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The share price of Lodestar Minerals (ASX:LSR) has leapt by as much as +25% this Thursday morning after the maiden diamond drill hole at the Three Saints copper project in Chile intersected visible copper mineralisation.
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The hole was designed to test an undercover geophysical anomaly and has intersected chalcopyrite and magnetite over multiple intervals.
Lodestar is now awaiting assay results from the hole, which will be examined through multielement analysis as well as for gold and silver. The explorer’s executive director and head of exploration, Coraline Blaud, said the drilling program remains ongoing with a second diamond hole planned.
“The observation of chalcopyrite and magnetite in our maiden drill hole at Three Saints is a very encouraging indication that this first hole has intersected a potential economic system,” Ms Blaud explained.
“The alteration and sulphide assemblages identified are consistent with IOCG-style mineralisation recognised elsewhere in this highly prospective belt.”
The current program was designed as a two-hole RC campaign with a target depth of ~350m per hole. Subsequent condition and geological observations led to a switch to diamond, which provided improved logging, clear identification of sulphide mineralisation and testing of the target at greater depth to 600 metres.
“Observing visible chalcopyrite in the first drill hole provides confidence in the geological model and supports the decision to continue drilling the target with a second diamond hole,” Ms Blaud said.
Ms Blaud told Lodestar shareholders there is a visible increase in the concentration of mineralisation with depth. Mineralisation scales with veinlets rich in chalcopyrite and pyrite from 190m to a large increase in the proportion of magnetite from 594m are linked to an increase in the hydrothermal fluid’s activity.
In early February, Lodestar added to its Chilean position when it acquired the Los Loros project, located in one of the nation’s most established mining regions.
A significant copper-molybdenum porphyry system has previously been identified from outcrop mapping and historical drilling at the site.
A maiden Los Loros drilling program is targeted for April CY26.
LSR is up +25% to 1.5c. Mkt cap $13.79M.
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