Lodestar Minerals (ASX:LSR) has completed legal and technical due diligence at the Darwin Iron Oxide Copper-Gold Project in Chile.
The company has issued 25 million shares to public unlisted Australian company Aeramentum Resources for the 3,100 hectare drill-ready project.
Darwin lies within the Iron Belt of northern Chile, which also hosts the Candelaria deposit owned by Lundin Mining (TSX:LUN) and Sumitomo (TYO:8053). The Candelaria resource measures 1.2 billion tonnes at 0.6% copper, 0.13 grams per tonne gold, 2g/t silver.
To date, surface rock chip sampling and drone aeromagnetic surveys have delineated numerous targets at Darwin that can be drilled in the near-term. Lodestar is planning a systematic exploration program for early this year, including drilling.
Lodestar reports rock chip assays have returned up to 247g/t gold, 8.09% copper, and 66% iron in outcrops.
In mid-December Lodestar’s technical team completed a second site visit of Darwin with new areas of interest defined, including multiple historical workings which follow a trend extending well over 1km and several magnetic anomalies identified in the east of the project where elements at surface suggest a potential IOCG target, as well as a potential gold target.
The scale of the historical workings, “where multiple high-grade gold and copper samples have been taken, are considerable and Lodestar will also assess the potential for small-scale mining opportunities following more extensive exploration”.
The company on 16 December announced it also strengthened its cash balance with $180,000 of listed equities sold. These funds will be applied to planned drilling in early 2025, as reported by Mining.com.au.
Write to Adam Orlando at Mining.com.au
Images: Lodestar
