- Lodestar Minerals (LSR) says drilling has begun at its Ned’s Creek Gold Project in Western Australia
- The drilling is being fully funded and managed by Vango Mining under a farm-in agreement
- Vango will receive 51 per cent interest by spending $5 million for exploration over three years
- The air-core and reverse circulation drilling program is expected to take three weeks
- Lodestar is down 12.5 per cent with shares selling for 0.7 cents apiece
- Meanwhile, Vango is trading 3.23 per cent higher with shares worth 16 cents each
Lodestar Minerals (LSR) has announced drilling has begun at its Ned’s Creek Gold Project in Western Australia.
The drilling is fully funded and managed by gold company Vango Mining (VAN) under a farm-in agreement.
According to the farm-in, Vango will receive 51 per cent interest but must spend $5 million on exploration over three years.
The air-core and reverse circulation drilling program is expected to take three weeks to complete.
It will include drilling at Contessa, a partly explored gold anomaly, to identify potential extensions of high-grade bedrock gold intersections.
Aside from Contessa, there are two other prospects at the Ned’s Creek project, located 150 kilometres north-east of Meekatharra in the Midwest region.
Greenfield discoveries have also been made at the Central Park and Gidgee Flat prospects at Ned’s Creek.
Vango Mining’s Marymia Gold Project is located in the midwest region of Western Australia.
Lodestar is down 12.5 per cent with shares selling for 0.7 cents apiece at 4:10 pm. Meanwhile, Vango is trading 3.23 per cent higher with shares worth 16 cents each at 3:52 pm.