Stelar Metals secures 90% stake in Trident lithium project
Critical minerals explorer Stelar Metals (ASX: SLB) has completed the acquisition of mining tenements in New South Wales, Australia, which include the Trident Lithium project.
The deal with the state government grants Stelar Metals a 90% ownership of the land, which hosted tin and tantalum mining for decades and is known to contain lithium-caesium-tantalum (LCT) pegmatite formations.
The Trident acquisition adds to the Midas and Perseus projects Stelar already holds within the Euriowie Pegmatite Field.
The company will now ramp up hard-rock lithium exploration in New South Wales, while it works through the approval processes with an aim to begin a drilling program in the third quarter of 2023.
The initial exploration work aims to confirm pegmatite orientation and lithium fertility before the company embarks on a deeper, more comprehensive drill program to evaluate lithium resource potential.
There has been a flurry of activity in the lithium sector this year, with the merger between Allkem (ASX: AKE) and Livent (NYSE: LTHM), which created the world’s third largest lithium producer, heading the list.
In March, Liontown Resources (ASX: LTR) rebuffed a $3.7 billion (A$5.5bn) buyout bid from Albemarle (NYSE: ALB), after turning down two previous offers by the U.S. producer since.
Tecpetrol Investments in June launched an all-cash buyout bid for Canada’s Alpha Lithium (OTC: APHLF), which is active in the Tolillar and Hombre Muerto salt flats in Argentina.
Canada’s Lithium One Metals (TSX-V: LONE) followed with an announcement of its planned merger with Norris Lithium (CSE: CHCK).
