Stelar (ASX:SLB) ascends on consistently high-grade SA copper chips

Stelar Metals’ share price quickly climbed after the company returned consistently high-grade copper rocks across three kilometres of strike at its Baratta project in the Flinders Ranges of South Australia.

A top of 28.7 per cent copper came amid 21 out of 72 samples with grades exceeding 10%, coming from a series of strike-extensive parallel gossans.

Stelar Metals noted that the surface anomalism and mineralisation was underlain by dense magnetic and geophysical bodies, enhancing the prospectivity of its asset and new focus.

The Adelaide-based explorer was granted Baratta in 2022, believing in its geological kinship to a Central African Copper Belt which stands behind the Chilean deposits as the second largest producing province.

South Australia holds 69% of Australia’s economic demonstrated copper resources, and Stelar’s initial visit confirmed multiple targets and left it both enthused at its prospects and surprised at the lack of drilling in spite of its geological attractiveness and mineralisation at surface.

But a sky-high lithium price and high-grade assays out of its Trident project in New South Wales took much of its attention since and work only really started on what Stelar retained belief in as a highly prospective asset last month.

The early return was enough to boost the SLB ticker by around 40 per cent through early trading, and the company says geological mapping and surface sampling have continued to extend strike potential near the historic namesake Baratta mine which produced ore more than a century ago.

Initial fieldwork will continue this month to extend mapped gossans both westward over a large chargeable anomaly, and onwards to the east.

While historic soil sampling found multiple copper anomalies north of historic mining and the potential for extensions and parallel repeats, there is no recorded drilling testing of the mine area or along-strike extensions, or potential repeats.

More rock chip assays are now expected for August, and Stelar is planning more sampling over freshly discovered gossans in the area and over a Bibliando Diapir and Thrust, where several mineral occurrences have been recorded.

A Native Title dispute over missing millions from regional uranium mines is a complicating factor towards drilling, and Stelar plans to monitor the situation and lodge for a campaign when the Adnyamathanha Traditional Owners corporation comes out of administration.

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