Stellar Resources Confirms Exceptional Tungsten and Silver Grades at Scamander

Stellar Resources Uncovers Exceptional Tungsten and Silver Grades at Scamander — Tasmania's Critical Minerals Story Is Just Getting Started

Stellar Resources (ASX: SRZ) has delivered a standout set of reconnaissance results from its Scamander Critical Minerals Project in Eastern Tasmania, with rock chip sampling returning some of the highest surface grades of tungsten and silver seen at the project to date. The Stellar Resources Scamander tungsten and silver results in Tasmania span two distinct prospects — Lutwyche and Scamander Bell — and collectively reinforce the polymetallic richness of a project that is still in its early stages of systematic exploration.

Across 47 surface samples, the programme has confirmed tungsten mineralisation grading up to 6.91% WO₃ at Lutwyche and extraordinary silver grades reaching 2,730 g/t Ag at Scamander Bell. These are reconnaissance-stage rock chip results, but the grades are exceptional by any measure and, when placed alongside historical drilling and prior discovery results, they point to a district with considerable exploration upside.

Lutwyche Prospect: High-Grade Tungsten Confirmed at Surface

The Lutwyche prospect is the centrepiece of this announcement. Outcropping quartz veins carrying coarse crystalline wolframite have yielded multiple high-grade tungsten results, with the top five surface samples summarised below:

Bismuth grades are a notable secondary feature of the Lutwyche sampling, with sample LW26005 returning 2,010 ppm Bi (0.2% Bi) alongside 0.28% WO₃. Whilst bismuth is a secondary result at this stage, it is a critical mineral in its own right and adds to the overall commodity suite at the prospect.

Visible wolframite has previously been mapped over a 600m x 600m area at Lutwyche, though earlier soil surveys failed to adequately define the extent of the anomaly due to colluvial cover and the use of analytical methods that were not optimised for tungsten. The new rock chip results cut through that historical limitation with direct, high-confidence surface evidence of mineralisation.

Importantly, historical drilling at Lutwyche already demonstrated that tungsten mineralisation extends at depth, with intercepts of 2.3m @ 1.4% WO₃ (including 0.8m @ 3% WO₃) from 28.3m, and 1.9m @ 1.4% WO₃ (including 0.4m @ 4.1% WO₃) from 121.3m. The new surface results grading up to 6.91% WO₃ are consistent with the geological picture built from those historical holes.

The Lutwyche–Carson De Beers Corridor: A 1km Zone Barely Tested

One of the more compelling aspects of this announcement is what lies immediately north of Lutwyche. The Carson De Beers prospect, located 500m along strike to the north, hosts historical rock chip results of up to 8.3% WO₃ and has received no soil sampling or drilling to date.

Together, Lutwyche and Carson De Beers form a ~1km tungsten corridor that remains almost entirely untested by modern systematic methods. The combined significance of this zone is hard to overstate at a reconnaissance stage: two adjoining prospects, both delivering extreme surface grades, both sitting within a broader mineralised district that has never been comprehensively explored.

"When you combine these historical intercepts with our new surface samples grading up to 6.91% WO₃, along with the largely untested 1km prospective zone spanning the adjoining Lutwyche and Carson De Beers prospects, the upside of this project becomes very clear," said Simon Taylor, Managing Director.

Scamander Bell: Bonanza Silver Grades Across a 500m Zone

Whilst Lutwyche grabbed attention with tungsten, the Scamander Bell prospect delivered results of a different kind — extreme silver grades across a broad footprint. Mineralised quartz veins occur as float over a north-striking zone more than 500m in length and 150m wide, interpreted as an en-echelon array of veins at the margin of the Devonian Intrusive.

Of the 28 samples collected at Scamander Bell:

• 10 samples returned silver grades exceeding 100 g/t Ag
• 3 samples returned grades exceeding 1,000 g/t Ag
• The top result, sample SB26025, graded 2,730 g/t Ag

Gold is also present in an encouraging number of samples, with 7 samples grading above 0.1 g/t Au and one sample returning 1.4 g/t Au (SB26022). Lead and arsenic are strongly anomalous across the zone, with individual samples reaching 22,200 ppm Pb (2.2%) and 6,880 ppm As (0.69%).

Together with the silver grades, these indicators suggest a classic epithermal-style or granite-related precious and base metals system. Furthermore, these are float and mullock samples, meaning they represent material that has been transported or redistributed from the primary source. That so many samples returned such high grades across such a large area reinforces the view that a significant primary source lies at or near surface.

North Scamander: The Discovery That Started It All

The Scamander District already has a confirmed high-grade discovery underpinning investor interest. In September 2023, Stellar announced assay results from its maiden drillhole NSD005 at North Scamander, which intersected a remarkable polymetallic zone:

Individual assay values within this intercept reached 1,035 g/t Ag, 5.75% Sn, 27.6% Zn, 21.2% Pb, 1,070 g/t In and 37 g/t Ga — a combination that reflects a genuinely world-class intersection at the reconnaissance drilling stage.

The North Scamander discovery, now complemented by the Stellar Resources Scamander tungsten and silver results in Tasmania, illustrates that Stellar holds a district-scale package across Eastern Tasmania with multiple commodity streams and multiple untested targets.

Understanding Tungsten and Wolframite Mineralisation

Wolframite is the primary ore mineral of tungsten — a dense, dark-coloured iron-manganese tungstate mineral that typically occurs in quartz veins associated with granites. When you see coarse crystalline wolframite visible at surface, as Stellar's field team observed at Lutwyche, it is a strong indicator of a robust primary tungsten system at depth.

Why Does Tungsten Matter for Investors?

