- Lodestar Minerals (LSR) has acquired a new tenement in one of WA’s premier gold producing regions
- Lodestar paid private company Oro Del Sur a $50,000 consideration to purchase its assets
- The tenement, dubbed “Jubilee Well” is located just a few kilometres from two multi-million ounce gold mines and less than two kilometres from the 100,000-ounce Golden Delicious gold deposit
- The company is now developing a program of work to conduct various studies and, eventually, follow up on historical data through drilling
- Lodestar’s shares are up 8.33 per cent and are trading at 1.3 cents
Lodestar Minerals (LSR) has bought a 100 per cent interest in the E38/3054 tenement in Western Australia.
Lodestar paid private company, Oro Del Sur, a $50,000 consideration to purchase its assets.
The tenement, dubbed “Jubilee Well”, is strategically located just 8.6 kilometres north of the nine million ounce Sunrise Dam gold mine and 18 kilometres south of the eight million ounce Granny Smith gold mine.
In addition, Jubilee Well is located less than two kilometres along strike from the 100,000-ounce Golden Delicious gold deposit, which is currently the subject of a mining proposal by AngloGold (AGG).
Lodestar has completed a preliminary review of historical drilling data, which outlined a priority target north of Golden Delicious that was discovered through drilling in the mid-1990s.
This anomaly represents a significant opportunity for follow-up exploration drilling.
Lodestar is now developing a program of work to better understand the Jubilee Well tenement. The work will include acquiring aeromagnetic data, a detailed review of historical exploration data and planning a drilling program to follow up on historical gold anomalies.
Company shares are up 8.33 per cent and are trading at 1.3 cents at 11:02 am AEST.