Stellar Resources Limited announced that its wholly owned subsidiary, Columbus Metals Limited, has been granted Exploration Licence EL29/2022 over the Concert Creek - Carbine Hill area located approximately 10km east of Zeehan, Tasmania. Stellar awarded EL29/2022 over a strategically located and lightly explored area considered highly prospective for volcanogenic massive sulphide (VMS) style Pb-Zn-Cu-Ag-Au deposits after winning a competitive application process. EL29/2022 covers the Mount Read Volcanics, renowned for hosting major VMS deposits including; the Rosebery Zn-Pb-Cu-Ag-Au mine 11 km northeast, the historic Hercules Ag-Pb-Zn-Au mine 5 km east and the Henty Au mine 8 km southeast.

EL29/2022 contains over 52 documented historic mineral occurrences within a relatively small footprint of 15 km2. Three high quality drill targets identified to date supported by airborne electromagnetic conductivity anomalies, and anomalous Pb and Zn surface soil and/or surface rock chip geochemistry results. Significant exploration and drilling undertaken in the southern part of EL29/2022 near the historic Great South Comet and Kosminsky Mine areas, however no drilling undertaken in the vicinity of the Carbine Hill and Evenden drill targets.

Work as commenced on refining the three drill targets with updated modelling of VTEM targets, further soil and rock chip sampling around the target areas, analysis and finalisation of hole locations. Initial drill testing of the targets expected during 2023. EL29/2022 covering an area of 15 km2 in the Concert Creek - Carbine Hill area approximately 10 km east of Zeehan, Tasmania was recently granted to Stellar's wholly owned subsidiary, Columbus Metals Pty Limited, following a competitive process (Exploration Release Area process) where applicants are assessed on the merits of the exploration work programs submitted.

Rosebery Zn-Pb Cu-Ag-Au mine (VMS style deposit) 11 km northeast, Henty Au mine (VMS Style deposit) 8 km southeast, Historic Hercules Ag-Pb-Zn-Au mine (VMS style deposit) 5 km east, Renison Sn mine 7 km north, and Stellar's Heemskirk Sn project and the town of Zeehan 10 km to the West. EL29/2022 is located within the highly prospective Mount Read Volcanics renowned for hosting major Cu-Pb- Zn-Ag-Au VMS deposits. EL29/2022 contains over 52 documented mineral occurrences, with the most significant being the historic osminsky - South Comet mines.

These are typically vein-style occurrences associated with either; a) Hydrothermal fluids related to Devonian granite intrusions (e.g. Pine Hill granite to the northwest), or, b) Remobilisation of VMS deposits. A high-resolution helicopter-borne Versatile Time Domain Electromagnetic (VTEM) survey was flown by Stellar in 2007 over previously held EL21/2004 which overlapped the Carbine hill targets within EL29/2022. Initial conductivity inversion modelling of the Carbine Hill VTEM anomaly was undertaken in 2008 by geophysical consultant, Jovan Silic, for Stellar identifying the Carbine Hill VTEM anomalies as prospective exploration targets.