Stelar Metals Reports High-Grade Copper Discoveries at Lone Pine Prospect
STELAR METALS LIMITED (SLB) Share Update September 2024 Monday 16th
Stelar Metals Announces High-Grade Copper Findings at Lone Pine Prospect
Stelar Metals Limited (ASX:SLB) has announced promising results from initial rock chip sampling at the Lone Pine Prospect, revealing high-grade copper assays up to 12.7%.
Instant Summary:
- High-grade copper assays received from initial rock chip sampling at Lone Pine Prospect.
- Rock chip assays up to 12.7% copper, with 7 of the 8 samples collected assaying over 5% copper.
- Lone Pine is located 7.5 kilometers west of the Baratta Copper Mine.
- Reconnaissance mapping indicates Lone Pine geology is identical to Baratta.
- Baratta’s geological setting is similar to the Central African Copper Belt, the world's second-largest copper-producing province.
Initial Sampling Results
Stelar Metals Limited has reported significant findings from its initial reconnaissance mapping and sampling at the Lone Pine Prospect, situated on the western limb of the Bibliando Dome, approximately 7.5 kilometers west of the historic Baratta Mine. The company received copper assays up to 12.7% and 13 g/t silver from a small batch of rock chip samples.
Seven of the eight samples collected along a 400-meter strike length of exposed gossans returned over 5% copper. These results are promising, especially considering the limited evidence of historic workings at Lone Pine, aside from shallow cuts and scrapings associated with road-building machinery from the 1950s.
Geological Context
The Baratta Project is considered highly prospective for Sediment-hosted Stratabound Copper (SSC) mineralization, which is analogous to the Central African Copper Belt (CACB). The initial reconnaissance work at Lone Pine indicates an identical geological setting and copper mineralizing processes.
Located within the Adelaide Rift Complex, Stelar’s Baratta Project is hosted by NeoProterozoic Lower Wilyerpa Formation sediments deposited in a shallow marine glacial environment. These sedimentary rocks have been folded and influenced by salt-diapirism and hydromorphic processes.
Future Exploration Plans
Stelar Metals plans to undertake additional, more detailed mapping and sampling at Lone Pine, as the exposure of prospective gossans was limited due to the topography. Geological mapping and rock chip sampling will continue at the main Baratta Mine area to discover additional parallel gossans and map their strike potential.
Reprocessing of the available historic geophysical datasets is being finalized and interpreted, with results to be reported shortly. Staged exploration of the broader Baratta Project, including the elongate Bibliando Diapir and the southern flank of the Bibliando Dome, will continue over the coming months.
The high-grade copper findings at Lone Pine Prospect are likely to positively impact Stelar Metals' stock price as investors react to the promising assay results. The geological similarities to the Central African Copper Belt, a major copper-producing region, further enhance the project's potential. This announcement could attract increased investor interest and boost confidence in the company's exploration strategies.
Investor Reaction:
Analysts are expected to react positively to the high-grade copper assays, given the significant potential for future discoveries at the Lone Pine Prospect. The geological similarities to the Central African Copper Belt add substantial value to the project's prospects. However, investors will be keenly watching the company's next steps and the results of further exploration activities.
Conclusion:
Investors should keep an eye on Stelar Metals' future exploration updates and consider the potential long-term benefits of the high-grade copper findings at Lone Pine Prospect. The company's strategic response to these promising results will be crucial in maintaining and growing investor confidence.