Lodestar granted Coolgardie tenement ahead of field work

Lodestar Minerals (ASX:LSR) is gearing up for a mix of fieldwork activities at its recently granted Coolgardie West Project in Western Australia. 

Coolgardie West is considered prospective for gold, nickel, and lithium, and covers a total landholding of 59km2 about 7km west of Coolgardie in the Eastern Goldfields region. The tenement, E15/2013, had previously been under application.

Lodestar, which has a $4.04 million market capitalisation, says it will begin immediate infill soil sampling of two recently flagged gold anomalies to better define drill targets. 

Inaugural aircore drilling is also being sought to investigate the best gold anomalous areas. 

Drilling is slated to begin this quarter (Q2 2024), however, the company states better delineation of the shape and location of the core of each anomaly is required prior to drill testing. 

The company will seek heritage survey and program of work approvals of the proposed drilling areas in the meantime.   

Geochemical soil sampling previously undertaken by Lodestar defined two gold anomalies up to 2.5km in length. 

“The grant of this gold prospective tenement arrives at the right time given the continued rise in the gold price and worldwide interest in gold projects,” Managing Director Ed Turner says.  

“Considering the location near Coolgardie, we will be able to advance the project exploration programs rapidly in parallel with testing the new anomalous target areas at our Earaheedy Project. 

After a slow start to the year, following a significant delay due to rains, field work has recently commenced at Earaheedy, and we look forward to informing the market of our progress as we advance towards new discoveries.” 

The infill sampling will comprise about 300 samples on a 100m-by-100m grid. 

Lodestar Minerals is a base metals and gold explorer focused on its portfolio of projects including the Earaheedy, Ned’s Creek, and Coolgardie West projects. 

As of 31 December 2023, the company had $606,000 in cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Lodestar Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.