Lodestar Minerals (ASX:LSR) has withdrawn from its heads of agreement with Consultoría y Servicios Mineros to buy into the Nicanor Project in Chile.
Lodestar decided to not pursue the agreement following the completion of due diligence work and uncovering Nicanor’s potential to be environmentally protected.
The company entered the binding agreement in July to earn up to a 75% stake from the vendor, with the opportunity to wholly acquire the project, as reported by Mining.com.au.
Lodestar intends to shift its focus to the Three Saints Project, also located in Chile, as the company awaits to begin drilling.
Drilling has been delayed due to a second shoot wildflower event in the Atacama Desert. The company’s crew and drilling team remain on stand-by to commence drilling as soon as deemed possible by local agencies.
Lodestar expects drilling to begin in early December.
Lodestar Minerals is a base metals and gold explorer focused on advancing its assets in Western Australia and Chile.
Write to Maddison Elliott at Mining.com.au
Images: Lodestar Minerals
