Tin price buoys gold hunting Stellar Resources | The Examiner

information, local-news, Tasmania, mining, tin, gold, Stellar Resources, Zeehan, North-East

An organization hoping to mine tin and gold in Tasmania has been inspired by sturdy costs, partly brought on by coronavirus. ASX-listed Stellar Resources Limited needs to mine tin at its Heemskirk Project close to Zeehan and has a swathe of exploration licences within the North-East, principally concentrating on the Tasmanian continuation of the famed Victorian gold deposits. Stellar’s half-yearly report back to December 31, launched throughout the week, mentioned tin costs “continued to rise spectacularly” throughout the reporting interval and had strengthened considerably since then. “Tin prices have more than doubled over the past 12 months and now significantly exceed 10-year highs,” Stellar mentioned. “The International Tin Association is now expecting tin prices to remain stronger for longer. “Current tin costs are greater than double the $US20,000 per tonne worth assumed within the 2019 Heemskirk Tin Project scoping examine.” Stellar said the strong market was due to global demand growth continuing to exceed supply. It said demand was growing for reasons including that coronavirus and the rise of remote working had boosted demand for computers and other home electronics products. “As tin solder is the glue connecting the whole lot digital, this implies elevated demand for tin,” the company said. Also contributing to market strength were continued demand for tin in traditional uses and growing tin demand for use in solar panels. Meanwhile, global supply had fallen in each of the last three years. Stellar has been working on exploration drilling at Heemskirk. It said it was continuing to review other projects and work streams needed to get Heemskirk to the completion of a bankable feasibility study. Stellar said it had 10 exploration licences in the North-East, covering 2333 square kilometres, had two more licences being processed by authorities and lodged another in Februuary. Most were prospective for “Victorian fashion orogenic gold and for intrusive associated gold techniques”. The most recent application area was prospective for lithium, tin and other base metals. Stellar engaged geoscientist and experienced gold explorer Josh Phillips in September to lead its North-East exploration program. He reviewed the licence applications and analysed data during the reporting period, identified more desktop targets and made initial field reconnaissance visits to two targets. Stellar said more reconnaissance visits and follow-up field exploration were planned throughout the calendar year. Gold prices have also been strong in recent times.


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