- Lodestar Minerals (LSR) identifies historical geochemical anomalies at Coolgardie West in WA
- The company has completed reviewing data from historical exploration conducted by other explorers
- The review highlighted elevated values of gold, nickel and other base metals within the tenement that weren’t ever investigated further
- Lodestar plans to immediately begin a sampling program to test the tenement’s potential itself and generate priority areas for a maiden drilling program
- Company shares have ended the day trading flat at one cent
Lodestar Minerals (LSR) has identified historical geochemical anomalies at the Coolgardie West tenement in Western Australia.
As the name suggests, Coolgardie West is located 10 kilometres west of the town of Coolgardie and includes five kilometres of Coolgardie greenstone. This comprises interlayered amphibolite, dolerite, carbonaceous shale and ultramafics.
The company reviewed historical data of exploration that took place over the 82 squared kilometre tenement where Anaconda Australia carried out geological mapping, reconnaissance sampling and drilled four holes up to 1971.
Resolute carried out regional geochemical sampling for gold in 1996 which led to identifying a 1.3-kilometre long gold anomaly which reported a peak value of 23 parts per billion (ppb) gold but was never followed up with drilling.
Further explorers included Heron Resources which conducted multi-element geochemical sampling over 3.5 kilometres of the greenstone.
This work highlighted elevated nickel and chrome with values of up to 567 parts per million (ppm) nickel, 75ppm copper, 1420ppm chromium, nine ppb platinum and 15ppb gold. These results also weren’t followed up with drilling.
Following its review, Lodestar has determined the gold and nickel anomalies present compelling targets and it will immediately commence a field program.
This program will include multi-element geochemical sampling over the greenstone and adjacent gold anomaly to target gold, nickel and lithium potential.
The sampling is planned to highlight areas which can be followed up by a maiden drilling program.
Company shares ended the day trading flat at one cent.