Lodestar spins diamond rigs at Earaheedy

Lodestar Minerals (ASX:LSR) is making plans to collect additional samples early in 2024 to underpin the drilling of new target areas at its Earaheedy Project in Western Australia.  

In the lead-up to this work, the $8.09 million market capitalisation company has begun a maiden 1,000m diamond drilling program at Earaheedy to follow up on some ‘significant’ reverse circulation (RC) gold and base metal intersections reported earlier this month.

Key RC results included hole LERC012 with 8m @ 1.05 grams per tonne (g/t) gold (Au) from 44m, including 4m @ 1.73g/t Au; hole LERC008 with 8m @ 0.74g/t Au from 8m; hole LERC017 with 12m @ 0.1% copper (Cu) from 40m; and hole LERC012 with 2m @ 0.24% zinc (Zn) from 160m.  

Lodestar reports the new diamond drilling has been designed to test the depth and strike extensions of mineralised intervals and the orientation of the mineralisation and stratigraphy.

The company plans to drill 4 diamond core holes for roughly 1,000m within Zone 1, 4, and 5. 

Lodestar says the drilling is expected to be completed in 2-3 weeks, with assays scheduled to be received in January to early February 2024. 

Meanwhile, the company notes it has completed 4,650 samples over 2023, and it expects to receive the final assays from these samples in January 2024. It plans to use the assays to define new copper-gold, gold, and zinc-lead-silver targets across its tenure.

Lodestar Minerals Managing Director Ed Turner says the company believes the Earaheedy Project has the potential to host multiple copper-gold deposits. 

“Our geological model, which has gold and copper being associated along the presence of volcanic sills within the sedimentary piles, has similarities to the high-grade VMS copper-gold DeGrussa deposit, which occurs within the region in the same aged sedimentary rocks of the Bryah Basin.” 

“Our geological model … has similarities to the high-grade VMS copper-gold DeGrussa deposit, which occurs within the region in the same aged sedimentary rocks of the Bryah Basin” 

Lodestar Minerals is an active metal and gold explorer. Its asset portfolio comprises the wholly owned Earaheedy, Jubilee Well, and Coolgardie West projects in Western Australia and the Ned’s Creek joint venture (JV) Project.  

The Earaheedy Project holds a ‘major’ strategic landholding comprising over 1,400km-square on the northern margin of the prospective Earaheedy Basin. 

As of 30 September 2023, Lodestar Minerals had $453,000 cash and cash equivalents at hand, although it has since received an additional $250,000 as the final payment of its cash consideration component from the sale of its 20% interest in Eastern Coolgardie Goldfields (ECG) to Future Battery Minerals (ASX:FBM). 

The company currently holds 27.5 million shares in Future Battery Minerals that can be liquidated to fund its operations.

Write to Adam Drought at Mining.com.au

Images: Lodestar Minerals
Author Image
Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.