Lodestar Minerals strikes gold for the first time at Earaheedy Project in WA

Diversified explorer Lodestar Minerals (ASX:LSR) has intersected gold for the first time at its flagship Earaheedy Project in Western Australia through a maiden aircore (AC) drilling program.

The $7.37 million market capitalisation company reports ‘significant’ gold intersections have been returned from 3 of the 7 targets tested through 99 holes across 5,386m. All multi-element assays are pending and are expected to be received within the coming weeks.

The ‘best’ intersections include LEA0008 with 7m @ 1.03g/t Au from 36m to end-of-hole (EOH); LEA0021 with 8m @ 0.95g/t Au from 56m, including 4m @ 1.69g/t Au from 56m; LEA0022 with 20m @ 0.2g/t Au from 32m; and LEA0047 with 7m @ 0.2g/t Au from 40m to EOH.

Lodestar is now planning follow-up reverse circulation (RC) drilling and notes it has started a ‘large’ soil sampling program across multiple unexplored areas throughout Earaheedy.

This includes the Tripod tenements, which the company says has never been explored in the past and have ‘strong’ potential to host zinc, similar to Rumble Resources’ (ASX:RTR) Chinook deposit.

Commenting on the results, Lodestar Minerals Managing Director Ed Turner says: “This is a great start for Lodestar at our flagship Earaheedy Project. These are fantastic results for first-pass wide-spaced aircore drilling and clearly confirm the abundant potential of the Earaheedy Project to host both base metal and gold mineralisation.

This is the first time that any explorer has intersected significant gold in the project area”

This is the first time that any explorer has intersected significant gold in the project area, and to do so at multiple targets demonstrates the potential scale of the mineralised system or systems.

Importantly, these initial results validate our geological model, which has gold and copper being associated, much the same as the high-grade DeGrussa deposit within the region.

It is particularly pleasing given the mineralisation is blind at surface, as it is beneath windblown sand cover. The possibility for further gold occurrences is high, and RC drilling is being planned to test for depth and strike extension.

This will commence once all outstanding multi-element assays have been received and we can determine if additional copper targets also require RC drill testing.”

Lodestar reports the spread of the anomaly is ‘highly significant’ and demonstrates ‘excellent’ potential for gold mineralisation, while the geology has shown the presence of quartz veining and brecciated sediments associated with or close to gold intercepts. The company says further drilling is required to define these quartz veins.

The 7 targets tested were defined by both electromagnetic anomalies and soil geochemistry anomalies using ultrafine (UFF+) multi-element assaying methods developed by CSIRO, which also analysed and interpreted the assay data for Lodestar. Large areas outside of and in between these targets have never been tested and are yet to undergo soil sampling.

In addition to the gold intersections, Lodestar reports the copper potential for the project is ‘high’, noting drilling intersected dolerite sills within the sedimentary sequence of rocks at several locations within the 7 targets. Limited historical drilling within the company’s tenements intercepted ‘high-grade’ copper including 2m @ 4.65% Cu and 3m @ 1.97% Cu at the Main Gossan Prospect, as announced on 21 December 2021.

Lodestar Minerals is a Western Australian base metals, lithium, and gold explorer focused on its Earaheedy, Jubilee Well, and Coolgardie West projects. The company also holds a 20% interest in the Kangaroo Hills Joint Venture (JV) with Future Battery Minerals (ASX:FBM) and is earning a 51% interest at Vango Mining’s (ASX:VAN) Ned’s Creek JV.

On 31 March 2023, Lodestar had $363,000 cash at hand and $550,00 in undrawn finance facilities, as reported in its latest quarterly report published on 21 April 2023.

Write to Harry Mulholland at Mining.com.au

Images: Lodestar Minerals Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.