Lodestar Minerals (ASX:LSR) has begun a reverse circulation drilling program testing three prospective targets within the Darwin Iron-Oxide Copper-Gold Project in Chile.
The program, comprising 15 holes for 2,000m, will test standout IOCG targets as well as other priority areas for high-grade gold and copper mineralisation.
Assay results will be expedited and are expected in late April 2025.
Lodestar also plans to assess the potential for small-scale and near-term mining opportunities following the completion of this drilling program.
Managing Director Ed Turner says the company is happy to have drill rigs turning for this maiden drilling program in Chile.
“Our team remains encouraged by the numerous historic workings with associated high-grade gold and copper values within the project that have never been tested by the drill bit,” Turner says.
“We have high expectations for this program and future exploration over the whole project.”
This news comes after Lodestar completed a capital raising, totalling $542,500, and also received interest from additional investors to raise a further $661,000.
Placement participants will receive one option for every two shares subscribed for, exercisable at $0.017 and will expire on 31 March 2027.
The Darwin Project hosts gold, copper, and iron samples from historical workings spread over a 1km structural corridor, including up to 247 grams per tonne gold, 8.09% copper, and above 66% iron ore in outcrops.
Lodestar Minerals is an active mineral explorer with a project portfolio considered prospective for base metals and gold in Chile and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Lodestar Minerals
