$10 million investment at Heemskirk tin mine in Australia
Stellar Resources has announced it has received firm commitments to raise $10 million via a placement to accelerate drilling and mine studies at the company’s Heemskirk project in Tasmania.
The company said it would use the funds to complete a pre-feasibility study at Heemskirk. The placement will, on completion, give the company a cash position of approximately $14 million.
The investment, largely from Paradice Fund and Regal Funds Management, comes three months after the company announced a $3.2 million placement, including $2.4 million from Nero Resource Fund.
Stellar Resources Executive Chairman Simon Taylor commented: “The funds raised will be critical to advancing our world class Heemskirk Tin Project through to development, as we look got accelerate drilling programs to aid our Scoping Study and Pre-Feasibility Study later this year.”
The company is currently preparing an updated scoping study using the updated Mineral Resource Estimate on 7.48 Mt at 1.04% Sn for 77,870 tonnes of contained tin. Stellar Resources anticipates it will complete this study in the third quarter of 2024. Alongside this study, the company will continue metallurgical testwork and environmental studies.
This investment will enable key progress at Heemskirk, which is the highest grade undeveloped tin resource in Australia actively being explored, and we look forward to the publication of the new mine studies. More broadly, ITA is glad to see increasing activity from institutional investors in new tin mine supply projects and notes a significant surge in interest in recent months.
