Stelar Metals Expands Tungsten Footprint at Hill of Leaders Ahead of Drilling

Stelar Metals Expands Hill of Leaders Tungsten Footprint Ahead of First Drilling

Stelar Metals Limited (ASX: SLB) has reported additional tungsten mineralisation from its Phase 2 field program at the Hill of Leaders Tungsten Project in the Northern Territory, extending the known mineralised footprint across a field that now spans about 2 kilometres in exposed strike length and up to 200 metres in corridor width. The latest work also confirmed mineralisation in both quartz veins and the altered granite host rock, a detail that may prove important for how the system is assessed ahead of planned drilling in late July 2026.

The update matters because Hill of Leaders remains an unusual exploration opportunity in one key respect: no bedrock drilling has ever been completed beneath the surface vein system. With Phase 1 assays due shortly, Phase 2 assays expected in coming weeks, and a 3,000-metre Reverse Circulation drilling program targeted to begin later this month, investors are approaching the first real test of whether the surface mineralisation continues at depth.

"Stelar's second phase of field work has discovered additional sites of tungsten mineralisation and workings at the Hill of Leaders Project. Importantly, tungsten mineralisation has also been observed in the altered host granites as well as the mineralised quartz veins, supporting our interpretation toward the significant scale potential of the project," said Stephen Biggins, Executive Chair of Stelar Metals.

Phase 2 Fieldwork: Does It Extend the Area of Interest?

In the announcement, Stelar said 29 rock chip and grab samples were collected during Phase 2 mapping and sampling across historical tungsten mine workings, trenches, and processing areas. The programme was designed to extend the area of focus from the earlier field campaign rather than simply repeat it.

That work identified additional sites of tungsten mineralisation and appears to support the view that Hill of Leaders is not a single isolated vein occurrence. Instead, the company described the mineralised system as comprising multiple subparallel and stacked quartz veins developed within the Hill of Leaders Granite.

The company reported that some vein corridors extend across widths of approximately 200 metres, while the complete exposed mineralised area covers around 2 kilometres in length. For investors, scale indicators such as strike extent, multiple vein sets, and mineralisation beyond one working area are often important early signals when assessing whether a target warrants systematic drilling.

Historical surface sampling had already produced strong point results. Stelar referenced earlier Phase 1 rock chip samples that returned 6.1% WO₃, 2.1% WO₃, and 1.45% WO₃. These are surface rock chip results rather than drill intersections, so they should be treated as selective point data, but they provide useful context for why the company is moving quickly toward drilling.

What Minerals Were Found and Why Do They Matter?

The Phase 2 update identified two main tungsten minerals at Hill of Leaders: scheelite and wolframite. Both are commercially important tungsten-bearing minerals, however they differ in composition and field appearance.

The company said scheelite was readily identified because it fluoresces blue under ultraviolet light, while wolframite is harder to recognise visually in hand sample. Stelar observed scheelite mainly in fractures within quartz veins, but also in lower quantities within the biotite-rich contact zone of the host granite.

That second observation may be especially relevant. According to the announcement, if mineralisation extends beyond the veins into surrounding altered granite over meaningful distances, it could indicate a broader lower-grade halo around higher-grade vein cores. This would not replace the need for drilling and laboratory assays, but it may influence how the geological model is built and where initial drill sections are placed.

Furthermore, the company reported that close to 30 historic mine trenches have been identified in early mapping across the Hill of Leaders Tungsten Field. Most show a northwest-southeast orientation, with additional crosscutting structures also present. Such structural repetition can be important in vein-hosted tungsten systems because it may point to multiple mineralised shoots rather than one narrow zone.

Tungsten Minerals at Hill of Leaders

Copper Mineralisation Adds a Second Exploration Angle

The Phase 2 programme also confirmed copper mineralisation at several prospects within the broader field. Stelar said malachite and chalcocite were observed in abundance at the Old Ghan workings, with lesser occurrences near Doria, Makinsons, and Curtis toward the northwestern extent of the current area of interest.

By contrast, copper minerals were reported to be absent from samples collected in the Hill of Leaders Prospect area. The company said this pattern suggests possible zonation within the system, meaning tungsten-rich and copper-bearing areas may be distributed differently across the project.

Zonation can reflect changes in host rock chemistry, fluid pathways, or the temperature conditions under which minerals formed. For exploration targeting, it may help define where certain metals are more likely to occur and where drill fences should be positioned. It also raises the possibility that Hill of Leaders could host more than one style of mineralisation within the same granite-related system, though drilling will be needed to test that idea.

Understanding the Geology in Simple Terms

Hill of Leaders sits within the Hill of Leaders Granite, which Stelar described as a multiphase, highly fractionated intrusion of the Tennant Creek Supersuite. In simpler terms, this refers to a granite body that cooled in several stages, allowing metal-rich fluids to become concentrated and then move through fractures and boundaries in the rock.

