Lachlan Star Limited - June 2024 Quarterly Activities Report
LACHLAN STAR LIMITED (LSA) Share Update July 2024 Tuesday 23rd
Lachlan Star Limited Reports Positive Exploration Results for June 2024 Quarter
Lachlan Star Limited (ASX: LSA) has released its activities report for the June 2024 quarter, highlighting significant progress in its exploration projects across New South Wales.
Instant Summary:
- Completed initial field exploration activities in the Lachlan Fold Belt.
- Prioritized exploration at Bauloora North and North Cobar Projects.
- Applied for four new Exploration Licences totaling 1,215 km².
- Identified potential low sulphidation epithermal gold system at Bauloora North.
- Defined compelling Cobar-style targets at North Cobar.
Exploration Activities
During the June 2024 quarter, Lachlan Star Limited completed initial field exploration activities across its emerging gold and copper projects in the Lachlan Fold Belt, New South Wales. The exploration efforts were focused on two main projects: Bauloora North and North Cobar.
At Bauloora North, located adjacent to Newmont Corporation's Bauloora Epithermal Gold Project, the company identified geology and alteration indicators suggesting potential for a low sulphidation epithermal gold system. The project area had not seen any modern systematic exploration prior to Lachlan Star's activities.
In the North Cobar Project, situated immediately north of Metals Acquisition Limited's CSA Mine, the company completed mapping, rock chip sampling, and in-field verification of targets identified from ground gravity 3D inversion modeling data. Soil sampling returned coherent responses of gold, arsenic, antimony, lead, zinc, and silver, coincident with targeted gravity features. These findings have defined compelling Cobar-style targets warranting further investigation to delineate drill targets.
New Exploration Licences
Lachlan Star successfully applied for four new Exploration Licences, totaling 1,215 km², strategically located adjacent to Metals Acquisition Limited's CSA Mine and Aurelia Metals Limited's Peak Gold Mine in the Cobar Mining District. These licences overlay major faults and fault intersections, interpreted as prospective for hosting significant copper-gold and lead-zinc-silver mineralization.
The Cobar region remains a premier location for gold and base metal discovery, with increasing interest from industry peers, underpinned by the acquisition of the CSA Mine in June 2023 by Metals Acquisition Limited for $1.64 billion.
Other Projects
At the Junee Project, Lachlan Star is exploring for porphyry copper-gold mineralization within a district seeing renewed interest from explorers and gold major, Newmont Corporation. The company believes the geology within its project tenure has the potential to host equivalent type gold-copper systems.
During the June quarter, Minerals 260 Limited received final assays for two reverse circulation holes completed at the Koojan JV. Both holes intersected predominantly unmineralized Proterozoic dolerite units, and no further work on these targets is currently planned.
The successful exploration activities and new licence applications are positive indicators for Lachlan Star Limited's future prospects. The identification of potential gold and copper systems could lead to significant discoveries, boosting the company's stock value. The strategic location of the new licences adjacent to existing mines and infrastructure further strengthens the company's exploration potential.
Investor Reaction:
Investors and analysts have reacted positively to the announcement, noting the potential for significant discoveries in the Lachlan Fold Belt. The successful application for new exploration licences in the highly competitive Cobar region has also been well-received, indicating strong future growth prospects for the company.
Conclusion:
Investors should keep a close eye on Lachlan Star Limited's ongoing exploration activities and upcoming drill targets. The company's strategic focus on high-potential areas and successful licence applications position it well for future growth. Stay informed on Lachlan Star's progress and consider the potential long-term benefits for your investment portfolio.