IMARC: Lodestar laying foundations for 2024 exploration and discovery

Lodestar Minerals (ASX:LSR) is looking to round off 2023 with diamond drilling as it lays the foundations for its planned 2024 exploration and discovery work in Western Australia.

Speaking to Mining.com.au on the sidelines of the International Mining and Resources Conference (IMARC) on day 2 (1 November 2023), Managing Director Ed Turner says drilling should be underway by mid-November and completed by early December, once assays from previous aircore (AC) and reverse circulation (RC) drilling programs are received. 

Results are expected to be announced as early as next week. 

“We did 5,000m of drilling and discovered copper and gold across 5 of the 7 targets that we drilled which are under sand cover in the Earaheedy Basin. That was very early encouragement, and so we followed that up with 4,000m of reverse circulation (RC) drilling that we completed during the interim. This is rapid progress.

We are hoping to not only follow up on the copper and gold hits from AC and RC drilling but hopefully give us that structural information that we currently don’t have.

That will really help us plan more targeted drill programs within the area we are currently drilling for next year. But at the same time, we are also doing a lot of soil geochem outside of that area and the rest of the project area that hasn’t been tested, and that includes the zinc-lead-silver targets.”

Turner tells this news service its upcoming work will be the last wave of exploration before the company takes a break over the summer season to interpret results and data to design its battle plans heading into 2024. 

He notes that the company remains fully funded to undertake its current exploration plans, but work in the new year isn’t as clear just yet. 

“We are fully funded for our current exploration programs, but we don’t know what the exact programs for next year are going to be yet, so we will review that over the summer. We do have access to $3 million worth of Future Battery Minerals (ASX:FBM) shares, which we can sell if need be.”

The MD says if all goes well, Lodestar will return to IMARC in 2024 with a potentially ‘significant’ Earaheedy discovery under its wing. 

“Hopefully by this time next year we will have made a significant copper and/or gold discovery, or even a zinc-lead-silver discovery at Earaheedy. We think that is possible in the timeframe, you never know how long exploration is going to take, and we do have a very large land package, but we are very encouraged by the early results we have seen from our 2 drilling programs so far. 

“Hopefully by this time next year we will have made a significant copper and/or gold discovery, or even a zinc-lead-silver discovery at Earaheedy

We believe we are on the right track and [a discovery] could happen anytime next year.”

Mining.com.au is an official media partner of IMARC.

Lodestar Minerals is an active Western Australian base metal and gold explorer focused on the Earaheedy Basin, one of Western Australia’s most underexplored and prospective base metal provinces.

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.