Lodestar Minerals (ASX:LSR) is preparing to restart drilling activities at the Ned’s Creek Gold Project in Western Australia.
Initial drilling will comprise two holes for 500m of reverse circulation drilling, targeting the two magnetic targets.
The company says the target area is in a similar geological setting to the multi-million-ounce Wallaby deposit.
Lodestar’s share price had rocketed 100% as of 1.25pm AEST on the back of the announcement,
Managing Director Ed Turner says these two magnetic bullseye targets have not been effectively tested.
“Ned’s Creek has had limited exploration activity over recent years, however previous drilling completed by Lodestar had intersected high-grade gold intervals, including 11m @ 29 grams per tonne within the Contessa corridor,” Turner says.
Subsequent drilling will be planned based on the results returned from this program.
Ned’s Creek lies on the northern margin of the Yilgarn Craton and includes a kilometre-scale gold system along the Contessa granite which reflects a major magmatic-hydrothermal system and a distinct intrusion-related system of gold-molybdenum mineralisation.
A recent review of the geological, structural, and mineralisation information uncovered new geophysical and structural target areas for follow-up.
Lodestar believes the project is “highly prospective” for an intrusion-related style of gold mineralisation, with the possibility to host significant multiple gold lodes as the Contessa, Central Park, Gidgee Flat, and Brumby gold prospects lie along the Contessa granite.
Lodestar Minerals is an active Western Australian base metals and gold explorer. The company wholly owns the Earaheedy, Ned’s Creek, and Coolgardie West projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Lodestar Minerals
