SYDNEY, AUSTRALIA: Stelar Metals Limited (ASX:SLB) has entered into a binding agreement with Everest Metals Corporation Limited (ASX:EMC) to acquire 90% equity of their New South Wales exploration licences which includes the Trident, Midas and Perseus Projects (NSW Projects or Projects) located in the Broken Hill Block.
These Projects are considered prospective for lithium, cobalt and copper. Everest’s NSW Projects include four granted exploration licences covering 719km2 in the Curnamona Province near Broken Hill.
Stelar Metals Chairman Stephen Biggins said: “Stelar Metals is leading the charge to explore for lithium in New South Wales and with success aims to potentially develop NSW lithium production.”
“Stelar Metals CEO Colin Skidmore and myself worked successfully together at Core Lithium to identify and establish the Finniss Lithium Project, which has recently become the first operating lithium mine in the NT. We are excited about this new project opportunity as we aim to repeat similar success for Stelar shareholders and stakeholders in NSW”.
“These new lithium assets are a perfect fit for Stelar who, through its combined Board and management expertise with lithium and exploration experience at Broken Hill, are well positioned to advance these projects towards a potential future discovery.”
Stelar Metals Chief Executive Officer Colin Skidmore said: “Stelar is very pleased to announce the significant expansion of our portfolio with the acquisition deal for the new Trident Lithium Project.”
“At this early stage, Stelar’s Trident Lithium Project seems to have similar attributes to the lithium rich pegmatites in the Bynoe Pegmatite Field in the NT. The Trident lithium rich pegmatite field has been worked historically for tin and tantalum, includes tens if not hundreds of pegmatite bodies of significant scale within a large pegmatite field tens of kilometres long and has not yet been drill targeted for lithium.”
“Stelar looks forward to getting on the ground in coming months and building the first round of lithium pegmatite drill targets.”