Tungsten is one of the hardest and highest-melting-point metals known, with critical applications in defence (armour-piercing ammunition, armour plate), industrial cutting tools, drill bits, and electronics. It is classified as a critical mineral in many jurisdictions due to its supply chain concentration.

Key terms for investors new to the sector:

• WO₃ %: Tungsten trioxide percentage — the standard measure of tungsten grade in ore samples. Grades above 0.5% WO₃ are generally considered high-grade in a mining context; surface samples grading 4–7% WO₃ are exceptional.
• g/t Ag: Grams per tonne of silver. For context, commercial silver mines typically operate at grades well below 500 g/t. Grades of 1,000 g/t and above are considered bonanza-grade.
• Rock chip samples: Direct samples taken from rock outcrop or surface material. They are selective by nature and not used to estimate resources, but they are highly effective at identifying the presence and potential tenor of mineralisation in early-stage exploration.
• En-echelon veins: A series of short, overlapping, parallel veins — a structural arrangement often associated with significant fluid flow and mineral deposition.
• Colluvial cover: Loose rock and soil material that has moved downslope under gravity, which can mask geochemical anomalies in soil surveys.

Critical Mineral Context

Both tungsten and silver feature prominently on critical minerals lists globally. Tungsten is essential for modern manufacturing and defence applications, whilst silver plays an increasingly important role in renewable energy technologies, particularly solar panels and electrical components. The combination of these metals at Scamander, therefore, positions the project firmly within the critical minerals supply chain conversation.

Systematic Exploration Programme on the Horizon

The results from this reconnaissance programme are designed to direct the next, more systematic phase of work. Stellar has indicated it is currently designing a comprehensive critical minerals exploration programme for the Scamander District. Planned activities include:

1. Soil surveys — to define the lateral extent of tungsten and silver anomalies across Lutwyche, Carson De Beers, and Scamander Bell
2. Geophysical surveys — to image structures and potential drill targets beneath the surface
3. Scout drilling — initial drill testing of the highest-priority targets identified through surface work
4. Historical core review — drill core from historical programmes is held in MRT (Mineral Resources Tasmania) core storage and will be reviewed and relogged by Stellar's team

The Company has also noted that data compilation and interpretation of existing geophysical datasets, along with field mapping to confirm and extend historical observations, form part of the near-term programme.

Stellar's primary focus remains the flagship Heemskirk Tin Project in western Tasmania, which is being advanced toward development. The Scamander programme is being conducted alongside Heemskirk through cost-effective, value-maximising initiatives rather than as a competing priority.

The Broader Investment Case: A Company With Two Stories to Tell

Stellar Resources is, at its core, a tin development company with an advanced flagship asset. The Heemskirk Tin Project holds a resource of 9.51 Mt at 0.93% Sn, containing 88,100 tonnes of tin, ranking it as the highest-grade undeveloped tin resource in Australia and third globally by grade. A Scoping Study has been completed and prefeasibility activities are underway.

The Scamander Critical Minerals Project adds a separate and potentially significant dimension to the investment case — one that carries its own commodity exposure across tungsten, silver, tin, zinc, lead, indium, gallium, and bismuth. The district encompasses 335 km² of prospective ground in Eastern Tasmania.

What makes the current Stellar Resources Scamander tungsten and silver results in Tasmania notable for investors:

• The tungsten grades at Lutwyche (up to 6.91% WO₃) are among the highest reported in recent Australian exploration and are directly supported by historical drilling that already confirmed tungsten at depth
• The silver grades at Scamander Bell (up to 2,730 g/t Ag) are bonanza-level and occur across a wide, coherent zone that has received minimal systematic exploration
• A ~1km tungsten corridor between Lutwyche and Carson De Beers remains almost entirely untested by drilling
• The North Scamander discovery (32m @ 141 g/t Ag and multiple critical minerals) provides proof of concept that the district can deliver high-grade intersections at drill stage
• All of this sits on granted exploration tenure (EL19/2020)

Why Investors Should Keep Watching Stellar Resources

Stellar presents a relatively uncommon combination in the small-cap resources space: a credible, advanced tin development project in a tier-one jurisdiction, alongside an early-stage critical minerals district that is delivering genuine exploration excitement.

The Stellar Resources Scamander tungsten and silver results in Tasmania announced here are reconnaissance-stage, meaning the story is early. However, that is precisely the point — investors who follow companies at this stage of discovery have the opportunity to track exploration as it unfolds, before systematic drilling and resource delineation translate surface results into something more formally defined.

Near-Term Catalysts

The Lutwyche–Carson De Beers tungsten corridor and the Scamander Bell silver zone represent two clear near-term drilling targets. The design of a systematic exploration programme, including geophysics and scout drilling, means news flow from Scamander should continue to build throughout the coming field seasons.

At the same time, Heemskirk's prefeasibility activities — including resource and exploration drilling, and ore sorting test work — are expected to provide ongoing catalysts on the tin development side.

District-Scale Potential

The combination of high-grade surface results, historical drilling confirmation, and a largely untested 1km tungsten corridor suggests that Scamander could evolve from an early-stage exploration story into something more substantial. In addition, the presence of multiple commodity streams — tungsten, silver, tin, zinc, lead, and critical minerals indium and gallium — provides potential for a diversified mineral resource package.

"The exceptional surface grades reported across both tungsten and silver prospects, combined with the confirmed high-grade polymetallic discovery at North Scamander, position Stellar Resources as a company with genuine dual-asset potential. Whilst Heemskirk advances toward development, Scamander offers early-stage exploration upside in critical minerals — a compelling combination for investors seeking both development and discovery exposure in the Australian tin and critical minerals sectors."

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