Lodestar to tackle diamond drilling at Earaheedy

Lodestar Minerals (ASX:LSR) has scheduled a 1,000m diamond core drilling program for mid-November after uncovering ‘significant’ gold, copper, and base metal mineralisation at its Earaheedy Project in Western Australia. 

The $10.11 million market capitalisation company says the ‘highly encouraging’ results come from an initial reverse circulation (RC) drilling program at Earaheedy. This drilling work supports Lodestar’s geological model and the ‘strong’ potential for multiple mineralised systems to exist at the project. 

Key results include hole LERC012 with 8m @ 1.05 grams per tonne (g/t) gold from 44m, including 4m @ 1.73g/t gold; hole LERC016 with 8m @ 0.11% copper from 76m; and hole LERC015 with 4m @ 0.29% zinc from 20m. 

The company reports that the RC drilling comprised 22 holes for 3,900m, designed to follow up on ‘significant’ gold and copper intersections from previous first-pass aircore (AC) drilling, as reported on 2 August this year.

Lodestar has moved forward with a downhole electromagnetic (DHEM) survey work utilising the RC holes ahead of the planned diamond drilling program. The survey work is aimed at detecting potential conductors indicative of nearby massive copper sulphide mineralisation. 

The diamond drilling is designed to test the orientation and structural controls of gold and copper mineralisation in conjunction with any DHEM conductors identified. 

Lodestar adds that infill and regional soil sampling programs are still ongoing to test for copper and zinc mineralisation and standalone gold deposits.      

Lodestar Minerals Managing Director Ed Turner says the new RC results further confirm the prospectivity of the Earaheedy project for gold and base metal mineralisation.

“The significant gold, copper, and zinc intersections justify diamond core drilling, which will commence in mid-November. Whilst these composite samples are encouraging, we are expecting the single-metre intervals will likely display even higher grades. 

“Whilst these composite samples are encouraging, we are expecting the single-metre intervals will likely display even higher grades”

Our initial drilling campaigns have clearly shown the project has the potential to host multiple mineralised systems, namely a high-grade VMS copper-gold DeGrussa style deposit, as well as stand-alone gold deposits. Soil sampling is also underway between the drilled areas which have never been tested previously with geochemistry.”  

Lodestar Minerals is a Western Australian base metal and gold explorer focused on its wholly owned Earaheedy and Coolgardie West projects, as well as its Ned’s Creek joint venture (JV) Project. 

Lodestar Minerals had $453,000 cash and cash equivalents at hand as of 30 September 2023, according to its latest quarterly report, 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
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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.