Lodestar Minerals (ASX:LSR) has started its first reverse circulation (RC) drilling program at its Earaheedy Project in Western Australia.
Up to 18 holes for 3,000m of RC drilling are planned to follow up on ‘significant’ copper and gold intersections from recent aircore drilling conducted at Earaheedy, as previously announced by Lodestar on 2 August.
The $13.93 million market capitalisation company says this program may be extended depending on geological observations.
Drilling is following up on 4 of the 7 targets drilled as part of the aircore program, targeting possible extensions to the encountered copper and gold mineralisation at depth within fresh rock, along strike and across strike.
Subject to what is uncovered from the program, follow-up diamond core drilling and potential further RC drilling will be planned for November this year.
Drilling is expected to be completed in 2 to 3 weeks.
Commenting on the drill program, Lodestar Minerals Managing Director Ed Turner says: “We are excited to commence our maiden RC drilling program at the Earaheedy Project following the highly encouraging gold and copper hits in the recent aircore drilling. We believe the project has the potential to host multiple copper-gold deposits.
“We believe the project has the potential to host multiple copper-gold deposits“
This interpretation is based on the similarities between our geological model, which has gold and copper being associated along with the presence of volcanic sills within the sedimentary pile, and the high-grade VMS copper-gold DeGrussa deposit, which occurs within the region in the same aged sedimentary rocks of the Bryah Basin.”
The company adds that extensive geochemical soil sampling programs are proceeding, to be completed over various other target areas within the Earaheedy Project.
Lodestar Minerals is an active Western Australian base metal and gold explorer. The company’s wholly owned assets consist of the Earaheedy, Jubilee Well, and Coolgardie West projects.
As of 30 June 2023, the company had $637,000 cash and cash equivalents at hand, according to its latest quarterly report. However, the company announced to the ASX on 30 August 2023 that it is undertaking a capital raise of $825,000.
Write to Aaliyah Rogan at Mining.com.au
Images: Lodestar Minerals