Lodestar Minerals (ASX:LSR) has completed the acquisition of the Virgin Mountain Project in Arizona, US, following an initial site visit in November 2025.
The company entered an option agreement to acquire privately held Arizona Mountain Passage Heavy Rare Earths, which held a binding option agreement with Globex Mining Enterprises (TSX:GMX) over the sale of Virgin Mountain.
As a part of this agreement, Lodestar will make a total cash payment C$750,000 ($1.12 million) over a 42-month plan to Globex Mining Enterprises subsidiary Globex Nevada, along with C$600,000 in shares, issued at the five-day volume weighted average price, as reported by Mining.com.au.
The company started its maiden exploration campaign late last year, which includes validating historical samples and shaft location; surface rock chip sampling; reconnaissance geological and structural mapping; integration of historical datasets; and a review of access, logistics, and permitting considerations.
Lodestar has since completed geological mapping and reconnaissance rock chip sampling at Virgin Mountain. Assays from samples collected in the November field program are expected in late January 2026.
Lodestar Minerals is a gold and base metal explorer focused on developing its portfolio of assets in Australia, Chile, and the US.
Write to Maddison Elliott at Mining.com.au
Images: Lodestar Minerals
