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STELLAR RESOURCES LIMITED — Capital/Financing Update 2007
Nov 15, 2007
65860_rns_2007-11-15_1f940025-444f-477d-abcc-f66cd404fa69.pdf
Capital/Financing Update
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16 November 2007
Drilling commences at Pernatty
IOCGU Targets
Stellar Resources is pleased to advise that initial drill testing of two priority geophysical targets within the 100% owned “Pernatty” EL3583 will commence shortly. Pernatty is situated approximately 50 kilometres to the southwest of the Carrapateena IOCGU project in South Australia’s premier copper-golduranium province (Figure 1).
The rig is currently in transit to the area and drilling will commence immediately upon arrival at site.
The Program
The drilling program will include drill testing of two priority targets which have geophysical signatures very similar to the Carrapateena IOCGU prospect. In particular, Carrapateena is characterised by a very low amplitude magnetic anomaly and coincident gravity high – drilling will test two similar geophysical targets situated on an inferred north-west trending structure (“T1” and “T2” – Figure 2).
The gravity signatures and the regional structural setting are considered to be very similar to the Carrapateena area (Figure 3).
Drilling depths are expected to be between 800 and 1,000 metres in each case, and the 2 hole program expected to take approximately 4 weeks.
ASX Code: SRZ
ABN 96 108 758 961 Suite 713 Exchange Tower 530 Little Collins Street Melbourne Victoria 3000 Australia
Telephone +61 3 9909 7618 Facsimile +61 3 9909 7621
www.stellarresources.com.au [email protected]
For further details please contact: Tom Burrowes Tel: (03) 9909 7618 Email: [email protected] Chris Anderson Tel: (08) 8363 1589 Email: [email protected] David Sasson Mob: 0411 468 966 Email: [email protected] or visit our Website at: http://www.stellarresources.com.au
070058SRL.doc
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Figure 1 – Pernatty EL3583 location and known copper prospects
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Figure 2 – Regional aeromagnetic signatures for “Carrapateena” and Pernatty targets “T1” and “T2” – EL3583
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Figure 3 – Same scale comparison between gravity anomalies at Pernatty (“T2” target) and Carrapateena
The drill and exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr. C.G. Anderson (Fellow of the Australasian Institute of Mining and Metallurgy) who is a Director of the Company with more than twenty years experience in the field of activity being reported. Mr. Anderson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary.
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