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STELLAR RESOURCES LIMITED Capital/Financing Update 2007
65860_rns_2007-05-01_1db32b02-dfc5-46ef-b5ce-502d1e4fbd5b.pdf
Capital/Financing Update
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Significant Assay Results at Warrior Uranium
Stellar Resources Limited is pleased to announce receipt of initial details from Toro Energy Limited on its first drilling program on the Stellar/Toro Warrior palaeochannel uranium joint venture. Under the terms of the JV, Toro may earn up to 70% equity in EL3372 and EL3369 (West) through expenditure of $3.25 million over a 4 year period from 1 March 2007.
Results released by Toro (ASX: TOE) on 30 April 2007, summarise initial assay results for selected high gamma count aircore drilling intervals, from the "Area A" prospect, in the north of EL3372.
The new assays confirm past results and show that, in Area "A", the uranium mineralisation lies at a relatively shallow depth of some 30m.
The drilling completed thus far has only tested a small portion of the Warrior palaeochannel system but results presented by Toro confirm the inferred distribution of higher grade mineralisation near the eastern margin of the channel, as interpreted from airborne HoistEMTM data. This zone trends to the SSE from the area of Toro's best results to date in an area untested by historical drilling. Toro's drilling program is continuing into the latter area and Stellar believes that there is a high possibility of increasing the extent of this zone. Figure 2 summarises the coverage of existing drilling and the inferred channel margin target areas in Area "A", based on the EM data.
| HoleNumber | EastingAGD | NorthingAGD | Depth(m) | Interval(m) | $U_3O_8$ppm | Area |
|---|---|---|---|---|---|---|
| AC07WA152 | 405006 | 6622793 | $27 - 30$ | З | 475 | Α |
| including | 28-29 | 917 | ||||
| AC07WA157 | 405199 | 6622694 | 25-29 | 4 | 119 | Α |
| including | 26-27 | 271 | ||||
| and | 45-47 | 2 | 112 | |||
| AC07WA158 | 405085 | 6622732 | 26-30 | 198 | Α | |
| including | $27 - 29$ | 2 | 268 | |||
| AC07WA174 | 404851 | 6622590 | 26-31 | 5 | 158 | Α |
| including | 29-30 | 401 |
2 May 2007
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]
Table - Uranium assay results released by Toro Energy
The prospect area was defined from prior exploration drilling by Power Nuclear Corporation Ltd (PNC) in the 1970s and was selected by Stellar for initial drill testing in May 2006. This area was chosen as an area of higher grade mineralisation through limited drill testing.
Figure 1 – Toro Energy plan showing locations for Areas "A" and "B" within Stellar's EL3372
Figure 2 – Warrior Uranium Area "A" drilling on EM conductivity
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 vears 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.
For further details please contact:
$(08) 8363 1589$ Chris Anderson Tel: Email: [email protected] David Sasson Mob: 0411 468 966 Email: [email protected] or visit our Website at: http://www.stellarresources.com.au
STELI