These fluids can deposit tungsten in quartz veins and also alter the granite around them. This altered granite is often called greisen, a granitic rock changed by hot mineral-rich fluids and commonly associated with tungsten and tin deposits.

The announcement also noted the presence of later pegmatite, aplite, and mafic dykes, which the company considers closely associated with tungsten mineralisation across the field. Near workings, the granite becomes more biotite rich, which may reflect changes caused during vein emplacement.

Another point from the report is the occurrence of hematitic siltstones and sandstones between tungsten workings. Stelar believes these may be part of the Warramunga Formation, the same broader regional rock package associated with mineralisation near Tennant Creek and the nearby Hatches Creek tungsten field. The company said this setting may indicate the project lies near the cupola of the granite intrusion, a zone where mineral-rich fluids tend to accumulate and form vein swarms.

What Are Granite-Related Tungsten Systems?

Granite-related tungsten deposits typically form when the last fluids from a cooling granite become enriched in metals such as tungsten. Those fluids move through cracks and structural zones, depositing tungsten-bearing minerals in veins and sometimes altering nearby rock.

For non-specialist investors, three points are particularly useful:

1. Veins can be narrow but repeated — Individual veins may be small, but many veins grouped together can create a sizeable mineralised corridor.

2. Surface mineralisation does not guarantee depth continuity — Strong rock chips can indicate a fertile system, but only drilling can show whether grade and thickness continue below surface.

3. Host-rock alteration can matter as much as the veins — If tungsten occurs not only in vein material but also in surrounding altered granite, the potential mineralised volume may be larger than initially assumed.

This is precisely why Stelar's observation of scheelite in both veins and adjacent granite has drawn attention in the latest report. It does not confirm a larger deposit, but it does broaden the geological model to be tested.

Structural Setting and Drilling Implications

The report suggests that structural controls played a major role in mineral emplacement. Stelar said the dominant mineralised vein set appears to trend west-northwest and dip steeply, typically 60 to 85 degrees to the north-northeast. Some workings also trend close to north-south, which may relate to bedding or fabric in surrounding sedimentary rocks.

That geometry has direct implications for drilling. The company said broad traverses of angled drill holes oriented to the south-west across the field are recommended for the first phase of drilling. This approach is intended to cut across the mineralised structures rather than run parallel to them.

For investors, this matters because first-pass drilling is not just about confirming grade. It is also designed to answer basic geological questions such as orientation, continuity, spacing between veins, and whether the observed surface system thickens at depth. Stelar also referenced the previously highlighted "five floors" model, which, if applicable, may suggest thickening of the mineralised system at depth. That remains a conceptual interpretation and has not yet been tested by bedrock drilling.

Project Background and Why the First Drilling Matters

Hill of Leaders is located on EL33232, approximately 80 kilometres from Tennant Creek, in a region with established road and rail access to Darwin Port. Stelar stated that it has entered a binding earn-in agreement with F&H Brothers Metals Pty Ltd, giving it the option to acquire 100% of the project within 12 months.

Historical production at the field was small scale. Tungsten was first discovered at Hill of Leaders in 1951, and trenching and shafts produced about 2.4 tonnes of WO₃ concentrate from 150 tonnes of ore. Despite historical workings and several phases of later exploration by prior owners, no bedrock drilling has been completed beneath the mineralised surface veins, creating a genuine test point in the next phase of work.

Hill of Leaders Project Snapshot

Near-Term Catalysts for ASX Investors

The latest ASX update laid out a clear sequence of upcoming milestones. The most immediate is the release of Phase 1 assay results, which the company said are anticipated shortly. Those will be followed by Phase 2 assay results in coming weeks.

After the assays, Stelar is aiming to commence Phase 1 RC drilling in late July 2026, with around 3,000 metres across three sections. The company then plans Phase 1 diamond drilling of about 1,000 metres in Q3 2026 to follow up the RC results, before potential Phase 2 RC and diamond drilling plus resource drilling from Q4 2026 onwards.

Upcoming Milestones

For the market, the key question is straightforward: do the incoming assays and first drill holes support the idea that Hill of Leaders hosts a broader tungsten system at depth, rather than only isolated surface workings?

Why the Update Is Relevant to the Investment Case

Several aspects of the announcement are likely to remain central as investors assess the project over coming months.

First, the mineralised footprint has expanded, with multiple prospects and structures now identified across a wide field. Second, the company has confirmed tungsten occurs in both veins and adjacent altered granite, which may prove meaningful if drilling finds continuity. Third, planned drilling is close, and this will be the first bedrock test of the system.

There is also a secondary copper angle through mineralisation at Old Ghan and nearby prospects, although the current focus remains tungsten. At this stage, surface mapping, visual mineral observations, and historical context support geological interest, but the market will now look to laboratory assay data and drill results for stronger evidence.

In summary, Stelar's latest report marks a clear transition point. The fieldwork has enlarged the target area and refined the geological model. The next stage will show whether Hill of Leaders can convert encouraging surface indicators into a coherent drilled tungsten system.

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