Lachlan Star Limited has reported promising high-grade copper mineralisation from its maiden diamond drilling program at the Basin Creek prospect in New South Wales, confirming broad zones of copper sulphides and outlining significant exploration upside.
- Maiden diamond drilling confirms broad copper sulphide mineralisation over 200m strike length
- High-grade copper intercepts include 79.2m at 0.5% Cu and 9.1m at 2.7% Cu with higher-grade lenses
- Induced Polarisation geophysics reveals strong chargeable anomaly coincident with copper mineralisation
- IP survey to extend over full 1.4km copper-in-soil anomaly with step-out drilling planned for early 2025
- Company holds $3.51 million cash and completed a $4.5 million placement during the quarter
Exploration Momentum Builds at Basin Creek
Lachlan Star Limited (ASX: LSA) has delivered a robust update on its December 2024 quarter activities, with a clear focus on advancing its copper exploration portfolio in New South Wales. The highlight is the maiden diamond drilling program at the Basin Creek prospect, part of the Junee Project, which has confirmed extensive copper sulphide mineralisation across multiple drill holes.
The six-hole program, totaling over 1,250 metres, intersected broad zones of copper mineralisation extending over a 200-metre strike length, up to 40 metres wide, and to a vertical depth of 100 metres. Notably, the mineralisation improves northward and remains open along strike and at depth, suggesting significant upside potential.
High-Grade Copper Intercepts Highlight Potential
Among the standout results, drill hole BCD003 returned 79.2 metres at 0.5% copper from 12 metres, including a high-grade interval of 0.8 metres at 11.8% copper. Other significant intercepts include 21 metres at 1.2% copper from 138 metres in BCD004 and 9.1 metres at 2.7% copper from 191 metres in BCD005, with a 3.5-metre section grading 6.6% copper.
The mineralisation style is primarily disseminated chalcopyrite, bornite, and chalcocite, with lenses of semi-massive chalcopyrite occurring as vein-breccia and fracture-controlled infill. This geological setting aligns with a volcanogenic massive sulphide (VMS) system, enhanced by a late structural overprint that has remobilised sulphides into sheeted semi-massive lenses.
Geophysical Surveys Confirm Scale and Guide Next Steps
Complementing the drilling, Lachlan Star conducted an extensive Pole-Dipole Induced Polarisation (IP) geophysical survey over the southern portion of the Basin Creek corridor. Early 3D inversion models reveal a strong, coherent chargeable and resistive anomaly coincident with known copper mineralisation and elevated copper-in-soil geochemistry.
The IP survey, covering 5.4 line kilometres in December, has resumed in January to cover the northern 1-kilometre strike extension, where copper-in-soil anomalies persist. This comprehensive geophysical dataset will underpin a planned phase of step-out reverse circulation (RC) drilling scheduled for early 2025, aimed at delineating the full scale of the copper sulphide system.
Broader Portfolio and Corporate Developments
Beyond Basin Creek, Lachlan Star is progressing exploration at its North Cobar and Central Cobar projects, with IP surveys underway and data reviews in progress to identify new drill targets. The company also reported a $3.51 million cash position at quarter-end, bolstered by a $4.5 million placement completed during the period.
Corporate changes include the retirement of Director Daniel Smith and the appointment of Russell Hardwick as Company Secretary, bringing extensive industry experience to the team.
Outlook
Lachlan Star’s December quarter results mark a significant step forward in validating the Basin Creek prospect’s potential as a copper sulphide system with high-grade zones. The combination of drilling success and geophysical data sets the stage for an aggressive exploration campaign in 2025, with the market keenly awaiting the next tranche of drilling results and further geophysical interpretations.
Bottom Line?
With high-grade copper confirmed and geophysical surveys expanding, Lachlan Star is poised for a pivotal exploration year ahead.
Questions in the middle?
- How will upcoming step-out drilling refine the size and grade of the Basin Creek copper system?
- What are the implications of the IP survey results for identifying new targets along the 1.4km corridor?
- How will Lachlan Star balance exploration expenditure with its current cash reserves and capital raising plans?