Lodestar Minerals (ASX:LSR) has observed visible copper mineralisation in the first part of the second drillhole at the Three Saints Iron Oxide Copper-Gold (IOCG) Project in Chile.
At the second hole, hole L3SDD004, multiple mineralised intervals include visible native copper, chalcopyrite, pyrrhotite, magnetite, and pyrite observed from 1,219m to 510m.
Alteration is considered more continuous and pervasive than the maiden hole L3SRD003. The second drillhole has a dominant presence of actinolite, with disseminated sulphides continuing throughout the hole.
Drilling is still ongoing at the project, with assays for the maiden hole expected in May and results from L3SDD004 expected in early July.
CEO Coraline Blaud says intersecting continuous and more intense alteration from the second hole “highlights the potential scale of the IOCG system encountered at Three Saints”.
“This second hole exhibits a favourable combination of geology, alteration, and mineralisation, supporting the interpretation that drilling is currently on the margin of an IOCG mineralised system,” Blaud says.
“These observations are consistent with the alteration and sulphide assemblages identified in the maiden drill hole and align with IOCG-style mineralisation recognised within this highly prospective metallogenic belt, which hosts the Candelaria Mine (Lundin Mining’s largest operation), located approximately 65km away.
“Mineralisation has been reported to the current depth of 510m, with drilling still in progress and the final depth of the hole to be determined based on ongoing geological observations.
“The ability to reproduce and extend mineralisation over a 700m strike length provides increasing confidence we are vectoring towards the core of the system.”
Lodestar Minerals is a gold and base metal explorer focused on developing its portfolio of assets in Australia, Chile, and the US.
Write to Maddison Elliott at Mining.com.au
Images: Lodestar Minerals
