Lodestar Minerals reported significant progress across its Chilean IOCG and porphyry projects, Western Australian gold drilling, and US rare earth exploration, supported by a $4.7 million placement.
- Three Saints drilling confirms IOCG-style mineralisation with multiple mineralised intervals
- Five new copper-gold targets identified at Los Loros following geophysical surveys
- Ned’s Creek drilling supports 250,000-300,000 oz gold Exploration Target ahead of maiden resource
- Virgin Mountain landholding expanded 40% with high-grade heavy rare earth assays
- $4.7 million capital raise completed to fund multi-asset exploration
Three Saints IOCG Project Validated by Drilling Despite Assay Delays
Lodestar Minerals (ASX:LSR) has made encouraging strides at its Three Saints IOCG project in Chile, where drilling has revealed multiple mineralised intervals featuring visible native copper, chalcopyrite, magnetite, and pyrrhotite from 219m to 510m depth. The second diamond drill hole, L3SDD004, reached 611.10m and exhibited strong skarn-type alteration typical of IOCG deposits in the region. Assays from the maiden hole L3SRD003 confirmed anomalous copper, gold, cobalt, and molybdenum mineralisation, with grades up to 0.77% Cu and 0.38 g/t Au, validating the geological model and suggesting a mineralised footprint exceeding 1.6km in width, open in all directions.
However, assay results from L3SDD004 have been delayed due to a significant storm in Chile, leaving some uncertainty about the timing of further data. The company cautions that visual estimates are qualitative and awaits laboratory confirmation to assess the economic significance of the mineralisation. The project lies within the same metallogenic belt as the Candelaria IOCG deposit, but any comparison remains conceptual.
Los Loros Porphyry Project Reveals Five New Targets from Geophysical Surveys
At the Los Loros Cu-Mo-Au project, also in Chile, integrated geophysical surveys including Induced Polarisation and Magnetotelluric methods have identified five new copper and gold targets at the Águila prospect. These targets range from 150m to 800m depth and align with surface geological mapping. Historical drilling near the largest target (IP1) recorded 136m at 0.20% CuEq, terminated before reaching the core, indicating potential for significant mineralisation.
Drilling planned for July 2026 has been temporarily delayed by the same storm impacting Chilean operations, with Lodestar awaiting confirmation from local contractors to resume. The expanded geophysical dataset enhances targeting for a fully preserved porphyry system close to surface.
Ned’s Creek Gold Drilling Supports Exploration Target Ahead of Maiden Resource
In Western Australia, Lodestar’s 12,417m reverse circulation drilling campaign at the Ned’s Creek Gold Project continues to underpin the December 2025 Exploration Target of 250,000-300,000 ounces of gold at 1.0-1.7 g/t. Drilling across the Gidgee Flat, Contessa, and Central Park prospects has returned wide, high-grade intersections including 9m at 1.27 g/t Au and 6m at 7.16 g/t Au, with a standout 1m interval grading 35.34 g/t Au.
These results bolster confidence in the continuity and scale of mineralisation as Lodestar progresses toward delivering a maiden Mineral Resource Estimate targeted for calendar year 2026. The project benefits from proximity to established gold operations like Catalyst Metals’ Plutonic Gold Mine, enhancing its strategic value. Recent drilling results have been detailed in multiple company announcements, reinforcing the growing momentum at Ned’s Creek.High-grade gold intersections
Virgin Mountain Heavy Rare Earth Project Expanded with High-Grade Assays
Lodestar’s US exploration team has expanded the Virgin Mountain Heavy Rare Earth Elements (HREE) Project in Arizona by approximately 40%, increasing the landholding to 661 acres across 32 mining claims. This strategic acquisition secures the interpreted 5km structural corridor hosting xenotime-bearing rare earth mineralisation enriched in critical heavy rare earths such as dysprosium, terbium, and lutetium.
Recent rock chip assays returned high-grade results including 14.68% Total Rare Earth Oxide (TREO) with 59% heavy rare earth oxide content, reinforcing the premium nature of the mineralisation. The company plans a high-resolution airborne radiometric and magnetic survey to refine structural targeting and accelerate drill-ready prospect development. Field observations suggest geological similarities to the Music Valley REE Project in California, though Lodestar notes this comparison is conceptual.
Corporate Moves and Financial Position
Lodestar completed a $4.7 million placement during the quarter, led by Oakley Capital Partners, to fund its exploration across copper, gold, and rare earth projects. Directors committed an additional $305,700 subject to shareholder approval. Exploration expenditure totaled AUD 1.736 million, with the majority spent on Ned’s Creek and Chilean projects.
The company appointed Jillian Terry, a geologist with over 40 years’ experience, as a Non-Executive Director, strengthening technical and governance capabilities. Founding director David McArthur retired, marking the end of a significant chapter for the company’s leadership. Lodestar ended the quarter with AUD 3.54 million in cash, providing approximately 1.6 quarters of funding at current expenditure levels, with plans to manage cash flow through disciplined capital allocation and potential future raisings.
Bottom Line?
Lodestar is navigating assay delays and operational challenges while advancing multiple high-impact drilling programs and securing strategic land positions, setting up a catalyst-rich period for resource definition across three continents.
Questions in the middle?
- When will assay results from the second Three Saints drill hole be available to confirm mineralisation grades?
- How will the timing of resumed drilling at Los Loros impact the project’s exploration timeline and resource definition?
- What insights will the upcoming radiometric and magnetic surveys at Virgin Mountain provide to refine heavy rare earth drill targets?