Lodestar Minerals Exploration Update - 25 September 2024
LSR (LSR) Share Update September 2024 Tuesday 24th
Lodestar Minerals Announces Key Exploration Updates
Lodestar Minerals Limited (ASX: LSR) has released important updates on its ongoing exploration projects, including drilling activities at Ned’s Creek and Coolgardie West, and a strategic focus shift at the Earaheedy Project.
Instant Summary:
- Completed 510m of RC drilling at Ned’s Creek, assays pending.
- Additional drilling planned for October at Ned’s Creek.
- Imminent Aircore drilling at Coolgardie West to test gold anomalies.
- Earaheedy Project tenement rationalisation to focus on Cu-Au prospective areas.
Ned’s Creek Project
Lodestar Minerals has completed an initial limited RC drill program at Ned’s Creek, comprising two holes for 510m targeting two main magnetic targets. Assays are currently pending, and additional drilling is planned for October after cattle mustering in the area.
The geological environment at Ned’s Creek is comparable to the Wallaby gold deposit in the Yilgarn Craton, which has a reserve of 2.0 million ounces of gold and total resources of 7.1 million ounces of gold. High-grade gold mineralisation has been previously intersected at Gidgee Flat and Contessa.
Coolgardie West Project
At Coolgardie West, Lodestar plans approximately 1,000m of Aircore drilling to test two new gold targets defined by geochemical soil sampling. This drilling is imminent, with results expected in October.
Earaheedy Project
Lodestar has rationalised the tenement package at the Earaheedy Project from 1,400 sqkm to 800 sqkm, focusing on areas more prospective for Cu-Au mineralisation. The review of soil geochemical data has enabled a greater focus on the central and northern parts of the main project area.
The rationalisation aligns with Lodestar’s strategy to explore the main project area in a more detailed manner, similar to the VMS style mineralisation found in the Bryah Basin.
The completion of the RC drilling at Ned’s Creek and the imminent Aircore drilling at Coolgardie West are positive developments that could lead to significant discoveries. The rationalisation of the Earaheedy Project tenements to focus on more prospective areas is a strategic move that could enhance the company's exploration efficiency and potential for future discoveries.
Investor Reaction:
Analysts are likely to view these updates positively, given the strategic focus on high-prospect areas and the potential for significant gold and copper-gold discoveries. However, investor sentiment will be closely tied to the results of the pending assays and upcoming drilling activities.
Conclusion:
Investors should keep an eye on the results from the RC drilling at Ned’s Creek and the Aircore drilling at Coolgardie West. The strategic focus on Cu-Au prospective areas at the Earaheedy Project could also yield promising results. Staying informed on Lodestar's progress will be crucial for making informed investment decisions.