Stellar Resources Limited announced assay results from Severn infill drillholes ZS148 and ZS149, along with the results from exploration hole ZQ146, at the Company's Heemskirk Tin Project in Tasmania. Outstanding assay results from ZS148, the first infill hole targeting increasing the Severn Indicated Mineral Resource completed this year with the second-best significant intercept recorded to date at Severn on a tin grade thickness basis from a total of over 50 significant intercepts. Assay results from ZS149, the second Severn infill hole completed this year, show extension of tin mineralisation down dip of the currently defined Mineral Resource interpretation near the southern margin of the deposit where thinner intersections are expected.

As ZS149 was drilled at an angle of approximately 90 degrees to the dip of the orebody, the significant interval lengths of the intercepts shown in the table above are close to the true thicknesses. In March 2022, Stellar commenced its Phase 2A drilling program of six inclined diamond holes for approximately 3,130m at Severn, the larger of the Heemskirk Tin Project deposits1. The Phase 2A drilling program is focused on infill drilling to increase the Severn Indicated Mineral Resource.

The Severn Phase 2A drilling program is progressing well with 3 holes completed (ZS149, ZS150 and ZS151), two holes currently underway (ZS152 and ZS153) and one hole yet to commence (ZS154) with a total of 2,057m completed to date. Five of the Phase 2A holes (ZS149, ZS150, ZS151, ZS153 and ZS154) are infill holes aimed at increasing the Severn Indicated Mineral Resource as a precursor to a Pre-Feasibility Study (PFS) on the Project. These holes are targeting depths of approximately 280m to approximately 380m from surface (approximately 450m average hole length) in areas where thicker and higher-grade tin mineralisation are expected, based on the Mineral Resource model and existing drilling.

One of the Phase 2A holes, ZS152 (approximately 900m length) will test the large magnetic and approximately coincident conductive target to the south of the Severn deposit that was identified in modelling completed last November by Stellar's geophysical consultants Mira Geoscience2. This hole also passes through the projected position of the Severn deposit approximately 100m south of the defined Mineral Resource. This hole also passes through the projected position of the Severn deposit approximately 100m south of the Severn resource.

As ZQ146 was drilled at an angle of approximately 90 degrees to the dip of the historic mining stopes, the significant interval lengths shown in the table above are close to the true thicknesses of the intercepts. The lower significant intercept from 203.0m to 206.9m in ZQ146 aligns well with the historic Zeehan Queen No. 4 silver-lead mine located approximately 80m up dip as shown in Figure 6. Whilst the grades of the significant intersections in ZQ146 are unlikely to be economic, they do indicate the continuation down dip of the silver-lead fissure vein mineralisation mined in the historic Zeehan Queen No.

4 mine where it has transitioned mainly to tin mineralisation with low levels of stannite present.