Stelar Metals (ASX: SLB) flags high-grade silver up to 211 g/t at Baratta

Key Highlights

• Rock chips return silver assays up to 211 g/t and 164 g/t Ag at Lone Pine
• Multiple samples above 2 ounces silver per tonne
• Baratta Mine trend shows 3km strike with consistent silver and copper
• Geological similarities to Central African Copper Belt and Kupferschiefer systems
• Silver seen as potential economic by-product and value driver

Stelar Metals Ltd has reported high grade silver results from reconnaissance work at its 100 percent owned Baratta Copper Project, with rock chip samples returning assays of up to 211 grams per tonne silver and 164 g/t silver at the Lone Pine prospect. Several samples exceeded two ounces per tonne, which is a level that tends to catch geologists’ attention even at this early stage.

The results come from mapping and rock chip sampling conducted during 2024 and reviewed in the company’s latest ASX announcement dated 5 February 2026 .

For a junior with a market capitalisation of just over $5 million, the numbers are notable. But what matters more is the context.

A copper project with a silver twist

Baratta has long been considered prospective for sediment hosted stratabound copper deposits, a style of mineralisation responsible for roughly 20 percent of global copper production. Silver often travels with these systems, sometimes becoming a meaningful contributor to project economics.

Stelar’s latest review suggests that silver may not simply be a side note here.

At Lone Pine, located about 7.5 kilometres west of the historic Baratta Mine, rock chips returned multiple high grade results including 163.6 g/t, 77.4 g/t, 61.6 g/t, and the standout 210.6 g/t silver. Meanwhile, along the Baratta Mine trend, sampling across a 3 kilometre strike length delivered numerous assays above 5 g/t silver, with localised zones exceeding 30 g/t.

In plain terms, this means the silver is not isolated to a single rock. It appears distributed along a broad geological corridor.

Why silver matters here

Silver can quietly reshape the economics of a copper project.

In many sediment hosted copper deposits globally, silver is recovered as a by product that helps lower operating costs per tonne. Some European operations are even described as “silver mines that happen to produce copper”.

Stelar notes geological similarities between Baratta and well known international systems such as the Central African Copper Belt and the Kupferschiefer deposits of Europe, both of which are recognised for strong silver credits.

That comparison does not guarantee a discovery, but it provides a geological model. For exploration companies, that framework helps guide where to drill and how to interpret results.

Reading the rocks

The geology at Baratta sits within the Adelaide Rift Complex, an area known for folded sedimentary sequences and salt related structures. According to the announcement, the silver and copper are hosted in oxidised brecciated gossans that follow the same stratigraphic layers over distance.

Stelar’s team mapped stacked gossans at Lone Pine across roughly 400 metres of strike, with three mineralised units between one and three metres thick.

To simplify, imagine thin but laterally continuous layers of mineralisation that run across the landscape rather than small isolated pods. This geometry is often easier to scale if continuity is proven.

Early stage, but building a picture

It is important to keep the stage of work in perspective.

These are rock chip samples, not drilling results. Rock chips indicate surface mineralisation but do not confirm thickness, depth or continuity underground. That will require drilling.

Still, reconnaissance sampling serves as a first filter. It tells explorers whether an area warrants further spending.

Stelar appears convinced it does.

The recognition of a potential high silver system has “reinvigorated” its interest and it is now designing additional exploration, including extending mapping and sampling and conducting further mineralogical analysis to better understand how silver is distributed.

Market view

SLB stocks were trading around $0.078, up roughly 4 percent on the day, with about 64.6 million shares on issue and a market cap of approximately $5 million.

The bigger picture

Silver’s rising strategic profile also adds a macro backdrop. Demand is increasingly linked to solar panels, electronics and electrification technologies, in addition to traditional uses.

That does not change the geology, but it can influence how discoveries are valued.

For now, Stelar’s update reads less like a breakthrough and more like the steady accumulation of evidence. High grade silver at surface. A long mineralised trend. Geological analogues to established camps. A plan to follow up.

In exploration, that is often how a story begins. Quietly, with rocks and numbers, long before any talk of production.

Whether Baratta evolves into something larger will depend on the next phase of work. But the early signs suggest the project is not just about copper anymore.