Stelar Metals Confirms High-Grade Tungsten System at Hill of Leaders

Stelar Metals Strikes High-Grade Tungsten Across a Significant New Northern Territory Discovery

Stelar Metals Limited (ASX: SLB) has reported maiden surface rock chip results from its Hill of Leaders Project in the Northern Territory, with multiple tungsten assays above 1.0% WO₃ and elevated mineralisation recorded across several prospect areas. According to the ASX announcement dated 13 July 2026, the results suggest Hill of Leaders hosts a broad tungsten system rather than a single isolated occurrence, with follow-up exploration and maiden RC drilling now being fast-tracked.

The announcement is material because early-stage tungsten projects rarely attract attention on a single data point alone. In this case, the combination of high-grade surface samples, repeated elevated values across the project, and associated molybdenum, copper, bismuth and gold has given investors a clearer basis for assessing the project's scale potential.

"These are exactly the kind of results we hoped to see from our first pass over Hill of Leaders. Widespread tungsten mineralisation and grades above 1% WO₃ tells us we are dealing with a real tungsten system of significant scale," said Stephen Biggins, Executive Chairman of Stelar Metals.

Biggins added that tightening tungsten markets and efforts by western nations to source supply outside China may support interest in projects of this type.

What the Maiden Rock Chip Results Show

In the announcement, Stelar said 18 rock chip samples were collected during the Phase 1 field program completed in June 2026. The program was designed to confirm historical workings, identify the style of mineralisation present, and rank targets for follow-up work.

The strongest results came from two samples that returned more than 1.0% WO₃, while more than one-quarter of all samples graded above 0.5% WO₃. Furthermore, Stelar reported that about two-thirds of the sample set exceeded 0.05% WO₃, which the company described as a commonly used cut-off benchmark for many modern tungsten projects.

The key assays reported were:

These are selective surface samples rather than drill intercepts, and the announcement explicitly noted that rock chips may not represent average grade across a wider area. Even so, the spread of elevated tungsten values across different workings is relevant because it supports the interpretation of a larger mineralised system that remains open to further testing.

Why the Geology Matters at Hill of Leaders

According to the announcement, tungsten mineralisation at Hill of Leaders occurs mainly as scheelite and wolframite within quartz veins, associated alteration, and greisen developed inside the large Hill of Leaders Granite system. In simple terms, this means the mineralisation is linked to hot mineral-rich fluids that moved through fractures in the granite and deposited tungsten-bearing minerals.

The currently recognised mineralised area includes multiple subparallel and stacked quartz veins. Stelar said some vein corridors extend across widths of about 200 metres and along strike for roughly 2 kilometres. Early mapping has identified close to 30 individual mine trenches, most of them trending northwest-southeast.

Could Mineralisation Extend Beyond the High-Grade Veins?

One geological point highlighted in the announcement may be particularly important for future drilling. Scheelite has been observed not only within quartz veins, but also in lower quantities within the biotite contact zone of the host granite. That matters because it raises the possibility that mineralisation may continue beyond the high-grade veins into a broader, lower-grade halo.

If drilling confirms that interpretation, the project's mineralised footprint could be larger than the veins alone suggest. For investors, that distinction matters because narrow high-grade veins and broader mineralised systems can lead to very different development pathways.

Understanding WO₃ and Tungsten Grades

For investors less familiar with tungsten, the grades in this announcement are reported as WO₃, or tungsten trioxide. This is the standard way tungsten content is expressed in exploration and mining reports.

A few core terms help put the results into context:

In the Stelar announcement, two-thirds of samples exceeded 0.05% WO₃. That does not mean the project has an economic deposit, but it does show that a substantial proportion of the first-pass sample set contains tungsten at levels that justify more systematic work.

More Than Tungsten: Molybdenum, Copper and Bismuth Also Present

The Phase 1 results also point to a polymetallic system. In mining terms, that means more than one metal is present in the same mineralising system, which can sometimes add value if those metals persist in meaningful grades and volumes.

Molybdenum stood out as the most consistent associated metal. All 18 samples returned molybdenum, with an average of 0.026% Mo and a peak result of 0.058% Mo. In the announcement, Stelar compared those values with two Australian tungsten projects where molybdenum is also reported:

• Tivan's Molyhil Project in the Northern Territory is reported to host 4.647 million tonnes at 0.26% WO₃ and 0.09% Mo
• Tungsten Mining's Mt Mulgine Project in Western Australia is reported to host 259 million tonnes at 0.11% WO₃ and 0.027% Mo

Those comparisons do not imply Hill of Leaders is equivalent in size or development stage. However, they provide context for why molybdenum is being discussed as a potentially relevant by-product rather than a minor anomaly.

