasmania (MRT) on 9 September 2020.
The 10 ELA's cover a large area (2,295 km2) in NE Tasmania which is highly prospective for Victorianstyle Orogenic Gold and for Intrusive Related Gold Systems (IRGS) with 76 historic gold occurrences recorded within the ELA areas.
NE Tasmania - Continuation of Victorian Western Lachlan Fold Belt
Gold deposits in North East 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, other Tier 1 goldfields including Bendigo, Ballarat, Stawell, Walhalla and Woods Point and has produced >80 MOz gold. In Victoria, the Western Lachlan Fold Belt is divided into the Stawell, Bendigo and Melbourne structural zones with the eastern most Melbourne Zone extending southwards across Bass Straight into NE Tasmania. The gold rich Walhalla-Woods Point belt in the eastern part of the Melbourne Zone best aligns well with NE Tasmania and Stellar's ELA areas.
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. As is the case in Victoria, gold deposits in NE Tasmania are orogenic deposits formed in Ordovician to Devonian aged turbiditic sediments, known as the Mathinna Super-Group in NE Tasmania. The Mathinna Super-Group sediments were deformed and metamorphosed during the Lachlan Orogen with gold mineralization being associated with late-stage regional deformation and commonly associated with proximal granitoid intrusions. Most gold in NE Tasmania is formed within quartz veins which occupy dilational zones along large-scale faults related to folding and deformation occurring during the Lachlan Orogen. The location and geometry of gold lodes in North East Tasmania, is influenced by the presence of regional structures and by rheological contrasts between sedimentary rock units. NE Tasmania also contains deposits where gold occurs as veins and in stockworks in faults and Intrusive Related Gold System (IRGS) deposits. While Victoria is currently experiencing intense gold exploration activity, NE Tasmania has had very little modern gold exploration undertaken.
Gold Exploration Targets
Numerous gold exploration targets have been identified within Stellar's ELA areas based on the following targeting criteria: Ordovician turbiditic meta-sediments (Mathinna Super-Group)
Ordovician to Devonian deformation and metamorphism (Western Lachlan Orogen)
Devonian granitoid intrusives nearby
Predominantly NW Regional scale structural trends/lineaments identified in aeromagnetic and gravity surveys and corresponding mapped faults. Intersecting NE trends/faults also identified in some of the ELA's
Intrusive Related Gold Style (IRSG) targets identified within the Blessington and other ELA's from aeromagnetic surveys
Location of recorded gold occurrences (and tin/tungsten occurrences)
Ground open for application
Desktop work completed on the North East Tasmania Gold Exploration Project this quarter includes: Collation and digitization of all available public file data completed including; drillholes, soil, stream and rock chip sampling, geological mapping, historic gold occurrences, geophysical surveys.
Reprocessing of 7 aeromagnetic and radiometric surveys over the area completed with a significant improvement in definition of structures for target generation achieved.
Commencement of desktop target generation using the above information.
Ground based work on Stellar's NE Tasmania ELA's will commence once the ELA's are granted by Mineral Resources Tasmania (MRT) which is expected within the first half of 2021.
Please refer to 10 September 2020 announcement 'NE Tasmania Gold Exploration Licence Applications' for further information.
Contact:
Gary Fietz
Tel: 0408 489 957
Email: gary@widerange.net.au
Forward Looking Statements
This report may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Stellar Resources Limited's planned activities and other statements that are not historical facts. When used in this report, the words such as 'could', 'plan', 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward-looking statements. Although Stellar Resources Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. The entity confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning this announcement continue to apply and have not materially changed. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Stellar Resources Limited securities
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