Lodestar Minerals (ASX:LSR) has entered an option agreement to acquire the Pacifico Copper-Molybdenum-Gold Porphyry Project in Chile’s Atacama region, strengthening the company’s growing copper footprint in the country.
The company secured access to five exploration tenements and pegged three contiguous applications, creating a 22km² project covering 6km of prospective porphyry corridor. The consolidated tenure brings together historically separate northern and southern exploration areas.
CEO Coraline Blaud says the project gives the company a ‘compelling’ opportunity to evaluate a prospective porphyry trend previously explored as separate project areas.
“Historical drilling has already demonstrated the presence of porphyritic intrusions carrying copper and molybdenum mineralisation, while the central part of the project remains comparatively underexplored and has never been drilled,” Blaud says.
Historical exploration by First Quantum Minerals (TSX:FM) and Hudbay Minerals (TSX:HBM) included 16 diamond drill holes totalling 8,039m, with porphyritic intrusives intersected from near surface to depths exceeding 700m.
Assays confirmed copper-molybdenum mineralisation, with grades up to 0.67% copper (Cu) and 817 parts per million molybdenum (Mo).
Significant intercepts include 150.7m @ 0.15% copper equivalent (CuEq) from 4.8m and 186m @ 0.13% CuEq from 358m.
Lodestar notes that the central portion of the corridor remains largely underexplored, with recent reconnaissance identifying outcropping porphyritic dykes in the never-before-drilled area.
Pacifico sits 42km north of the Relincho deposit owned by a Teck Resources (NYSE:TECK) and Newmont (NYSE:NEM) joint venture, NuevaUnión, which holds reserves of 1.1 billion tonnes at 0.41% Cu and 0.021% Mo.
It also features more than 42km of existing tracks and is proximal to the Pan-American Highway, enabling year-round access to the three main target areas.
The option agreement requires an initial cash payment of US$30,000 ($42,103) upon signing, which gives the company secure sole access rights to the project.
It then outlines annual payments escalating from US$60,000 to US$600,000 until year four, a final exercise payment of US$3 million in year five, and a 1.5% net smelter return royalty.
Lodestar now plans to reinterpret historical drilling and geophysical surveys, conduct surface mapping and sampling, and target a maiden drilling program in Q2 2027.
Lodestar Minerals is a copper and gold explorer with assets in Chile, the US, and Western Australia.
Write to Paula Fabe at Mining.com.au
Images: Lodestar Minerals
