Lodestar Minerals has reported strong visual copper mineralisation at its Chilean Three Saints IOCG project, secured rights to the Los Loros Cu-Mo-Au porphyry project, and confirmed high-grade heavy rare earth elements dominated by xenotime at its Virgin Mountain project in the USA. A 10,000m drilling campaign has commenced at Ned’s Creek gold project in Western Australia, alongside key corporate appointments.
- Visible copper sulphides confirmed at Three Saints with drilling ongoing
- Los Loros project secured with historical high-grade Cu-Mo-Au intercepts
- Virgin Mountain REE project shows xenotime-hosted heavy rare earth mineralisation
- 10,000m drilling launched at Ned’s Creek to support maiden resource
- Coraline Blaud appointed CEO; REE experts added to team
Three Saints IOCG Project Shows Encouraging Copper Mineralisation
Lodestar Minerals (ASX:LSR) has revealed visible chalcopyrite, molybdenite, magnetite and pyrite in its maiden diamond drill hole at the Three Saints IOCG project in Chile, with mineralisation observed from 190 metres down to the end of the hole at 600 metres. The sulphide intensity notably increases with depth, suggesting the drill is vectoring towards the core of a potentially significant iron oxide copper gold system. A second diamond drill hole is underway to test extensions of this mineralised system, with assay results from the initial hole expected by the end of May.
This follows the company’s earlier confirmation of visible copper sulphides in the first hole, which extended the mineralised system over a 700-metre strike length, reinforcing the scale of the target near established Chilean mining infrastructure visible copper mineralisation. The ongoing drilling campaign aims to delineate the geometry and grade distribution ahead of further step-out drilling later in 2026.
Los Loros Option Secured with Compelling Historical Results
In Chile’s Coastal Cordillera, Lodestar secured sole access rights to the Los Loros Copper-Molybdenum-Gold porphyry project through an option agreement, including an upfront cash payment of US$30,000. The project benefits from proximity to the port of Coquimbo and the town of La Serena, with a large alteration footprint and historical drilling indicating significant Cu-Mo-Au mineralisation.
Historical drilling highlights include 136 metres at 0.20% copper equivalent from 134 metres depth and a 20-metre interval grading 3.67 g/t gold, including 2 metres at 33.83 g/t gold. These results underline the presence of both bulk-tonnage copper-molybdenum mineralisation at depth and structurally controlled high-grade gold zones nearer surface, a combination that Lodestar aims to explore with new geophysical surveys completed in March and planned drilling in May.
Virgin Mountain REE Project Confirms High-Grade Heavy Rare Earths
Lodestar’s reconnaissance sampling at the Virgin Mountain Heavy Rare Earth Element project in Arizona returned total rare earth oxide (TREO) grades up to 3.73%, with heavy rare earth oxides comprising up to 64% of the total. Mineralogical analysis confirmed xenotime as the dominant REE-bearing mineral, a key breakthrough given xenotime’s proven commercial processing pathway and its enrichment in critical elements such as dysprosium, terbium and lutetium.
The mineralisation is aligned along a 5-kilometre shear zone, which will be the focus of an April field program to better understand controls on mineralisation and advance the project towards drill readiness. This development positions Virgin Mountain as a strategic heavy rare earth opportunity in the US, complementing Lodestar’s copper and gold focus elsewhere heavy rare earth mineralisation.
Ned’s Creek Gold Drilling Program Commences in Western Australia
Back in Australia, Lodestar has commenced a 10,000-metre reverse circulation drilling program at its 100%-owned Ned’s Creek Gold Project. The campaign targets the Gidgee Flat, Contessa and Central Park prospects with the goal of supporting a maiden Mineral Resource Estimate by calendar year-end 2026. The program includes infill and extensional drilling to improve confidence in known gold mineralisation and to test priority targets identified in previous exploration.
This drilling initiative marks a critical step in advancing Ned’s Creek from exploration target to defined resource, complementing Lodestar’s international portfolio of copper, gold and critical minerals projects Ned’s Creek drilling.
Corporate Moves to Support Strategic Growth
Lodestar appointed Coraline Blaud as CEO during the quarter, elevating her from Executive Director. Blaud has been instrumental in driving the company’s exploration programs across multiple jurisdictions. To bolster its rare earth element ambitions, Lodestar also added veteran REE geologists Robin Wilson and Dr Ross Chandler, bringing decades of expertise and notable discovery experience to the team.
Exploration expenditure for the quarter totaled AUD 834,000, with the company maintaining a cash balance of AUD 1.7 million at quarter-end. While cash burn is expected to increase due to active drilling and field programs, Lodestar retains capacity for capital raising and holds in-the-money options that could provide additional funding.
Bottom Line?
Lodestar’s March quarter results highlight advancing copper and rare earth projects supported by strategic leadership appointments, but assay results and drilling outcomes will be pivotal in validating resource potential.
Questions in the middle?
- Will assays from the Three Saints drilling confirm economically viable copper grades?
- How will new geophysical data influence drill targeting at the Los Loros porphyry project?
- Can the Virgin Mountain shear zone host sufficient heavy rare earth mineralisation to underpin a viable resource?