Lodestar Minerals (ASX:LSR) has confirmed its drilling team are gearing up to test two ‘bullseye’ magnetic targets at Ned’s Creek with a Reverse Circulation (RC) rig.
Initial drilling will retrieve 500m of core equivalent testing for gold mineralisation in two drillholes. The company pointed to geological similarities between Ned’s Creek and the Laverton-based ‘Wallaby‘ deposit in WA.
Ned’s Creek straddles the northern end of the Yilgarn Craton (a feature which technically underpins much of WA.) Lodestar on Thursday described Ned’s Creek as “[including] a kilometre-scale gold system along the Contessa graphite”; that feature is where all gold hit to date has been pulled from.
“The Company believes the Ned’s Creek Project is highly prospective for an intrusion-related style of gold mineralization with the possibility to host significant multiple gold lodes,” Lodestar wrote.
The company also noted the drill run announced today will be “limited.”
“These two magnetic bullseye targets have not yet been effectively drill tested although they lie within the corridor and we look forward to seeing the results from this programme,” Lodestar MD Ed Turner said.
“Ned’s Creek has had limited exploration activity over recent years however previous drilling completed by Lodestar has intersected high grade Au intervals including 11m @ 29 g/t within the ‘Contessa corridor’”.
Following that batch of drilling – and all things in order when it comes to assays – the company will move ahead with further drilling, for now, set to be in and around that area.
LSR last traded at 0.1cps.