Lodestar’s Chile Acquisition Brings Financial Commitments Amid Exploration Uncertainty

Strategic Acquisition in a Proven Mining Belt

Lodestar Minerals Limited (ASX, LSR) has taken a significant step forward by securing sole access rights to the Los Loros copper-molybdenum-gold porphyry project in Chile. This acquisition, made through its subsidiary Tesoro Andes SpA, positions Lodestar within one of Chile’s most established mining regions, just 30 kilometres from the commercial port of Coquimbo and 20 kilometres from the regional centre of La Serena.

The Los Loros project is notable for its outcropping porphyry system, a geological setting that typically hosts large, long-life copper deposits. The project area benefits from excellent infrastructure, including sealed road access and proximity to major transport routes, which is a logistical advantage for future exploration and potential development.

Historical Exploration Highlights and Untapped Potential

Historical exploration at Los Loros has been limited and sporadic, with only around 4,900 metres drilled over six decades, mostly targeting shallow copper oxide zones. Despite this, the data reveals promising mineralisation, including copper, molybdenum, and notably high-grade gold epithermal veins. For example, drillhole LLO-02 intersected 20 metres at 3.67 grams per tonne gold, including 2 metres at an exceptional 33.83 grams per tonne.

Previous drilling was shallow, averaging about 200 metres depth, insufficient to fully test the porphyry system at depth. Moreover, modern exploration techniques such as high-resolution geophysics have not been applied, leaving significant upside potential to delineate the primary sulphide copper system and gold overprint.

The Aguila Prospect, A Drill-Ready Target

The centerpiece of the Los Loros project is the Aguila Prospect, where the copper-molybdenum porphyry and gold-rich epithermal veins are exposed at surface. This reduces exploration risk and drilling depth requirements. The prospect exhibits a large alteration footprint consistent with a sizeable porphyry system and shares geological similarities with the nearby Carmen de Andacollo mine, a well-known copper-gold deposit.

Lodestar plans to commence a maiden drilling program at Aguila in April 2026, following a series of modern geophysical surveys and surface sampling scheduled for early 2026. These activities aim to refine targets and confirm the extent and grade of mineralisation.

Option Agreement Terms and Financial Commitments

The acquisition is structured as an option agreement with staged payments totaling approximately USD 2.98 million over four years. Lodestar has already made an initial payment of USD 30,000 for sole access rights and will be responsible for all exploration costs during the option period. Upon exercising the option, a 1.5% net smelter return royalty will be payable to the vendor.

This financial structure allows Lodestar to advance exploration while managing capital expenditure prudently, with the option to acquire full ownership if results justify further investment.

Looking Ahead

Los Loros adds a compelling copper-molybdenum-gold asset to Lodestar’s diverse portfolio, which includes projects in Chile, the USA, and Western Australia. The company’s geological team is optimistic about unlocking value through systematic modern exploration, leveraging the project’s favourable location, infrastructure, and geological setting.

As Lodestar progresses through geophysical surveys, surface sampling, and ultimately drilling, the market will be watching closely for results that could signal a new chapter in the company’s growth story.