Lodestar Minerals (ASX:LSR) acquires Pilbara tenement

• Lodestar Minerals (LSR) buys a 100 per cent interest in a tenement in the East Pilbara region of Western Australia
• The company acquired the tenement after an application for ground subject to compulsory relinquishment was awarded by ballot
• The tenement is strategically located 8km north of the giant Telfer gold-copper deposit in the Paterson Orogen region
• Lodestar intends to carry out initial surface prospecting to identify and assess potential targets to follow up exploration
• LSR shares are up 11.1 per cent, trading at 2 cents

Gold and base metal explorer Lodestar Minerals (LSR) has bought a 100 per cent interest in a tenement in the East Pilbara region of Western Australia.

The company acquired the E45/5737 tenement after an application for ground subject to compulsory relinquishment was awarded by ballot.

Lodestar will acquire the interest in the tenement on a deferred basis, 12 months after grant and paid a $2,144 consideration to purchase the asset.

The tenement is strategically located 8km north of the giant Telfer gold-copper deposit, and the more recent Havieron and Winu discoveries, in the Paterson Orogen region.

E45/5737 covers one kilometre of the southern end of the East Thompson’s anticlinal axis, a structural position that hosts the “saddle reef”, discordant vein and breccia mineralisation within the Malu Formation at the nearby Telfer deposit.

Historic exploration along strike, northwest of the tenement, has identified a number of significant vein-hosted gold prospects associated with the anticlinal axis.

However, the company said that there has been very little exploration within the area of E45/5735.

Lodestar has said it intends to carry out initial surface prospecting to identify and assess potential targets to follow up exploration.

The tenement joins the company’s strong portfolio which comprises of the advanced Nepean Nickel Project JV, the Ned’s Creek JV and the 100% owned Camel Hills, Earaheedy-Imbin, Jubilee Well, Bulong and Coolgardie West projects.

LSR shares were up 11.1 per cent, trading at 2 cents per share as of 2:53 pm AEST.