Lodestar Minerals (ASX:LSR) has defined new areas of interest at its Darwin Iron Oxide Copper-Gold Project in northern Chile following a second site visit.
The new areas include multiple historical workings, which follow a trend spanning 1km and include several magnetic anomalies in the east of the project. The company says this is where elements at surface suggest a potential iron oxide copper-gold (IOCG) target, alongside a potential gold target.
Lodestar notes the scale of the historical workings, where multiple gold and copper samples have been taken, are considerable. The company will assess the potential for small-scale mining opportunities following extensive exploration.
The company is defining priority drilling targets for a low-cost, high-impact drilling program, which will begin early next year. The drilling program aims to target the most obvious IOCG targets, as well as high-grade gold and copper mineralisation.
“We have defined more extensive targets, multiple additional historical workings that we believe still have considerable potential for future production as well as some excellent prospects for IOCG discoveries,” Managing Director Ed Turner says.
“The presence of copper, gold, and iron samples across the project area clearly indicates that Darwin has compelling exploration and development upside and we plan to confirm this with the drill bit early in the new year.”
Lodestar says interpretation of historical magnetics is ongoing and will include analysis of regional data that is being acquired by the company.
Earlier this month, Lodestar signed an option agreement to acquire the Darwin Project from Aeramentum Resources.
To date, surface rock chip sampling and drone aeromagnetic surveys have delineated numerous targets at Darwin that can be drilled in the near-term. Previously reported rock chip assays have returned up to 247 grams per tonne gold, 8% copper, and 66% iron.
Lodestar reports it has $180,000 cash at hand through the sale of listed equities in the past week. The funds will be applied to planned drilling activities early next year.
Lodestar Minerals is an active base metal and gold explorer focused on its projects in Western Australia and Chile.
Write to Aaliyah Rogan at Mining.com.au
Images: Lodestar Minerals
