ASX-listed Stellar Resources announced yesterday that it has agreed to acquire 60% of the Zeehan tin project in Tasmania from Western Metals Limited. The remaining 40% is held by Gippsland Limited. The A$1.18 million acquisition is being carried out through Stellar’s 100% subsidiary Columbus Metals Limited.
The Zeehan project, which is close to the currently re-opening Renison mine, includes several tin deposits. Base on historical drilling carried out up to the early 1980s, the total resource is estimated at 7.3 M tonnes at 0.69% tin. However the higher grade portions of the project consist of 3.6 M tonnes at 1.2% tin, containing 43,000 tonnes of tin. According to the company, this is the largest known undeveloped tin resource in Australia.
Stellar is already exploring a number of tin prospects in Tasmania. Under the terms of the joint venture with Gippsland it can increase its stake to 70% by completing a bankable feasibility study.
