Highlights

  • Stelar plans 3,500 metres of RC drilling beneath a mineralised corridor that it says exceeds two kilometres in length.
  • Drill pads and access tracks were built before the rig arrived, and the exploration team mobilised after quarter-end.
  • In the first, multiple samples returned tungsten trioxide (WO3) above one per cent, with about two-thirds above 0.05 per cent.
  • The top assay, from old trench spoil at the historic Doria workings, was 15.69 per cent WO3.

Stelar Metals (ASX:SLB) has reported that a reverse circulation (RC) drill rig arrived at its Hill of Leaders tungsten project in the Northern Territory in early October 2026, ahead of what the company describes as the first bedrock drilling ever carried out at the project. The September quarter report also shows cash of A$3.363 million after a share placement.

The Hill Of Leaders Project

Hill of Leaders covers about 450 square kilometres under exploration licence EL33232 in the Tennant Creek region, roughly 50 kilometres from the Stuart Highway and rail. The tenement is held by F&H Brothers Metals under an earn-in agreement with Stelar. Tungsten was discovered there in 1951, and this is the first test at depth.

Stelar plans 3,500 metres of RC drilling beneath a mineralised corridor that it says exceeds two kilometres in length. Environmental approvals were finalised and the Aboriginal Areas Protection Authority issued an Authority Certificate. Drill pads and access tracks were built before the rig arrived, and the exploration team mobilised after quarter-end.

Surface Sampling Results

Stelar reports two phases of surface sampling. In the first, multiple samples returned tungsten trioxide (WO3) above one per cent, with about two-thirds above 0.05 per cent. The second phase covered 29 samples, with about 24 per cent above one per cent, and extended mineralisation into previously unsampled ground. The top assay, from old trench spoil at the historic Doria workings, was 15.69 per cent WO3.

The company describes scheelite and wolframite in multiple stacked quartz veins, with vein corridors up to about 200 metres wide and mineralisation open in all directions. These are surface and spoil samples, selected from known workings, and they do not establish continuity, grade or tonnage at depth. Historical shallow air-core results quoted in the report, such as 5 metres at 0.173 per cent WO3, were reported by prior owners and have not been verified by Stelar.

Geophysics And Soil Survey

An ultra-high-definition airborne magnetic survey identified structures and alteration zones not visible in historical data. Final magnetic and radiometric data are still pending, and interpretation is continuing to refine targets. A regional soil program collected 1,350 samples over about 50 square kilometres. Ultraviolet lamping showed fluorescence consistent with scheelite in granite beside the veins, which Stelar says could point to a broader granite-hosted system. The business states soil results are expected after drilling begins.

Cash And Funding

Stelar completed a placement of 13,141,421 shares at A$0.20 each, raising about A$2.6 million before costs, with proceeds directed to field work and drilling at Hill of Leaders, other exploration and working capital. Equity proceeds were A$2.628 million, less A$198,000 of costs.

Operating outflow was A$359,000 and investing outflow A$307,000, including A$282,000 of capitalised exploration. Cash rose from A$1.599 million at 1 July to A$3.363 million at 30 September, of which A$2.25 million was in call deposits. The company has no undrawn facilities and estimates about 5.25 quarters of funding at the current rate of spending, a figure that will change as drilling costs are incurred. The cash flow statement's year-to-date column duplicates the quarter and carries a capitalised exploration figure that differs between columns, although the balances reconcile.

Corporate

Dr Qingtao Zeng joined as a non-executive director. Andrew Bennett, formerly exploration manager at Core Lithium, was appointed exploration manager and is the competent person for the reported exploration results.

Next Milestones

Stelar lists commencement of the RC program with an update to follow, release of drilling results as available, final geophysical data, soil results after drilling starts, further mapping and sampling, and possible later diamond drilling to test continuity, width and grade. No dates are given, and no drilling results have yet been reported.