Lodestar Minerals (ASX:LSR) confirms large-scale IOCG mineralisation in Chile and high-grade heavy rare earths in the USA, while progressing a 10,000m gold drilling program in Western Australia targeting a maiden resource.
- Visible chalcopyrite confirms IOCG system at Three Saints, Chile
- Five new copper-gold targets identified at Los Loros ahead of maiden drilling
- 10,000m RC drilling underway at Ned’s Creek gold project with maiden resource due 2026
- Virgin Mountain project in Arizona yields up to 3.73% TREO with dominant xenotime HREE mineral
- Near-term catalysts include assay results and drilling programs across multiple jurisdictions
Large-Scale IOCG System Confirmed at Chile’s Three Saints
Lodestar Minerals has unveiled compelling evidence of a major IOCG (iron oxide copper gold) mineralised system at its Three Saints project in Chile. Maiden drill hole L3SRD003 encountered visible chalcopyrite, pyrite, molybdenite, and magnetite from 190m down to the 600m end of hole, confirming a mineralised system of significant scale. The alteration profile transitions from chlorite-sericite near surface to actinolite-magnetite assemblages at depth, consistent with proximity to the IOCG core.
Adding to the momentum, the second drill hole L3SDD004, located 700m away, intercepted strong skarn-type alteration with garnet, epidote, and actinolite minerals typical of Chilean IOCG deposits. Sulphide mineralisation intensifies towards the hole’s end, suggesting vectoring towards a copper-rich core. Assay results from L3SRD003 are expected in early June, with L3SDD004 assays due in July, which will inform a planned Phase 2 diamond drilling campaign targeting the system’s core at depth.
Los Loros Project Unlocks Five New Copper-Gold Targets
The Los Loros Cu-Mo-Au porphyry project, also in Chile, is poised for its maiden drilling campaign in June 2026 after Lodestar completed new IP+MT geophysical surveys. These surveys revealed five new copper-molybdenum-gold targets ranging from 150m to 800m depth at the Águila prospect. Notably, historical drilling missed the cores of these newly defined targets, highlighting the potential for significant discoveries.
Historical results at Los Loros include 20m at 3.67 g/t gold and 136m at 0.20% copper equivalent from previous limited drilling, mostly shallow and peripheral to the new targets. The project’s low altitude (~500m) and year-round accessibility enhance its exploration appeal. The upcoming drilling will test both the porphyry system and high-grade gold-bearing epithermal veins identified but never followed up in the past.
Ned’s Creek Gold Project Drilling Targets Maiden Resource
In Western Australia, Lodestar is advancing a 10,000m reverse circulation drilling program at Ned’s Creek, targeting the Gidgee Flat, Contessa, and Central Park prospects within a 108 km² tenement in the North Yilgarn region. The program aims to confirm an intrusion-related gold mineralisation model with open-pittable potential.
An initial exploration target of 250,000 to 300,000 ounces of gold (5-7 million tonnes at 1.0-1.7 g/t Au) was defined in December 2025, with a maiden Mineral Resource Estimate expected later this year. Recent drill highlights include 11m at 29 g/t gold from 140m at Contessa, including a 1m interval at 151 g/t, and 13m at 4.38 g/t gold from 229m at Gidgee Flat, underpinning the project’s high-grade potential.
Virgin Mountain Rare Earths Project Delivers High-Grade Heavy REE
Lodestar’s Virgin Mountain project in Arizona, USA, is emerging as a key source of heavy rare earth elements (HREE), critical for defence and clean energy technologies. Surface sampling returned up to 3.73% total rare earth oxides (TREO), with 64% comprising high-value heavy rare earth oxides including dysprosium, terbium, and lutetium, elements identified by US agencies as critically undersupplied.
Xenotime has been confirmed as the dominant HREE-bearing mineral via SEM analysis, notable for its commercial processing viability. The project’s mineralisation is hosted along a 5km Paleoproterozoic shear zone and benefits from proximity to the world-class Mountain Pass mine and recent US federal funding initiatives supporting domestic rare earth supply chains.
Corporate and Market Positioning
Lodestar’s capital structure comprises approximately 1.46 billion shares on issue, with a market capitalisation near $19 million at a share price of $0.013 as of early June 2026. The company’s management team combines technical expertise and financial acumen, led by CEO Coraline Blaud, who has over a decade of experience in junior exploration.
The company’s strategy focuses on tier-1 mining jurisdictions with projects offering strategic exposure to copper, gold, and rare earths, commodities essential to the global energy transition and critical technologies. Near-term value catalysts include assay results from Chile’s IOCG drilling, maiden drilling at Los Loros, ongoing resource definition at Ned’s Creek, and airborne surveys at Virgin Mountain to refine drill targets.
Bottom Line?
Lodestar’s multi-commodity exploration across three continents is gathering pace, with assay results and maiden resource estimates in 2026 set to clarify the scale and quality of its copper, gold, and rare earth assets.
Questions in the middle?
- Will assay results from Three Saints confirm a commercially viable IOCG core?
- Can maiden drilling at Los Loros unlock the high-grade porphyry and epithermal gold potential?
- How will Virgin Mountain’s HREE mineralisation position Lodestar amid US critical minerals supply initiatives?