Copper was also notable. Four samples returned more than 0.5% Cu, including 6.64% Cu from the Old Ghan prospect alongside 0.155 ppm Au. Bismuth assayed up to 0.4% Bi.

Why Associated Metals Matter

Tungsten projects can sometimes benefit from by-product credits if metals such as molybdenum or copper occur consistently and can be recovered economically. At Hill of Leaders, the current data is early-stage, but the presence of multiple associated metals gives future drilling more than one value driver to test.

What Is Planned Next at Hill of Leaders?

The announcement set out a clear next-stage exploration sequence. Stelar said planning is being fast-tracked for follow-up work designed to test whether the surface mineralisation continues at depth and across wider areas.

The planned activities include:

RC drilling is likely to be the most important near-term catalyst. Surface rock chips can confirm mineral presence and indicate grade potential, but drilling is needed to test continuity, width and the geometry of the mineralised zones below surface.

The announcement also referenced prior exploration by other parties, including aircore drilling completed in 2007, which reportedly intersected anomalous tungsten beneath alluvium and extended several hundred metres from the historic workings. That historical work does not replace modern drilling by Stelar, but it adds context to the company's view that the system may extend beyond the currently recognised workings.

Management Experience and Project Setting

Stelar also used the announcement to highlight Executive Chairman Stephen Biggins' background in the Northern Territory. According to the company, Biggins previously led Core Lithium (ASX: CXO) as founding Managing Director for more than a decade, overseeing the path from acquisition and discovery through permitting, financing, construction and first production at the Finniss Lithium Project.

For investors, management track record does not validate a discovery. What it can do, however, is provide context on project execution experience, especially in the same jurisdiction where regulatory, logistical and stakeholder processes are already familiar.

Hill of Leaders itself is held under EL33232, which covers about 454.54km². The company said it has entered into a binding earn-in agreement with private company F&H Brothers Metals Pty Ltd, giving Stelar the option to acquire 100% of the project within 12 months.

Why Investors Are Paying Attention to Stelar's Tungsten Discovery

The investment relevance of this update rests on several points disclosed in the announcement.

First, the grades reported from the maiden program are strong for surface sampling, with two assays above 1.0% WO₃ and several more above 0.5% WO₃. That gives the project an early technical signal that further work is justified.

Second, mineralisation appears to be distributed across multiple workings and prospect areas rather than confined to one sample point. At this stage, that breadth may be as important as the peak grade.

Third, the system includes associated molybdenum, copper, bismuth and gold. Whether those metals have future economic importance remains unknown, but they broaden the scope of what drilling could define.

Fourth, the next catalyst is close. With Phase 2 assays pending and maiden RC drilling expected within weeks, news flow is likely to focus quickly on subsurface continuity rather than surface-only evidence.

Finally, the commodity backdrop has drawn attention to tungsten. The Stelar announcement referred to tightening global supply conditions linked to Chinese export restrictions and broader western efforts to diversify critical mineral supply chains. That is market context rather than project-specific support, but it does help explain why early tungsten exploration results may attract investor interest.

The Bottom Line on Hill of Leaders

According to the ASX update, Stelar's first field program at Hill of Leaders has confirmed widespread tungsten mineralisation across a substantial granite-hosted system, with selective rock chip assays reaching 1.411% WO₃ and 1.110% WO₃. The presence of scheelite and wolframite across multiple workings, plus consistent molybdenum and local copper and bismuth values, supports further work.

The project remains at an early exploration stage, and drilling will be needed to determine whether the surface grades translate into continuous mineralisation at depth. That said, the combination of high-grade surface results, project scale indicators and a defined follow-up program means Hill of Leaders is likely to remain a closely watched tungsten exploration story on the ASX over the coming weeks.

Want to Catch the Next Major ASX Mineral Discovery Before the Market Does?

Discovery Alert's proprietary Discovery IQ model scans ASX announcements in real time, instantly identifying high-potential mineral discoveries like emerging tungsten stories and translating complex data into actionable insights for investors at every level — explore historic examples of major discovery returns to see what early positioning can mean, then begin your 14-day free trial at Discovery Alert to stay ahead of the next significant find.