Having already identified two large gold anomalies at its brand spanking new tenement in the West Australian goldfields, Lodestar Minerals Ltd (ASX: LDR) is planning to kick off a more concentrated phase of exploration there, in preparation for drilling later on this year.
Stretching up to 2.5 kilometres in length, the anomalies carry values of up to 69 parts per billion gold, and were picked up during Lodestar’s previous geochemical soil sampling work.
This – together with what is known about the region’s underlying geology, as it lies along the Coolgardie Greenstone Belt – bolsters Lodestar’s theory that tenement E15/2013 is prospective for gold, nickel and lithium mineralisation.
Accordingly, the company is set to begin more definitive work at the 59 square kilometre tenement, including infill soil sampling to better define drill targets, heritage surveying and PoW (program of work) approvals, and finally aircore drilling on the most exciting parts of the anomalies.
The aircore drilling will begin in the second quarter of 2024.
Lodestar managing director Ed Turner said the company’s acquisition of the land was fortuitous.
“The grant of this gold prospective tenement arrives at the right time given the continued rise in the gold price and worldwide interest in gold projects,” he said.
“Considering the location near Coolgardie, we will be able to advance the project exploration programmes rapidly in parallel with testing the new anomalous target areas at our Earaheedy Project.
“After a slow start to the year, following a significant delay due to rains, field work has recently recommenced at Earaheedy, and we look forward to informing
the market of our progress as we advance towards new discoveries.”
Lodestar Minerals is trading at 0.2 cents, and the price of gold on Monday moved past US$2,340 an ounce.