Lodestar Minerals has completed a pivotal drilling program at its Darwin Project in Chile, confirming promising gold and copper mineralisation. The company also announced a $2.7 million capital raise to fund ongoing exploration and corporate activities.
- 16-hole, 2026m drilling program completed at Darwin Project
- Significant gold and copper intercepts including 8m @ 0.56 g/t Au
- Planned soil sampling and geophysical surveys to follow
- $2.7 million capital raising in three tranches underway
- Board changes with Coraline Blaud appointed Head of Exploration
Exploration Milestone at Darwin Project
Lodestar Minerals has marked a significant step forward in its Chilean exploration strategy with the completion of its maiden drilling program at the Darwin Project. Over the June quarter, the company drilled 16 holes totalling 2026 metres, targeting extensions of historical gold and copper workings. The results have confirmed the geological potential of the area, with notable intercepts such as 8 metres at 0.56 grams per tonne gold from 96 metres depth, and 2 metres at 0.48 grams per tonne gold plus 0.51% copper from 30 metres.
The drilling program focused on both central and northern targets within the project area, intersecting multiple vein systems and alteration zones typical of iron oxide copper gold (IOCG) deposits. These findings provide a robust technical foundation for designing the next phase of exploration, which will include detailed soil sampling, geological mapping, and geophysical surveys planned to commence shortly.
Strategic Capital Raising to Fuel Growth
To support its expanding exploration activities and maintain working capital, Lodestar has initiated a capital raising totaling $2.7 million, structured in three tranches. The initial tranche of $475,000 has been completed, with subsequent tranches of $1.725 million and $500,000 subject to shareholder approval. The raising includes the issue of free-attaching options exercisable at $0.01, providing potential upside for investors.
Oakley Capital Partners has been appointed as lead manager and corporate advisor for the placement. The company’s directors have also committed to participating in the raising, reinforcing confidence in the projects and corporate strategy.
Leadership and Technical Expertise Bolstered
Reflecting its commitment to advancing exploration, Lodestar appointed Coraline Blaud as Non-Executive Director and Head of Exploration following the resignation of Managing Director Ed Turner. Blaud brings a decade of experience in mineral exploration, including leadership roles in gold and base metal projects across Australia and internationally.
Additionally, Chilean geologist Gonzalo Henriquez has joined as Technical Advisor, bringing over 20 years of experience in magmatic-hydrothermal mineral deposits and exploration across the Andean region. Their combined expertise is expected to accelerate the interpretation of drilling results and guide future exploration programs.
Financial and Operational Outlook
Exploration expenditure for the quarter was $723,000, primarily focused on the Darwin and Three Saints projects. The company reported a net cash outflow from operating activities of $815,000 for the quarter but maintains a solid cash position bolstered by the recent capital raising. With a disciplined approach to expenditure and a well-capitalised balance sheet, Lodestar is positioned to advance its Chilean assets through the next stages of exploration.
While no exploration was conducted on its Western Australian projects during the quarter, the company’s focus remains firmly on unlocking value from its copper-gold assets in Chile, situated within a prolific IOCG belt known for world-class deposits.
Bottom Line?
Lodestar’s latest drilling success and fresh capital set the stage for a decisive exploration push in Chile’s prolific copper-gold belt.
Questions in the middle?
- Will upcoming soil sampling and geophysics confirm extensions of mineralisation?
- How will shareholder approval impact the timing and scale of the capital raising?
- What are the next steps for resource definition and potential development at Darwin?