Lodestar Minerals (ASX:LSR) is targeting iron oxide copper-gold (IOCG)-style deposits, as well as newly identified porphyry-type targets at the Darwin Project in northern Chile.
The company plans to conduct systematic exploration across prospective areas using geophysical surveys and geochemistry analysis to study the alteration assemblage typical of IOCG and porphyry deposits.
A proposed airborne magnetic survey will be flown to cover the area lacking detailed surveys as part of the company’s strategy to identify targets under cover, as well as discover the centre of the target just drilled that appears to have been near misses.
Lodestar will conduct geochemistry and gather information following the completion of the surveying assessment as part of its process in supporting the company’s upcoming drilling program.
This news comes after Lodestar received all assay results from its maiden reverse circulation drilling program. The program comprised 16 holes for 2,026m of drilling, testing three separate targets.
As a result, Lodestar has confirmed IOCG-style mineralisation with gold and copper encountered thought to be at the periphery of the target with the main mineralisation zone not intersected.
Managing Director Ed Turner says the first batch of results did not deliver the results the company expected.
“But importantly we have learnt a lot geologically which is important for future exploration work,” Turner says.
“Multiple quartz veins, which were not observed at surface, were intersected in numerous holes, and the alteration assemblage present in IOCG deposits was also observed in many holes.
“This gives us encouragement that at Darwin we may have a significant mineralised system, as yet undiscovered, particularly in relation to the southern IOCG targeted holes that are possibly ‘near misses’.”
Turner notes that geological mapping has also uncovered new areas with strong potential for porphyry-style mineralisation.
“We are looking forward to the next phase of exploration and drilling over the Darwin and Three Saints projects and the receival of the pending assays,” he says.
To date, drilling has focused on areas with historical workings and proven mineralisation within the tenement boundary. A portion of the project remains untested.
The Darwin Project lies in a region that hosts numerous copper deposits and gold-rich IOCG deposits, such as Carola which contains 10 million tonnes @ 1.8% copper and 0.5 grams per tonne gold, and Atacama Kozan which contains 50 million tonnes @ 1.6% copper and 0.35g/t gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Lodestar Minerals
