Additional reverse circulation drilling is starting at Lodestar Minerals‘ (ASX:LSR) Ned’s Creek Gold Project as it also awaits assay results from aircore drilling at Coolgardie West next month.
The company has received composite assays from the first two reverse circulation holes, which intersected magnetically altered mafic basalt, but no intrusive granitoids. This first phase of drilling included two holes comprising 510m which were completed to test two previously undrilled magnetic targets.
Lodestar Managing Director Ed Turner notes the first phase of reverse circulation drilling at Ned’s Creek did not return significant gold mineralisation, despite intersecting quartz veining and strong alteration.
“The magnetic anomalies have not been explained so two additional scissor holes are warranted and will commence shortly,” Turner says.
“Selected 1m intervals will also be submitted for assaying to ensure no mineralisation has been missed in the composite samples. Previous drilling campaigns have clearly shown the project potential for gold mineralisation.
“These previously untested magnetic targets have a great chance to display larger scale mineralisation such as the Wallaby gold deposit located 500km southeast in the Yilgarn Craton of Western Australia with a reserve of 2 million ounces of gold and total resources of 7.1 million ounces of gold.”
The company believes the Ned’s Creek Project is highly prospective for an intrusion-related style of gold mineralisation with the possibility to host significant multiple gold lodes. This is due to the Contessa, Central Park, Gidgee Flat, and Brumby gold prospects lying along the Contessa granite on the southern margin of the Marymia Inlier, adjacent to reactivated crustal-scale faults that are a key feature of ‘world-class’ gold camps.
Lodestar is an active Western Australian base metal and gold explorer with projects comprising the 100% owned Earaheedy, Ned’s Creek, and Coolgardie West projects.
It also has exposure to lithium via its strategic 9.3 million shares and 27.5 million performance rights in Future Battery Minerals (ASX:FBM) which owns the Kangaroo Hills and Miriam lithium projects in Western Australia and the Nevada Lithium Project in the US.
Write to Adam Orlando at Mining.com.au
Images: Lodestar
