(MENAFN- ProactiveInvestors - Australia) The project is situated 40 kilometres south of Neometals' (ASX:NMT) Mt Marion Lithium mine, which is currently in production.
Estrella has already submitted a program of works to the Department of Minerals and Petroleum for drilling over the high priority lithium pegmatite targets at the Mt Edwards project.
The drill targets have been identified and ranked based on historic detailed surface mapping and several rock chip sampling programs undertaken by Mt Edwards Lithium Pty Ltd.
Mt Edwards Pty Ltd (now 100% owned by Estrella) was awaiting formal shareholder approval of its takeover and confirmation of subsequent funding by the new owners before proceeding with the analysis of the drill core.
This was received on 28 December 2016.
Estrella has engaged an experienced local Kalgoorlie drilling service company to carry out a maiden reverse circulation drilling program of about 4,000 metres.
Incidentally, Estrella has been approached by a large offshore (+$4 billion in assets) conglomerate to assist Estrella in developing its resource portfolio and explore potential business opportunities.
Estrella continues to review projects that could create greater exposure to 'new energy' minerals and add value to its asset portfolio.
The company's share price increased 12.7% on Friday, closing at $0.08.
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